Undervalued and under the radar_ Grayling Wireless is a CCRI

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Undervalued and under the radar_ Grayling Wireless is a CCRI Powered By Docstoc
					                                                                                             CCRI financialgroup
                                                                                             CCRI
                                                                               INDEPENDENT COMPANY PROFILE
                                              GRAYLING WIRELESS U.S.A. INC (OTC PK - GRYW)
CCRI CORPORATE PROFILE REPORT

Undervalued and under the                                                                      LAST UPDATE: April 5, 2006

                                                                                    CCRI RECOMMENDATION
radar, Grayling Wireless is a
                                                                                       NEGATIVE         NEUTRAL          POSITIVE
CCRI Strong Speculative Buy.                                                               SELL          HOLD             BUY
                                                                                    *strong speculative buy
CCRI analysis suggests GRYW is a ‘steal’ at
current market prices.                                                              12-MONTH TARGET PRICE
                                                                                    ________________________________________
COMPANY OVERVIEW
__________________________________________________________
                                                                                                        $2.00
Grayling Wireless U.S.A. Inc. (Pink Sheets: GRYW) is an emerging                    ________________________________________
player in the emergency communications industry, and, through wholly-
owned subsidiary Sentai Software, a nascent competitor in
management software and consulting. Grayling’s core product,                        BASIC INFORMATION
ClearCalm™, is a revolutionary hands-free, wireless, voice-activated                ________________________________________
communications system that works with Self-Contained Breathing
Apparatus (SCBA). ClearCalm™ has wide-ranging applications that                     Symbol                                       GRYW
include use by firefighters and implementation in any situation where the           Sector             DIVERSIFIED TECHNOLOGIES
constraints of safety, space, and technology limit the availability /
efficiency of traditional forms of communication. GRYW is also engaged              Industry        SOFTWARE & COMMUNICATIONS
in GPS/cellular telecommunications projects in sub-Saharan Africa and               Current Price                                 $0.74
eventually plans to expand its presence into South American and Indian
markets.                                                                            Market Cap                             38.5 million
Grayling was formed in July 2001 as a private Canadian company to                   52-wk High                                    $1.30
develop and launch the ClearCalm™ system. In August 2003, Grayling
Wireless U.S.A. Inc went public via the reverse merger of a shell                   52-wk Low                                     $0.50
company. Since that time, Grayling has been beta-testing and perfecting             Shares Outstanding                approx 52 million
the functionality of ClearCalm™ while seeking out and evaluating
strategic growth opportunities, including its acquisition of Sentai
Software announced in January 2006. GRYW now exists as two distinct                 CONTACT CCRI
operating units: 1) ClearCalm™ and 2) Sentai, which manages                         _______________________________________
development of the GPS program in addition to its primary line of
business.
                                                                                    Address:                70 Frenchtown Rd., #300
                                                                                                            North Kingstown, RI 02852
With testing scheduled to be completed in April 2006,
GRYW is on the verge of a much-anticipated full                                     Tel:                    800.828.0406
commercial launch of ClearCalm™. This provides                                                              401.541.9137
potential inroads to more than 2,000,000 current users                              Fax:                    401.885.0967
of SCBAs and is the primary impetus behind CCRI
research coverage of GRYW stock.                                                    Email:                  mmcguire17@cox.net

                                                                                    Website:                www.ccri-financial.com




DISCLOSURE: C.C.R.I. Corporation has provided the information in this report, based on its best knowledge and perception. C.C.R.I.
is not a Brokerage Firm, Securities Dealer, or Investment Advisor; therefore, nothing contained in this informational piece shall
constitute an offer to sell or solicitation to buy the mentioned securities. This information is assembled from sources that are believed to
be accurate, but no warranty can be made. C.C.R.I. holds a warrant, option or stock position in virtually all of its client companies and
receives a major portion of its compensation in these various forms of equity.
                                                                                              CCRI financialgroup
                                                                                              CCRI
                                                                                   INDEPENDENT COMPANY PROFILE
     GRAYLING WIRELESS - GRYW
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SUMMARY
                                                                                     CORPORATE CONTACT INFORMATION
__________________________________________________________
                                                                                     ________________________________________
CCRI has issued an IMMEDIATE BUY recommendation for GRYW on
                                                                                     Name:              Grayling Wireless U.S.A. Inc.
April 5, 2006. Based on data available as of this date, CCRI believes
that Grayling Wireless stock is undervalued and should trade at prices
                                                                                     Address:            Suite 201
significantly higher than current market pricing. We have established a
                                                                                                         4321 - 23B Street N.E.
post-launch price target of $2.00, which represents a 282% price
                                                                                                         Calgary, AB, Canada T2E 7V9
increase over current valuation.
                                                                                     Tel:                403.250.8965
KEY INVESTMENT CONSIDERATIONS
                                                                                     Fax:                403.250.7085
__________________________________________________________
                                                                                     Email:              info@gryw.com
     Grayling’s decision to operate as a non-reporting entity in its early life-
     cycle stages triggered two major advantages for new GRYW investors:             Website(s):         www.gryw.com
     1) it has resulted in substantial costs savings that will ultimately be                             www.sentai.com
     passed onto company shareholders, and 2) the decision allows                                        www.clearcalm.com
     investors to enter into large stock positions of GRYW during the short
     window while GRYW is still ‘unknown’ and ‘on the cheap.’
                                                                                     MANAGEMENT TEAM – WEB PROFILES
     There is great urgency to buy GRYW within the next few weeks.                   ______________________________________
     After GRYW fulfills certification requirements, GRYW officially rolls out
     ClearCalm™, and you will probably never find prices this low again.             Jeff Love - Chief Executive Officer

     CCRI believes that GRYW will soon lose its “pink-sheet” designation             Jeff Love assisted in the formation of Grayling in
     due to its forward commitment to being a reporting entity. While there          mid-2001 and has served as Chief Financial
     is an excellent short-term opportunity to buy stock that is under-the-          Officer and Director since the company’s
     radar, long-term horizons promise the share price growth and                    inception. Mr. Love’s leadership, experience and
     increased liquidity that accompanies trading on one of the true                 vision earned him the additional responsibilities of
     exchanges. The most favorable outlook is consequently for those                 CEO since mid-2004. He has 30+ years of
     investors that buy GRYW immediately and hold beyond twelve months.              experience in financial management of public
                                                                                     companies in the technology and resource sectors
     ClearCalm™ has already been “put to the test” in live fire and hazamat          along with extensive experience in mergers and
     scenarios and it has exceeded the expectations of their prospective             acquisitions.
     customers. ClearCalm™ has proven successful where others have
     failed. The system achieved CSA/UL “Intrinsic Safety” compliance. It            Grant Moar - President
     has passed FCC testing and is awaiting formal notification of
     certification. The system requires no additional regulatory certification.      Grant joined Grayling as President in August 2004
                                                                                     and is a Director of the company. He has 25 years
     Grayling is the only company in the world that produces an in-mask              of experience in fire, safety and process
     communications system with such a high level of voice clarity and with          instrumentation throughout North America and
     the tolerance specifications needed to handle severe emergency                  Europe. His team building and leadership abilities
     situations. Simply put, there is absolutely nothing in the market today         have been instrumental in directing the
     that comes close to ClearCalm™!                                                 development of ClearCalm.

     ClearCalm™ not only addresses huge unmet industry demand, but it
     also concentrates on a societal need for emergency communications.              There are an estimated 2,000,000
     Such needs-based technologies are often prime candidates for large              existing users of SCBAs in North
     government orders and project commitments. This suggests two things:
     1) many will order, and 2) many will order “big.”
                                                                                     America, and the market is projected
                                                                                     at an additional 100,000 users per
     ClearCalm™ has an MSRP of $1295 and its margins will compare                    year. Even a small fraction of this
     favorably in its market place.
                                                                                     market translates to tens of $ millions
     ClearCalm™ is currently designed to be compatible with Scott Air-               in ClearCalm™ net income for
     Pak® masks and Motorola radios as an aftermarket addition, which is a           Grayling and many multiples on
     huge market in and of itself. However, the aftermarket barely scratches
     the surface of what Grayling can achieve in ClearCalm™ sales!
                                                                                     today’s stock price.


ccri financial group: 70 frenchtown rd., #300, north kingstown, rhode island 02852 | 800.828.0406 | www.ccri-financial.com
                                                                                             CCRI financialgroup
                                                                                             CCRI
                                                                                     INDEPENDENT COMPANY PROFILE
     GRAYLING WIRELESS - GRYW
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     CCRI does not just look at ClearCalm™ as an after market accessory.               NEWS FROM THE HEADLINES
     In the long-run, there is virtually uncapped potential in forming strategic       ________________________________________
     sales partnerships with mask producers and OEM manufacturers. It
     does not take much to realize the enormous mutual benefits that would              2006.03.01 Grayling Updates Sentai
     result from a Grayling / mask-producer joint-marketing relationship, and
                                                                                                   Financials
     the major players that truly “get it” cannot ignore the innumerable
     advantages of using ClearCalm™ as a sales driver for the mask itself.              2006.01.24 Grayling Announces Sentai
     CCRI looks at it this way…masks that already contain ClearCalm™                               Closing
     can exponentially boost product sales for both parties and may be
     worth hundreds of $ millions. It is possible that any one of the radio             2005.12.20 Grayling Announces First
     manufacturers will also see the advantage of a partnership with                               Closing on Sentai Acquisition
     Grayling. If at least one key player is savvy enough to pursue such a
     union, the possibilities are sky-high. Those who fail to consider all of           2005.12.07 Grayling Updates ClearCalm™
     this additional upside will inadvertently sell the company short.                             and Sentai
     ClearCalm™ was designed in consultation with emergency response                    2005.10.17 Grayling's ClearCalm™
     experts. ClearCalm™ enhances the ability of SCBA users to                                     Receives North American Safety
     communicate effectively with each other and with the command                                  Approval From CSA
     structure. The system integrates with existing two way radio systems                          International
     Events such as 9-11 and the constant threat of terrorism have re-                  2005.08.24 Grayling Signs MOU to
     shaped the landscape of a “free world” and have placed us under                               Purchase North American
     constant high – alert. This gives ClearCalm™ an even more important                           Operations Of Sentai Software
     role as an emergency communications device and makes the product a
     “pure-play” investment in Homeland Security.                                       2005.04.26 Grayling Wins Over “Hearts and
                                                                                                   Minds” of Fire Fighting
     ClearCalm™ has received rave reviews at industry trade shows, and                             Community with ClearCalm™
     has “won over the hearts and minds” of the fire fighting community.                           Product
     Such response has generated enough pre-market demand to meet
     even the most aggressive projections (and then some) and will likely               2005.04.20 Grayling Wireless USA Inc.
     carry GRYW through the next several years simply on word-of-mouth.                            Partners with GCI Group

     Via ClearCalm™, Grayling will be able to enter the emergency                       2004.12.06 Virtual Wave Acceleration Team
     communications industry with an immediate leadership position.                                Arrives in Botswana This Week.
     This is a huge competitive advantage and is likely to make Grayling an
     instant ‘house name’ in the industry.                                              2004.11.17 GRYW Succeeds at Fire Rescue
                                                                                                   Conference & Expo.
     Sentai has historically achieved margins above 40% and is expected to
     demonstrate a AGR of nearly 25%. Sentai provides Grayling with a                   2004.11.04 Grayling Updates ClearCalm™
     diversified product set and a solid stream of revenues to support the                         Status
     launch of ClearCalm™. Additionally, Sentai as a standalone has
     enormous value because of its stellar top-line growth and strong
     bottom-line profitability; at current growth rates, potential exists for over
     $10 million in annual revenues by 2010.
                                                                                       ClearCalm™ is the first
     Sentai’s software capabilities can be leveraged in the future to
     dramatically expand Grayling’s product base beyond ClearCalm™.
                                                                                       communication system that gives
                                                                                       firefighters clear communication with
     Grayling has a superior management team that is backed by decades                 each other and command at a fire
     of industry expertise. In the universe of young emerging companies, a
     competent management team is often the difference between
                                                                                       scene. By filtering out background
     unparalleled success and mediocre performance, and GRYW has the                   noise, ClearCalm™ provides a two-
     management odds stacked in their favor.                                           way life line with the potential to save
                                                                                       lives."
                                                                                                      ~Grant Moar, President


ccri financial group: 70 frenchtown rd., #300, north kingstown, rhode island 02852 | 800.828.0406 | www.ccri-financial.com
                                                                                           CCRI financialgroup
                                                                                           CCRI
                                                                                 INDEPENDENT COMPANY PROFILE
     GRAYLING WIRELESS - GRYW
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                                                                                   12-MONTH PRODUCT LAUNCH FORECAST
__________________________________________________________                         _____________________________________

The ClearCalm™ system has taken                                                    CCRI conservatively estimates top-line revenue
the industry by storm as the world’s                                               potential in the $25 - $30 million range for
first hands-free wireless, voice                                                   Grayling within the first year (full 12-month period)
activated SCBA communication                                                       following product launch, and net income of
system. Its unique design and                                                      approximately $17-$22 million. These
technologies dramatically improve                                                  approximations include both ClearCalm™ and
in-mask communications, which, to                                                  Sentai. We have established our estimates on:
this point, were limited by poor
reception and were generally                                                        Order flow of 15,000-20,000 units of the
unreliable.                                                                         ClearCalm™ system in year 1.

 Although the ClearCalm™ was                                                        Sentai revenues in excess of $5 million and net
specifically designed for Firefighters, Hazardous Materials teams,                  income of $2.4 million, based on a historically
Industrial personnel and others who are required to perform hazardous               proven 25% growth rate.
duties while wearing a Self Contained Breathing Apparatus, (SCBA), there           *To account for the ramp-up phase before
are a host of additional applications pertaining to Homeland Security and          ClearCalm™ rollout, CCRI anticipates material
to special operations that necessitate seamless and dependable                     sales will actually begin around June 2006, and
emergency communications.                                                          we are using this period as t=0 for our analysis
                                                                                   and for our discounting factors.
ClearCalm™ operates with just three simple components:
                                                                                   Based on the above assumptions and on stock
      1)   A wireless transmitter which fits inside the SCBA face piece.           dilution, we estimate Grayling Wireless at an EPS
      2)   An all-in-on receiver unit:                                             value of $0.24 - $0.31 by June 2007. CCRI has
               a. Multi –channel short range radio                                 used a P/S ratio of 5.0 to derive a 12-month
               b. Long range radio interface                                       average price target of $1.91, discounted at 30%
               c. Voice amplifier                                                  (risk-adjustment) for a current valuation of $1.47.
      3)   An interface cable that links the receiver to the long-range radio.
                                                                                   Using a P/E approach and a P/E ratio of 10, CCRI
Working in conjunction, the transmitter, receiver, and interface cable             models yield a higher average price target of
complete the most advanced in-mask communications in existence.                    $2.72, discounted using the same 30% risk-factor
ClearCalm™ proprietary operating software is at the crux of simultaneous           adjustment for a current valuation of $2.09.
hands-free, person-to-person team communication and voice amplification
scenarios.                                                                         In light of all of these considerations, CCRI is
                                                                                   initiating its coverage of GRYW with price target of
ClearCalm™ is better than all of the competition because…                          $2.00, which we believe to be a fair market
       It boasts exceptional voice clarity and quality via state-of-the art        valuation for GRYW’s first full year of sales.
       DSP (digital signal processing). Communications are both crisp and
       effortless.                                                                 *It is important to note that we have centered our
                                                                                   estimates strictly on the core competencies of
       Product is light-weight and does not have a jumble of wires located         Grayling Wireless, and we have NOT taken into
       inside or on the mask itself. This is something the majority of             consideration the revenue potential of the GPS
       competitors cannot claim. ‘Comparable’ products are bulky and               division nor of sales from ClearCalm™ spin-off
       inefficient.                                                                products and/or other Grayling ventures.
       Hands-free operations and sheer simplicity facilitate free use and          Addition of these prospective revenue streams
       minimize required training.                                                 could markedly increase the shareholder value
                                                                                   of GRYW stock.
We’re talking the ability to bring a no-wires, hands-free, no-limitations
communication solution to anybody and everybody who needs it. And                  Furthermore, the revolutionary nature of the
you can only get it with Grayling Wireless.                                        ClearCalm system suggests the possibility for
This is one of those inventions that’s so logical, so commonsense,                 much higher unit sales than CCRI’s independent
you’d think it already existed and has been used for years. But it                 forecast. We have conducted our analysis using
hasn’t! And while others assumed it was already being made, GRYW                   the more conservative approaches outlined above
has been busy designing, perfecting, and marketing what is soon to be the          to account for unforeseen risks and to moderate
most sought-after life-saving communications device on the market.                 the impact of our projections.



ccri financial group: 70 frenchtown rd., #300, north kingstown, rhode island 02852 | 800.828.0406 | www.ccri-financial.com
                                                                                        CCRI financialgroup
                                                                                        CCRI
                                                                              INDEPENDENT COMPANY PROFILE
     GRAYLING WIRELESS - GRYW
sd




                                                                                FINANCIAL HIGHLIGHTS
OTHER PRODUCT CONSIDERATIONS                                                    ________________________________________
__________________________________________________________
                                                                                The “Plusses of the Pink Sheets” – CCRI
Grayling is achieving limited (but meaningful) momentum with a GPS              believes it is imperative to address GRYW’s “pink
product and services unit that will be managed by Sentai on a go-forward        sheet” designation and to highlight the respective
basis. Marketing is currently focused in Botswana, where the system             financial and investment implications.
and related services are being used in approximately 1000 vehicles
locally. On these vehicles, Grayling is netting approximately $24 per           As an early-stage company in the
vehicle per month to achieve annualized net revenues of about                   product development phase, Grayling
$288,000.
                                                                                did exactly what it should have done
Future plans to expand into Indian and South American markets, in               regarding its listing… protected the
concurrence with a stronger marketing presence in these regions, could          best interests of its shareholders.
make this line of business a material contributor to GRYW’s top and
bottom line, as well as open up software licensing opportunities and            Rather than redirecting much-needed design
deliver a sound exit strategy, if desired. We believe there is a great deal     funds to achieve an exchange listing and become
of unrealized, latent value built into the burgeoning GPS program and           a reporting entity (which, by the way, would have
should be evaluated as a possible source of strong future cash flow.            been unjustified without a revenue driver place),
                                                                                Grayling committed shareholder dollars to
                                                                                perfecting ClearCalm™ and making it a
                                                                                revolutionary, market-ready product. This
     SENTAI SOFTWARE                                                            dramatically shortened the go-to-market
_________________________________________________________                       timeframe, and GRYW is now on the eve of
                                                                                showing investors the many cost benefits behind
Sentai’s core focus is the design and distribution of software-based            its initial ‘pink-sheet strategy.’
financial solutions for industrial, consumer-goods, and electronics
businesses. These solutions are designed to empower companies with              CCRI believes that the perception of the term
custom-tailored applications to manage inventory, to control warehouse          “pink sheet” as dysphemism will ultimately prove a
operations, and to regulate e-commerce transactions. Sentai has a 25-           great opportunity for buyers of GRYW stock – it
year history of success, and has been contracted by companies such as           has kept prices way lower than they should be,
Domino’s Pizza, Brenntag, and AT&T. Projects range from single                  creating bargain windows for savvy investors.
location functionality to complex support of networks exceeding several         Moreover, now that GRYW has almost completed
thousand users.                                                                 development and is moving into the sales phase,
                                                                                it is likely they will elect to refocus their efforts to
Currently, Sentai’s product offerings fall into three distinct categories:      meeting exchange and reporting requirements.


      Inventory Management Software - Sentai's Trax Distribution
      software is a fully integrated accounting and inventory control           There are several other financial considerations
      solution designed to meet the unique challenges faced by                  that we believe are worthy of note:
      Wholesale Distribution companies.
                                                                                - ClearCalm™ is a product that can practically sell
      Warehouse Management Software - Pinpoint automated                          itself, and there is already tremendous interest
      warehouse management software helps companies manage and                    from prospective buyers. This means Grayling
      optimize every aspect of their warehouse operation on a minute-             can sustain its operations with a limited sales
      by-minute basis.                                                            force and keep G&A expenditures to a minimum.
                                                                                  Within the tight-knitted, firefighter community,
      Integrated E-Commerce - Compass is a maintenance free E-                    word-of-mouth alone can make even the most
      commerce engine that allows for real time customer inquiry on               aggressive estimates fall short of GRYW sales
      order status, account activity, past purchases and much more.               potential.

Key considerations from an investment standpoint include Sentai’s long          - Margins on ClearCalm™ are strong and support
and profitable track record and the company’s ability to support the              the financial health of GRYW while keeping
launch of ClearCalm™ via its immediate stream of revenues.                        prices competitive for the end-user. Impressive
Additionally, Sentai is an ideal complement to Grayling’s business model          operating margins from Sentai mean Grayling’s
because of its software development relationship to ClearCalm™ and its            full portfolio is profitable enough to sustain rapid
ability to support the management of GPS program.                                 growth without need for immediate reinvestment.




ccri financial group: 70 frenchtown rd., #300, north kingstown, rhode island 02852 | 800.828.0406 | www.ccri-financial.com
                                                                                       CCRI financialgroup
                                                                                       CCRI
                                                                             INDEPENDENT COMPANY PROFILE
     GRAYLING WIRELESS - GRYW
sd




                                                                                 GRAYLING & SENTAI: BUSINESS BEYOND
                                                                                           THE BASECASE
                             April 5, 2006:
       CCRI Initiates Coverage of GRYW, Strong Speculative Buy                 ________________________________________


                                                                               The strategic underpinnings of the Grayling /
                                                                               Sentai relationship extend well past ClearCalm™;
                                                                               investors would be grossly underestimating the
                                                                               true value of GRYW in lieu of exploring these
                                                                               forward prospects.

                                                                               From our perspective, GRYW’s major advantage
                                                                               (aside from ClearCalm™) is the fact that is has a
                                                                               software development backbone (through Sentai)
                                                                               integrated directly into its corporate umbrella. This
                                                          $0.74                means Grayling can make use of Sentai’s core
                                                                               competencies to develop new and innovative
                                                                               products while other businesses cannibalize their
                                                                               margins on outsourcing expensive programming
                                                                               for their software-dependent product.

                                                                               ClearCalm™ is just one of a
                                                                               multitude of potential products that
                                                                               can emerge from the joint efforts of
                                                                               Grayling and Sentai.
THE ’06 PITCH + THE ’07 SWING = OUT-OF-THE-PARK ‘HOME-RUN’
__________________________________________________________
                                                                               As ClearCalm™ helps Grayling tap into a huge
Understanding CCRI’s view of how 2006 and 2007 can play out is crucial         network of industry professionals, the company
to painting an accurate picture of our forecasts.                              will be able to gather invaluable data and develop
                                                                               a sense of other products that are beneficial to the
Foremost, Grayling’s Sentai division currently reports its fiscal year-end     market. In time, we expect a host of innovative
as of September 30, and management has expressed its intent to                 solutions to come from GRYW that are supported
consolidate all of Grayling into this reporting timeline. As such, year-       by the Sentai platform.
2006 forecasts are ultimately truncated by GRYW’s expected fiscal 2006
cutoff. This is the motivation behind our 12-month, post-launch analysis,      Under such a symbiotic relationship, Grayling and
which assesses sales potential for a full year of ClearCalm™ sales. We         Sentai will be able to work in harmony to map out
believe this gives prospective investors a much better perception of           a robust product portfolio and address a much
where Grayling is likely to be over the next year or so.                       wider audience than what is penetrated by
                                                                               ClearCalm™ alone.
During the remaining months of fiscal 2006, investors can anticipate the
official certification of ClearCalm™, major sales initiatives by Grayling,     On the immediate surface, an
an explosive entry to market, and annualized sales in the 15,000 –             investment in GRYW stock is an
20,000 range by year-end.
                                                                               investment in ClearCalm™’s huge
Once Grayling transitions into fiscal 2007, investors will enter what CCRI     potential and in the financial strengths
believes is the year ‘where it all comes together.’ The groundwork will be     of Sentai. But on a deeper and more
in place, proper lead-times will be established, and GRYW can let the
orders flow in. From there, Grayling sales growth is likely to be limited
                                                                               meaningful level, GRYW stock is an
only by its manufacturing capacities.                                          investment in the superior
                                                                               management / product origination
In all, we expect Grayling to line up the pitch in fiscal 2006, swing
hard in fiscal 2007, and knock it straight out of the park. This is a
                                                                               skills of Grayling backed by the
‘home-run’ stock in the making, and it is one you can pick up for              software development power of
under $1 if you act immediately!                                               Sentai. The combination may
                                                                               handsomely reward shareholders.


ccri financial group: 70 frenchtown rd., #300, north kingstown, rhode island 02852 | 800.828.0406 | www.ccri-financial.com
                                                                                              CCRI financialgroup
                                                                                              CCRI
                                                                                 INDEPENDENT COMPANY PROFILE
     GRAYLING WIRELESS - GRYW
sd




                            IN THE EYES OF CCRI: THE “STORY” AS WE SEE IT
     Via ClearCalm™, Grayling Wireless will rapidly emerge into the spotlight with one of the most promising products to hit the
     emergency communications scene in years. We envision firefighters, hazmat workers, industrial personnel, and others lining up in
     droves to be among the first to place orders for GRYW’s much-desired solution to communicating under the most extreme
     environments and conditions. This suggests the creation of $ millions in instant backlog for Grayling, and, in the process,
     tremendous value being brought to shareholders over a very short time horizon.

     An annualized order flow of 10,000… 20,000… even 30,000 or more ClearCalm™ units the first year out is feasible when you take
     into account the millions of SCBA users in North America, ClearCalm™’s ground-breaking communications technology, the critical
     need for this type of product, and the extraordinary pre-market response that Grayling has already achieved. From there, it is easy to
     see how Grayling can draw hundreds of $ millions simply by tapping the aftermarket SCBA industry with its own sales strengths.

     But that isn’t even the best part of the story! As ClearCalm™ ultimately builds its reputation as the best and only viable in-mask
     communications device on the market, there is strong likelihood that major SCBA manufacturing players may pursue strategic
     partnerships with Grayling. This would open up opportunities to build ClearCalm™ directly into new-production SCBAs at the time of
     sale, which could mean as many as 100,000 additional unit sales for GRYW annually. To put this possible development into the
     proper perspective, that represents a $130MM boost to GRYWs top line (at the current sticker price of ClearCalm™)! Even further,
     the possibilities of leveraging Grayling / Sentai to deliver new and innovative products will help GRYW to maintain a market
     leadership position well into the future.

     The most important thing to understand is that with or without any OEM sales relationships,
     Grayling can (and most likely will) sell tens or even hundreds of thousands of units in the
     aftermarket. This doesn’t even bring sales opportunities outside of North America into the picture.
     As all of this is happening with ClearCalm™, we expect Sentai to continue on its stellar growth path and to ramp up management of
     the GPS business overseas.

     Also, when doing an analysis on Grayling, CCRI couldn’t help thinking of several very consequential “what-ifs.” Before making the
     buy decision, we suggest you consider the following:

     WHAT IF … instead of an estimated 15,000 – 20,000 units, Grayling immediate books sales for 50,000 ClearCalm™ devices and
     takes $65MM to the top within one year of rolling out its product?
     WHAT IF …Grayling announces full certification and launches ClearCalm™ sometime in the next month or so?
     WHAT IF …Grayling quickly moves out of the pink sheets and achieves a more mature listing?
     WHAT IF …even one key player in SCBA production teams up with GRYW?

     WHAT IF …rather than buying right      now, you wait until all of the above occurs and you find yourself missing out on one
     incredible investment opportunity?




ccri financial group: 70 frenchtown rd., #300, north kingstown, rhode island 02852 | 800.828.0406 | www.ccri-financial.com
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ccri financial group: 70 frenchtown rd., #300, north kingstown, rhode island 02852 | 800.828.0406 | www.ccri-financial.com

				
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