Grey Island Systems International Inc. (TSX VENTURE: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, today announced financial results for the 2008 fiscal
year ended September 30, 2008.


Record revenue of $21.2 million in fiscal year ended 2008 represented an
increase of 27% as compared to fiscal 2007 revenue of $16.7 million.


The Company earned net income for the year ended September 30, 2008, of $792,965
or $0.009 per share, compared to a loss of $500,877 or $0.006 per share in the
year ended September 30, 2007. The net income (2007: loss) arose after
accounting for stock-based compensation of $91,970, (2007: $408,845),
substantial amortization of intangible assets of $688,137, (2007: $999,324), a
foreign exchange gain of $341,893, (2007: loss of $421,914), and a taxation
expense of $222,000, (2007: taxation recovery of $381,044), resulting in income
before the above-noted items of $1,453,179 versus $948,162 in the comparable
year of 2007. 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 financial results represent another year of success for the Company as we
reported record revenue, substantial growth and improved bottom line
performance. 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 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 year increased to $21.2 million an increase of 27%.

- Net income for the year increased to $752, 965 compared to a net loss of $500,877.

- Improved net income before income tax and amortization to $1,956,368 from
$293,102.


- Revenue from US customers increased to $13.8 million an increase of 25.7%.

- Gross margin for the year was 50%.

- $12.7 million in cash and short-term investments.

"The Company has demonstrated its ability to land large government contracts and
post strong revenue growth within its core market and continues to see large
opportunities on the horizon as market awareness increases and technology
adoption accelerates in our emerging industry. While we are encouraged with our
existing results, we are even more encouraged with our prospects for the future"
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 VENTURE:GIS), together with its
subsidiaries NextBus Inc. in Alameda, California, and 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.
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