Grey Ghost Press was founded in 1994 by Ann Dupuis after spending time working on the Fudge RPG system by Steffan O'Sullivan. She initially created the company as Wild Mule Games in 1994, incorporated her company the following year as Ghostdancer Press, and then changed the name to Grey Ghost Press.The company soon became the owner of the copyright of Fudge and began officially publishing the system with their first release Fudge 1995 Edition.