Grey Island Systems International Inc.
TSX VENTURE : GIS

Grey Island Systems International Inc.

March 29, 2006 16:30 ET

Grey Island Systems International Inc. Announces the Appointment of Paul Christie to the Board of Directors

TORONTO, ONTARIO--(CCNMatthews - March 29, 2006) -

Grant of Options and Amendment to Exercise Price of Options Previously Granted to Independent Directors

Grey Island Systems International Inc. (TSX VENTURE:GIS) (the "Corporation") announces that Paul Christie of Toronto, Ontario has been appointed as an additional director of the Corporation. Paul brings an extensive knowledge of issues related to municipal governance having served more than 12 years as an elected official in the City of Toronto as well as the Municipality of Metropolitan Toronto. He has held several high profile positions including Chairman of the Toronto Transit Commission (3rd largest in North America) as well as Supervisor, Toronto District School Board where he had sole responsibility for all financial and administrative affairs of 565 schools in Canada's largest school board.

The Corporation has granted options to purchase an aggregate total of 500,000 Common Shares of the Corporation at an exercise price of $0.325 per share, which options have been granted to two independent directors of the Corporation. The foregoing options will expire on March 2, 2009.

The Corporation also announces that it proposes to amend the exercise price from $0.74 per share and $0.78 per share to $0.325 per share for options to purchase an aggregate total of 600,000 Common Shares of the Corporation, which options were previously granted to independent directors of the Corporation. The proposed amendment to the exercise price for options granted to the Corporation's directors requires shareholder approval, which approval will be sought at the next annual and special meeting of shareholders of the Corporation. The foregoing options expire as to 300,000 options on August 13, 2006 and as to 300,000 options as November 26, 2006.

THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • Grey Island Systems International Inc.
    Owen Moore
    President
    (416) 348-9991 ext. 203
    (416) 348-9993 (FAX)
    owenm@interfleet.com