Grey Island Announces Third Quarter Fiscal 2009 Financial Results

Grey Island Systems International Inc. (TSX VENTURE:GIS) is 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. GIS is pleased to announce today the financial results
for the third quarter of fiscal 2009 ended June 30.


Third quarter revenue was $5.46 million for the 3 months ending June 30, 2009
and $16.62 million for the 9 months ending June 30, 2009, representing a 6
percent decrease and 4 percent increase year over year, while recurring revenues
were $2.37 million, a 25.9% increase year over year. The company incurred a net
loss of $292K or $0.003 for the third quarter ending June 30, 2009 driven
primarily by a large foreign exchange expense of approximately $0.5 million due
to the rising Canadian currency. Excluding amortization, interest, taxation and
foreign exchange, the company generated operating income of $35K in the quarter
ended June 30, 2009.


"Despite a severe economic downturn which occurred at the beginning of our
fiscal year, Grey Island has managed to grow its revenues and client base, land
significant contracts and continues to maintain a strong balance sheet" said
Owen Moore, President of Grey Island, "with the string of recent contract
announcements, and pending revenues associated with the close-out of historic
contracts, Grey Island is poised for significant growth in the near and long
term".


"Grey Island's products and services continue to dominate the public sector
vehicle tracking, telematics and predictive arrival systems market" said Andrew
Moore, CEO of Grey Island "the company continues to see large public sector
opportunities and benefits from a strong sector backlog which will continue to
position the company well".


The current results are a reflection of the Company's previously stated
objectives to grow organically and through acquisition. The following are
significant highlights related thereto.


- Revenue for the 9-month year to date increased to $16.62 million

- The Company had net operating income before other income, expenses and taxes
for the third quarter of $35K


- Revenue arising from Canadian customers for the third quarter increased by
53.7% to $1.95 million


- US revenues account for $3.51 million of total Company revenue of $5.46
million for the current quarter


- As at June 30, 2009, the Company had $11.1 million in cash and short-term
investments compared to $11.3 million for the comparable period a year ago


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, 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.