Grey Island Systems International Inc. Announces C$12 Million Private Placement Financing

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

    TORONTO, Feb. 13 /CNW Telbec/ - Grey Island Systems International Inc.
(TSX-V:GIS) ("Grey Island" or the "Company") is pleased to announce that it
has entered into an agreement with a syndicate led by Wellington West Capital
Markets Inc. and Paradigm Capital Inc. (collectively the "Agents") which has
agreed to act on a best efforts agency basis for a private placement of
20,000,000 units (the "Units") at a price of $0.60 per Unit (the "Issue
Price") for aggregate gross proceeds of $12,000,000 (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 for a period of 12 months from Closing at a price to be
determined and subject to regulatory approval. The Agents will have the option
to increase the Offering by up to an additional $3,000,000 of Units at the
Issue Price prior to 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. The Offering is scheduled to close on or about March 6, 2007 and 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 been 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 to sell or the
solicitation of an offer to purchase 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 HAS NOT REVIEWED AND DOES NOT ACCEPT
    RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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