Toronto January 17, 2008 – Grey Horse Corporation (“Grey Horse”) announces that the Toronto Stock Exchange has accepted its notice of intention for a normal course issuer bid in respect of its Common Shares.  Purchases pursuant to the notice will not commence prior to January 21, 2008 and will not continue beyond January 20, 2009.  The notice will enable Grey Horse to acquire up to 333,761 Common Shares for cancellation representing 5% of the 6,675,225 Common Shares issued and outstanding as at January 7, 2008.  All purchases will be made through the facilities and in accordance with the requirements of the Toronto Stock Exchange. The daily purchase restriction will be 1,401 shares and all shares purchased under the normal course issuer bid will be cancelled.  

This is the first normal course issuer bid undertaken by Grey Horse.  Grey Horse is making this normal course issuer bid because it believes that, from time to time, the market price of its Common Shares may not fully reflect the underlying value of its business and its future business prospects.  Grey Horse believes that, in such circumstances, the outstanding Common Shares represented an attractive investment for Grey Horse, since a portion of the company’s excess cash generated on an annual basis can be invested for an attractive risk adjusted return on capital through the issuer bid.  

About Grey Horse
Through its wholly owned subsidiaries – Equity Transfer & Trust Company, Global Corporate Compliance Inc., Equity Foreign Exchange Services Inc. and Equity Securities Inc. – Grey Horse provides transfer agent, corporate trust, corporate secretary, foreign exchange and limited market dealer services to corporations in North American capital markets. Learn more at www.greyhorsecorp.com  

For more information, contact Kevin Reed, President & CEO, or Paul G. Smith, EVP & CFO, of Grey Horse Corporation at (416) 361-0930.


The Toronto Stock Exchange has neither approved nor disapproved the contents of this press release.

Certain information included in this press release may be forward-looking and involve risks and uncertainties. The
results or events predicted in these statements may differ materially from actual results or events. Factors that might
cause a difference include, but are not limited to, competitive developments, risks associated with Grey Horse’s growth,
the state of the financial markets, regulatory risks and other factors. Unless otherwise required by applicable securities
laws, Grey Horse disclaims any intention or obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. More detailed information about potential factors that could affect
Grey Horse’s financial and business results is included in public documents Grey Horse files from time to time with
Canadian securities regulatory authorities.