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EXHIBIT 99.1
GREYSTONE RAISES $5 MILLION IN PRIVATE PLACEMENT
SAN DIEGO - May. 22, 2000 -- GreyStone Digital Technology Inc. (OTC BB: GSTN),
today announced it has raised $5 million in a private placement of preferred
stock through a group of private investors. The company said that details of the
terms and conditions of the placement will be disclosed in the Form 8-K to be
filed with the Securities and Exchange Commission.
"This first round of financing is for general corporate purposes," said Richard
A. Smith, GreyStone's chairman, president and chief executive officer. "It
should facilitate development of our complete business plan with its e-commerce
and entertainment components, expansion of research and development, and further
support our acquisition strategy."
Based in San Diego, Calif., GreyStone Digital Technology's goal is to position
itself as one of the world's leading providers of applications of advanced
digital technology that helps people solve problems, communicate, and improve
their lives, businesses, products, and services. The company has a long history
of providing powerful software and systems for defense and entertainment
customers. Its products and services address a growing demand from military,
entertainment, law enforcement, and other major markets such as education,
wireless communications, the Internet, e-commerce, and e-services for improved
ways to access and use digital information.
More information is available on the company's website at http://www.gstone.com.
This news release contains statements that are not purely historical, and as
such are forward-looking statements under the federal securities laws. These
include forward-looking statements regarding management's intentions, plans,
hopes, beliefs, expectations or projections of the future. These forward-looking
statements involve risks and uncertainties, including without limitation,
acceptance of the company's products and services; additional financing
requirements; the impact of competitive products or pricing; technological
changes; the effect of economic conditions; the ability to successfully
commercialize the company's entertainment products; the company's dependence on
key engineering, technical, and other personnel skilled in government
contracting; the ability of the government to terminate contracts and
subcontracts at any time; and other risks and uncertainties detailed from time
to time in the company's reports filed with the Securities and Exchange
Commission. One or more of these factors could affect the company's business and
financial results in future periods, and could cause actual results to differ
materially from plans and projections. There can be no assurance that the
forward-looking statements made in this news release will prove to be accurate,
and issuance of such forward-looking statements should not be regarded as a
representation by the company, or any other person, that the objectives and
plans of the company will be achieved. All forward-looking statements made in
this news release are based on information presently available to management,
and the company assumes no obligation to update any forward-looking statements.
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