Grey Ghost Press was founded in 1994 by Ann Dupuis after spending time working on the Fudge RPG system by Steffan O'Sullivan.

The company also published other games based on the Fudge rules, such as Gatecrasher and Terra Incognita.

In 2000, Grey Ghost received the rights to publish an RPG based on Katherine Kurtz's fantasy world Deryni and the Eleven Kingdoms.

[4] Katherine Kurtz said in the foreword of the book "...I was approached about letting Grey Ghost Press publish a role-playing game based on my world.

"[5] The Freeform Universal Donated Game Engine was created in 1992 by Steffan O'Sullivan on the rec.games.design newsgroup.