Grey Island Announces 2nd Quarter Fiscal 2008 Financial Results

    TORONTO, May 29 /CNW Telbec/ - Grey Island Systems International Inc.
(TSX-V: GIS), a leading provider of real-time vehicle tracking, fleet
management and predictive arrival systems, marketed under the InterFleet and
NextBus brands, for government and related fleets in North America, is pleased
to announce today financial results for the second quarter of fiscal 2008
ended March 31, 2008.
    Record second quarter revenue of $4.44 million for the 3 months ending
March 31, 2008 represented an increase of 11% as compared with revenue of
$4.01 million in the second quarter of fiscal 2007. Revenue of $10.24 million
for the six months ended March 31, 2008 also represented a record and
increased by 31% relative to the 6 months ended March 31, 2007.
    Net income of $0.06 million during the second quarter of fiscal 2008
represented a decrease from $0.11 million in the second quarter ended 2007.
Net income of $0.36 million for the six months ended March 31, 2008
represented an increase from $0.16 million for the six months ended March 31,
2007.
    "The current results represent the 23rd consecutive quarter whereby the
company has posted record quarterly revenue on a year over year basis" stated
Andrew Moore, CEO of Grey Island "and with the recent announcements of large
significant contracts the company's prospects for the future look strong".
    "By continuing to focus on government sector clients in North America the
company is less prone to the impact of an economic recession, combined with
our ability to deliver on large government contracts continues to position the
company as a leading provider of government based vehicle tracking, telematics
and predictive arrival systems" said Owen Moore, President of Grey Island.
    The current results are a reflection of the Company's previously stated
objectives to grow organically and through acquisition with a goal to increase
the Company's share of the US market place. The following are significant
highlights related thereto.- Revenue for the second quarter increased to $4.4 M, an increase of 11%
      year over year
    - Net income for the second quarter of $0.06 M
    - $12.8 M in cash and short-term investmentsThe Company's consolidated financial statements, accompanying notes and
Management's Discussion and Analysis are available on the System for
Electronic Document Analysis and Retrieval ("SEDAR") website (www.sedar.com).

    About Grey Island

    Grey Island Systems International Inc. (TSX-V: GIS), together with its
subsidiaries NextBus Inc. in Alameda, California, InterFleet, Inc. in
New York, New York 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.

    Forward Looking Statements

    This news release contains forward-looking information based on
management's best estimates and the current operating environment. These
forward-looking statements are related to, but not limited to, Grey Island's
operations, anticipated financial performance, business prospects and
strategies. Such forward-looking statements are subject to a number of known
and unknown risks, uncertainties and other factors which could cause actual
results or events to differ materially from those expressed or implied by such
forward-looking statements. These risks and uncertainties include, among other
things, business risks, changes in market and competition, technological and
competitive developments and potential downturns in economic conditions
generally. Therefore, there can be no assurance that the expectations of the
management of Grey Island will prove to be correct.

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

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