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GRAY COMMUNICATIONS SYSTEMS RETAINS THE LODESTAR GROUP

 ALBANY, Ga., Jan. 20 /PRNewswire/ -- Gray Communications Systems, Inc. (NASDAQ: GCOM) of Albany, announced today it has retained The Lodestar Group, New York, to provide financial advisory and other investment banking services to the company.
 Lodestar will advise the company as to certain of its financial alternatives, including a possible sale of the company or one or more of its subsidiaries.
 Gray Communications Systems, Inc. is a holding company located in Albany, which operates three VHF NBC-affiliated television stations, WALB-TV located in Albany, WJHG-TV located in Panama City, Fla., and KTVE in Monroe, La.; a daily newspaper, The Albany Herald, located in Albany; two warehouses; and a fixed-base operation at the Albany airport.
 -0- 1/20/93
 /CONTACT: John Williams, president and CEO of Gray Communications Systems, Inc., 912-888-9302/
 (GCOM)


CO: Gray Communications Systems, Inc.; The Lodestar Group ST: Georgia IN: PUB SU:

RA-TG -- AT001 -- 6805 01/20/93 10:43 EST
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Publication:PR Newswire
Date:Jan 20, 1993
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