WebTech Wireless Inc. (TSX:WEW) ("WebTech Wireless") and Grey Island Systems
International Inc. (TSX VENTURE:GIS) ("Grey Island") are pleased to announce
that they have completed their previously announced court-approved plan of
arrangement (the "Arrangement") under the Business Corporations Act (Alberta)
pursuant to which WebTech Wireless has acquired all of the issued and
outstanding common shares of Grey Island.


Under the terms of the Arrangement, former shareholders of Grey Island receive
0.35 common shares of WebTech Wireless for each common share of Grey Island,
subject to adjustment for fractional shares. Outstanding options to acquire Grey
Island shares have been exchanged for options to acquire WebTech Wireless
shares, with the exercise price of such options and the number of WebTech
Wireless shares to be acquired on the exercise of such options adjusted in
accordance with the same exchange ratio. The Grey Island common shares will be
delisted from the TSX Venture Exchange in due course.


In connection with the Arrangement, the board of directors of WebTech Wireless
was increased to seven directors, and is now comprised of Glen Brownlee
(Chairman), Paul Christie, Leonard Metcalfe, Owen Moore, Dru Narwani, Peter
Roberts and Anwar Sukkarie. Messrs. Christie and Moore are former directors of
Grey Island.


Anwar Sukkarie, President & Chief Executive Officer of WebTech Wireless,
commented, "We would like to thank the Grey Island shareholders for the close to
90% support of this arrangement at their meeting earlier in October, and welcome
them to the WebTech Wireless family of shareholders. This brings to completion a
long process during which the benefits of the acquisition were thoroughly
evaluated and debated. From early on we saw the tremendous value that Grey
Island's people and products could bring to WebTech Wireless' business, and now
have every confidence that it will bring value to our shareholders as well."


Further details regarding the terms of the Arrangement are set out in Grey
Island's management information circular dated September 15, 2009, which is
available at www.sedar.com.


About WebTech Wireless Inc.

WebTech Wireless is a global telematics and location-based services provider
that develops, manufactures and delivers end-to-end wireless solutions designed
to improve the productivity, profitability and safety of vehicle fleets. WebTech
Wireless products and services run on GPS and cellular networks and provide
Automatic Vehicle Location, Mapping, Reporting, Vehicle Diagnostics, Driver
Status, In-vehicle Telemetry and Navigation and Messaging. The Company delivers
products and services in over forty-one countries to a variety of small, medium
and Fortune 500 companies, with a particular focus on the transport, service
delivery, government and automotive markets. For more information, please visit
www.webtechwireless.com.


About Grey Island Systems International Inc.

Grey Island Systems International Inc. (TSX VENTURE:GIS), through its
subsidiaries NextBus Inc. in Alameda, California, InterFleet, Inc. in New York,
New York and Grey Island Systems in Toronto, Canada, 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.


All trademarks and brands mentioned in this release are the property of their
respective owners.
Genesis Metals (TSXV:GIS)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more Genesis Metals Charts.
Genesis Metals (TSXV:GIS)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more Genesis Metals Charts.