Good Times Restaurants Inc. Expands Debt Facility to $17 Million

DENVER–(BUSINESS WIRE)–Good
Times Restaurants Inc. (Nasdaq: GTIM), operator of Bad
Daddy’s Burger Bar, a full-service, upscale burger bar concept and
Good Times Burgers & Frozen Custard, a regional quick-service restaurant
chain focused on fresh, high-quality, all-natural products, today
announced that it has amended its credit agreement with Cadence Bank,
which expands the facility from $12 million to $17 million.

Ryan Zink, Chief Financial Officer, said, “The successful development of
nine Bad Daddy’s restaurants during fiscal 2018 has laid a solid
foundation on which we expect to continue our development, having
previously announced our intention to open seven to nine additional Bad
Daddy’s during fiscal 2019. Cadence Bank’s significant experience in
restaurant lending has allowed us to again choose them as a preferred
partner in sourcing capital to further develop the Bad Daddy’s concept.
We expect the expanded facility combined with our expanding operating
cash flow to provide adequate capital to fund all of our development for
fiscal 2019 and much of our development for fiscal 2020, while
maintaining a relatively conservative amount of debt in our capital
structure. This amendment improves upon the already attractive pricing
of the existing agreement, provides a larger commitment, and extends the
maturity of the loan to the end of calendar 2021.”

Commenting on development plans, Boyd Hoback, President and CEO, said,
“We plan to open two Bad Daddy’s restaurants during this quarter, with
the first expected to open on November 12 in Decatur, Georgia, our
fourth restaurant in the greater-Atlanta metropolitan area. This opening
will be closely followed by our fourth restaurant in the Raleigh-Durham
market. We are also under construction on our first development in the
Nashville market and have a pipeline of restaurants in Huntsville and
Birmingham (Alabama), Nashville (Tennessee) and markets in North and
South Carolina as we continue to focus our expansion primarily in the
Southeast region for fiscal 2019. We are thrilled to expand the
relationship we’ve established with Cadence Bank and believe this
partnership will serve us well in 2019 and beyond.”

About Good Times Restaurants Inc.

Good Times Restaurants Inc. (GTIM) owns, operates, franchises and
licenses 33 Bad Daddy’s Burger Bar restaurants through its wholly-owned
subsidiaries. Bad Daddy’s Burger Bar is a full-service, upscale, “small
box” restaurant concept featuring a chef-driven menu of gourmet
signature burgers, chopped salads, appetizers and sandwiches with a full
bar and a focus on a selection of craft microbrew beers in a high-energy
atmosphere that appeals to a broad consumer base. Additionally, through
its wholly-owned subsidiaries, Good Times Restaurants Inc. operates and
franchises a regional quick service restaurant chain consisting of 35
Good Times Burgers & Frozen Custard restaurants, located primarily in
Colorado.

Good Times Forward-Looking Statements

This press release contains forward-looking statements within the
meaning of federal securities laws. The words “intend,” “may,”
“believe,” “will,” “should,” “anticipate,” “expect,” “seek” and similar
expressions are intended to identify forward-looking statements. These
statements involve known and unknown risks, which may cause the
Company’s actual results to differ materially from results expressed or
implied by the forward-looking statements. These risks include such
factors as the uncertain nature of current restaurant development plans
and the ability to implement those plans and integrate new restaurants,
delays in developing and opening new restaurants because of weather,
local permitting or other reasons, increased competition, cost increases
or shortages in raw food products, and other matters discussed under the
“Risk Factors” section of Good Times’ Annual Report on Form 10-K for the
fiscal year ended September 26, 2017 filed with the SEC. Although Good
Times may from time to time voluntarily update its forward-looking
statements, it disclaims any commitment to do so except as required by
securities laws.

Contacts

Good Times Restaurants Inc.
Investor Relations Contacts:
Boyd
E. Hoback, President and CEO, 303-384-1411
or
Ryan Zink, CFO,
303-384-1432
or
Christi Pennington, 303-384-1440