Grey Island Systems International Inc. Announces Terms of Private Placement Financing

    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
    DISSEMINATION IN THE UNITED STATES/

    TORONTO, Feb. 20 /CNW Telbec/ - Grey Island Systems International Inc.
(TSX-V:GIS) ("Grey Island" or the "Company") is pleased to announce that it
has finalized the terms of its previously announced private placement of units
(the "Units") at a price of $0.60 per Unit (the "Offering"). Each Unit will
consist of one common share of the Company (a "Common Share") and one half of
one common share purchase warrant (each full warrant, a "Warrant"). Each
Warrant will entitle the holder to purchase one common share of the Company at
a price of $0.70 for a period of 12 months from the date of the closing of the
Offering (the "Closing Date").
    Grey Island plans to use the net proceeds of the Offering for working
capital and general corporate purposes.
    Grey Island will pay the agents a cash commission of 6.0% of the gross
proceeds of the Offering. The agents will also receive compensation options
("Compensation Options") exercisable for that number of Common Shares as is
equal to 6.0% of the total number of Units sold pursuant to the Offering at an
exercise price of $0.60. The Compensation Options will expire 12 months after
the Closing Date.
    The Units will be subject to a 4 month statutory hold period from closing
and the Offering is currently scheduled to close on March 6, 2007. The
offering is subject to certain conditions including, but not limited to, the
receipt of all necessary approvals, including the approval of the TSX Venture
Exchange.
    The securities being offered have not, nor will they be registered under
the United States Securities Act of 1933, as amended, and may not be offered
or sold within the United States or to, or for the account or benefit of, U.S.
persons absent U.S. registration or an applicable exemption from the U.S.
registration requirements. This release does not constitute an offer for sale
of securities in the United States.

    About Grey Island

    Grey Island Systems International Inc. (TSX-V: GIS), through its
subsidiaries NextBus Inc. in Alameda, California, InterFleet, Inc. in New
York, New York and Grey Island Systems, Inc in Toronto, Canada, is a leading
provider of custom real-time GPS/AVL, security and telematics solutions as
well as real-time passenger information systems to government and related
fleets. To find out more about our products and services, visit our websites
at www.interfleet.com or www.nextbus.com.

    THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY
    OR ACCURACY OF THIS RELEASE.

For further information: Grey Island Systems Inc.: Owen Moore, (416)
348-9991, FAX:[phone], [e-mail], www.interfleet.com;
Renmark Financial Communications Inc.: John Boidman:
[e-mail]; Micheal Shore: [e-mail],
[phone], Fax: [phone], www.renmarkfinancial.com