Greystone Logistics Achieves Milestone

Sep 18, 2012, 06:00 ET from Greystone Logistics, Inc.

TULSA, Okla., Sept. 18, 2012 /PRNewswire/ -- Greystone Logistics, Inc. (OTCBB: GLGI).  Greystone Logistics announces that for the first time in corporate history the company has received an unqualified opinion from auditors on the recently filed May 31, 2012 consolidated financial statements. 

Bill Rahhal, Greystone's CFO, stated "The unqualified opinion is a reflection of the financial growth that Greystone has achieved over the past several years including sales for the corporate year ending May 31, 2012 of $24,186,047 with net income attributable to shareholders of $2,103,268 or $.08 per share. Greystone's growth is the result of the efforts of our employees and their dedication to produce innovative, top quality, 100% recycled plastic pallets and reprocessed resin for resale while providing high quality service for our valued customers. We are proud to be a "green" company utilizing recycled materials and have a very positive attitude for our future and continued financial improvement for our shareholders." 

Greystone Logistics is a "Green" manufacturing and leasing company that reprocesses and sells recycled plastic and designs, manufactures, sells and leases high-quality 100% recycled plastic pallets that provide logistical solutions needed by a wide range of industries such as food and beverage, agricultural, automotive, chemical, pharmaceutical and consumer products. The Company's technology, including that used in its injection molding equipment, proprietary blend of recycled plastic resins and patented pallet designs, allows production of high-quality pallets quickly and at lower costs than many processes. The recycled plastic for its pallets helps control material costs while reducing environmental waste and provides cost advantages over users of virgin resin. Excess plastic not used in production of pallets is reprocessed for resale.

This press release includes certain statements that may be deemed "forward-looking statements" within the meaning of the federal securities laws. All statements, other than statements of historical facts that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future, including the potential sales of pallets or other possible business developments are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, including the ability of the Company to continue as a going concern. Actual results may vary materially from the forward-looking statements. For a list of certain material risks relating to the Company and its products, see Greystone Logistics' Form 10-K for the fiscal year ended May 31, 2012.

Warren F. Kruger
Corporate Office
1613 East 15th Street
Tulsa, Oklahoma 74120
(918) 583-7441
(918) 583-7442 (FAX)

SOURCE Greystone Logistics, Inc.