Grey Island Systems International Inc. amends filing with the OSC



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

    TORONTO, Jan. 24 /CNW Telbec/ - Grey Island Systems International Inc.
(TSX-V: GIS) has filed an amended management discussion and analysis,
("MD&A"), for the quarter ended June 30, 2007 with the Ontario Securities
Commission as a result of their review of the Company's continuous disclosure
reporting. The revised MD&A includes additional discussion and analysis on the
factors affecting the Company's financial performance, additional disclosure
on future liquidity and capital needs, additional disclosure on the last eight
quarters, additional disclosure on common share activities, disclosure of
off-balance sheet arrangements, additional disclosure on outstanding share
data and disclosures on the changes in accounting policies. The Company
cautions that the MD&A has not been updated to reflect any events that have
taken place since the time of the initial filing of the MD&A on August 28,
2007. Investors should review our disclosure record available at www.sedar.com
for further developments in respect of Grey Island Systems International Inc.
since then.

    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, 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

Organization Profile

GREY ISLAND SYSTEMS INTERNATIONAL INC.

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