Grey Island Announces 1st Quarter Fiscal 2008 Financial Results Posts Record Revenue and Record Income in 1st Quarter



    TORONTO, Jan. 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 financial results for the first quarter of fiscal 2008 ended
December 31, 2007.
    Record revenue of $5.8 million in the first quarter of fiscal 2008
represented an increase of 50.5% as compared with revenue of $3.9 million in
the first quarter of fiscal 2007 and represented an increase of 16% as
compared to the fourth quarter of fiscal 2007 revenue of $5.0 million.
Concurrently, the Company posted record income of $0.3 million during the
first quarter of fiscal 2008 compared to income of $0.05 million for the first
quarter-ended December 31, 2006, an increase of 600%. The Company's stated
future goal is to maintain only moderate increases in operating expenses on a
quarter-by-quarter basis when compared to expected revenue increases.
    "Our current financial results represent another period of success for
the Company as we reported record revenue, record income and substantial
growth. Our commitment to focusing on government sector clients in North
America and providing exceptional customer service to existing clients
continues to be a key differentiator for the Company" 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 first quarter increased to $5.8 M, an increase of 51%.
    - Net income for the first quarter of $0.3 M, an increase of 600%
    - Cash provided by operations for the first quarter of $1 M.
    - $13 M in cash and short-term investments.

    "The Company continues to display its ability to land and fulfill large
government contracts and demonstrate significant growth. The recent quarter
also highlighted the company's ability to generate strong income and
significant positive cash flows by maintaining focus on its core market" said
Andrew Moore, CEO of Grey Island.
    The 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:

For further information: Owen Moore, Grey Island Systems International
Inc., (416) 348-9991, (416) 348-9993 (FAX); Renmark Financial Communications
Inc.: John Boidman, jboidman@renmarkfinancial.com, James Buchanan,
jbuchanan@renmarkfinancial.com, (514) 939-3989, Fax: (514) 939-3717,
www.renmarkfinancial.com

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GREY ISLAND SYSTEMS INTERNATIONAL INC.

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