Grey Island announces plans to repurchase common shares

    TORONTO, Oct. 28 /CNW Telbec/ - Grey Island Systems International Inc.
(TSX-V: GIS) (the "Corporation" or "Grey Island") announces that it has filed
with the TSX Venture Exchange a Notice of Intention to Make a Normal Course
Issuer Bid which shall commence on November 3, 2008 and terminate on November
2, 2009 or the earlier of the date all shares which are subject to the Normal
Course Issuer Bid are purchased.
    In the opinion of the Board of Directors of Grey Island, the market price
of the Common Shares of Grey Island does not accurately reflect the value of
those shares. As a result, the Corporation intends to repurchase Grey Island's
Common Shares that may become available for purchase at prices, which make
them an appropriate use of funds of the Corporation.
    Grey Island intends to attempt to acquire up to an aggregate of
4,495,594 of its Common Shares over the next 12-month period representing
approximately 5% of the issued and outstanding Common Shares of Grey Island.
    Purchases pursuant to the Normal Course Issuer Bid will be made from time
to time by Research Capital Corporation on behalf of the Corporation by open
market transactions through the facilities of the TSX Venture Exchange. All
Common Shares purchased by Grey Island under the Normal Course Issuer Bid will
be cancelled.

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

For further information: Owen Moore, President, Telephone: (416)
348-9991, ext. 203, Facsimile: [phone], Email: [e-mail];
Christopher Madden, Chief Financial Officer, Telephone: [phone], ext.
207, Facsimile: [phone], Email: [e-mail]; Renmark
Financial Communications Inc.: John Boidman: [e-mail];
Amelie Evangeliste: [e-mail], Montreal: Tel.: (514)
939-3989, Fax: [phone]; Toronto: Tel.: [phone], Fax: (416)
644-2021; www.renmarkfinancial.com