Good Times Restaurants Inc. Reports Formation of a Special Committee of the Board to Explore Strategic Alternatives

The Company has hired Mastodon Ventures, Inc. to provide strategic advisory services and explore other strategic alternatives that will further the long-term business prospects of the Company and provide incremental value to its shareholders.

There can be no assurance regarding the timing of or whether the Board will elect to pursue any of the strategic alternatives it may consider, or that any such alternatives will result in changes to the Company's plans or will be consummated and there is no certainty that any strategic alternative will involve a transaction for shareholders at a share price equal to or above the current trading price of the Company's shares, bearing in mind that the trading market for the Company's shares is relatively inactive and that the Company has realized losses from operations during recent periods. The Company does not intend to provide updates or make any further comment until the outcome of the process is determined or until there are significant developments.

Mastodon Ventures, Inc. is a strategic advisory firm based in Austin, Texas focused on advisory services, mergers and acquisitions and capital formation for emerging growth and middle-market companies with particular expertise in multi-unit restaurant transactions.

Good Times is a regional chain of quick service restaurants located primarily in Colorado providing a menu of high quality all natural hamburgers, 100% breast of chicken sandwiches, fresh frozen custard, fresh squeezed lemonades and other unique offerings. Good Times currently operates and franchises 52 restaurants.

Logos, product and company names mentioned are the property of their respective owners.

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