Kona Grill Update Regarding Financing

• Press Release
• Source: Kona Grill, Inc.
• On 7:00 am EST, Tuesday January 13, 2009

SCOTTSDALE, Ariz., Jan. 13, 2009 (GLOBE NEWSWIRE) -- In connection with management's fiscal planning for 2009 and a review of its liquidity needs, Kona Grill, Inc. (NasdaqGM:KONA - News) continues to pursue various sources of external financing to supplement its operating cash flows. Such financing could include equipment financing, a working capital facility, a bank term loan, the issuance of convertible debt, a short-term (``bridge'') loan, sale of equity, an equity rights offering, or any combination of the foregoing. To implement the foregoing, the Board of Directors has established a special committee comprised of independent directors to work closely with management and the Company's outside professional advisors to identify, review and oversee the structuring, negotiation and execution of all reasonable alternatives in the best interests of the Company and its stockholders.

About Kona Grill

Kona Grill restaurants serve a diverse selection of mainstream American dishes as well as a variety of appetizers and entrees with an international influence. Each restaurant also features an extensive sushi menu and sushi bar and is open daily for lunch and dinner. Sunday through Thursday, the restaurant is open from 11 a.m. to 11 p.m., and until midnight on Friday and Saturday. The restaurant offers patrons two happy hours. Weekday Happy Hour is offered Monday through Friday from 3 p.m. until 7 p.m. A Reverse Happy Hour is also offered Monday through Saturday from 9 p.m. until 11 p.m. Both Happy Hours feature a selection of half-priced appetizers, pizzas and sushi rolls, plus a selection of drink specials. For further information, please visit our website at http://www.konagrill.com

          Kona Grill, Inc. 
          Investor Relations Contact:
          Raphael Gross/Don Duffy of ICR
          203.682.8200