SOURCE: Graystone Park Enterprises, Inc.

September 27, 2005 18:39 ET

/ CORRECTION - Graystone Park Enterprises Announces Record Date for Its First Spin-Off of IC PLACES

ORLANDO, FL -- (MARKET WIRE) -- September 27, 2005 -- In the news release, "Graystone Park Enterprises Announces Record Date for Its First Spin-Off of IC PLACES," issued earlier today by Graystone Park Enterprises, Inc. (OTC: GPKE), we are advised by the company that the first paragraph should read:

"Graystone Park Enterprises, Inc. (OTC: GPKE) announced today that the record date of its first spin-off will be October 7th, 2005, 4:00 p.m. EST. Shareholders of Graystone as of this date and time are entitled to receive the dividend in Graystone's first spin-off, IC Places, Inc. The 75% dividend will payout based on the percentage of GPKE the investor owns. Shareholders will receive the IC Places, Inc. stock as their dividend. IC Places, Inc. being Graystone's first spin-off with several more in the pipeline showing the dedication of GPKE to its shareholders."

rather than

"GRAYSTONE PARK ENTERPRISES, INC. (OTC: GPKE) today announced the successful completion of the spin-off of IC Places, Inc. As a result, holders of Graystone Park common stock will receive a dividend of IC Places common stock. The dividend has been set at 75%. This will give Graystone share holders 75 shares of IC Places stock for every 100 shares of Graystone common stock held. The record date of the spin-off is October 7th, 2005, 4:00 p.m. Eastern Time."

as originally issued. Additionally, the contact for Graystone Park Enterprises should read "Shane Jones, Director" rather than " Eddie Spade, President." Complete corrected text follows.


Graystone Park Enterprises Announces Record Date for Its First Spin-Off of IC PLACES

ORLANDO, FL -- 09/27/2005 -- Graystone Park Enterprises, Inc. (OTC: GPKE) announced today that the record date of its first spin-off will be October 7th, 2005, 4:00 p.m. EST. Shareholders of Graystone as of this date and time are entitled to receive the dividend of Graystone's first spin-off, ICPlaces.com. The 75% dividend will payout based on the percentage of GPKE the investor owns. Shareholders will receive the IC Places, Inc. stock as their dividend. IC Places, Inc. being Graystone's first spin-off with several more in the pipeline showing the dedication of GPKE to its shareholders.

A LANDMARK EVENT

The IC Places spin-off is a landmark for Graystone as it is the first of many planned spin-offs for the company.

"Finishing our first spin-off is a major accomplishment," said Edward Spade, president of Graystone. He went on to say, "As with any business endeavor the first one is always the most exciting. Graystone's goal is to continue finding diamonds in the rough like IC Places and give them funding and management expertise needed to kick start their growth and eventually spin them off into their own public entities. Now that we have been from start to finish on our first spin-off, the path is much clearer."

"Our experience with Graystone has been life changing," said Adam Samblis, President of IC Places, Inc. He continued, "For three years we have been a company with great ideas with limited resources to achieve them. Graystone brought us needed capital and management direction to turn the ideas into realities. With their assistance we have built an infrastructure to propel us forward and we now have the resources to acquire additional resources needed to continue our success path."

ABOUT IC PLACES

IC Places owns and operates a network of city-based web sites that are used by both travelers and local individuals. The sites offer 11,000 hotels, 2,700 restaurant, 2,000 golf courses, discount event tickets, discount car rentals, discount airfare, attraction tickets and much more.

The business model is highlighted by its Independent Travel Consultant program. (ITC) Through the program, IC Places has the unique position of being one of the only online travel companies with a network of specialists that will handle calls only in the cities they live in. Most large online travel companies use phone centers in a single country, with the majority being in India.

The ITC Program brings two levels of impact to IC Places' bottom line. The ITC program creates revenues when people signing up. IC Places has 100 city Web sites. The ITC system can handle 200 ITCs per city. This results in a maximum capacity of 20,000 ITCs. At maximum capacity, considering a $500.00 per ITC sign up, gross signup revenues could reach $10,000,000.

It is planned to have ITCs in place in cities while also selling advertising space on IC Places sites. ITCs receive a 20% referral fee for enrolling advertisers for their city site. An advertisement is $100.00 a month. 100 IC Places sites have an average of 50 pages each. This is a total of 5000 pages. At 10 ads per page, the potential is for 50,000 ads. This would create $5,000,000 in gross revenues per month. After paying a 20% referral fee, net annual revenue possibilities are $48,000,000.00.

About Graystone Park Enterprises, Inc.

Graystone Park Enterprises, Inc. was founded to assist the small-business entrepreneur in growing his company and reducing the pitfalls that normally stall a start-up company. Graystone plans on acquiring healthy fledgling companies in need of assistance to dramatically increase its market share. Graystone projects to acquire 5-10 companies in 2005, and an additional 8-12 companies in 2006.

Graystone will maintain a percentage of each subsidiary company after the subsidiary begins trading under its own symbol. Graystone expects its revenues, and the value of its equity positions, to be in the double-digit millions by the end of this year. With Graystone's projected aggressive growth in revenues and asset ownership, it is expecting to be AMEX qualified in 2006. GPKE has the knowledge and expertise to take many growth companies to the next level. In doing so, it is able to capitalize on various markets to maximize return on its investment. The GPKE dividend distribution plan puts an emphasis on bolstering shareholder value.

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made on behalf of the company. All such forward-looking statements are, by necessity, only estimates of future results and actual results achieved by Graystone Park Enterprises, Inc. and may differ materially from these statements due to a number of factors. Graystone Park Enterprises, Inc. assumes no obligations to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements. You should independently investigate and fully understand all risks before making any investment decisions.

Contact Information

  • Contact:
    Graystone Park Enterprises, Inc.
    Shane Jones
    Director
    www.GPKE.com

    IC Places, Inc.
    Adam Samblis
    President
    Phone:321-251-5045
    Email: adam@icplaces.com