SOURCE: Greystone Logistics, Inc.

November 24, 2009 06:00 ET

Greystone Logistics, Inc. Announces Purchase of SolPlast Plastic Pallet Product Line

TULSA, OK--(Marketwire - November 24, 2009) - Greystone Logistics, Inc. (OTCBB: GLGI) announces the purchase of the complete line of plastic pallet molds of Montreal based SolPlast.

The pallet product line includes the sizes 48x40, 48x42, 36x36, 37x37, 48x45, 24x40 display pallet, 48x45 drum pallet, and a 1200x1000 metric nestable pallet. Senior Vice President of Sales Bob Noland stated, "We are already experiencing orders and I would be disappointed if we did not see over $1 million in new revenue generated from these pallets in the next year. Another unexpected bonus is the additional distributors that are now selling our entire product line of over twenty sizes and shapes. Being Green and environmentally friendly starts with sustainable packaging solutions. Pallets are fundamental in transportation, storage and distribution of most products. The benefits of plastic pallets include more strength and durability, consistent quality and size, no splinters or nails, and no water absorption. Plastic pallets prevent bug infestation, increase hygiene, are weather-resistant, stack and nest for excellent space utilization, require no maintenance and are recyclable, are easy to clean and do not have undesirable characteristics such as leeching, color transfer and odor retention."

About Greystone Logistics, Inc.

Greystone Manufacturing, located in Bettendorf, Iowa, manufactures high quality 100% recycled content plastic pallets utilizing patented and proprietary technologies. The company grinds and utilizes millions of pounds of polyethylene (PE), polypropylene (PP), and polyolefin (TPO) plastics. Greystone works with generators, collectors, and processors of plastic and is conscientiously working to decrease the amount of waste sent to landfill. Greystone has also been recognized in the past as the Iowa Recycler of the year and Goodwill of the Heartland employer of the year. The last eight years Greystone has used over 100 million pounds of post consumer or industrial plastic in their green and sustainable manufacturing process which serves the beverage, pharmaceutical and other industries. More information is available on the company web site.

Forward-Looking Statements

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 Greystone expects, believes or anticipates will or may occur in the future, including the potential sales of pallets, the improvement of operating results or other possible business developments, are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties. The forward-looking statements above could be affected by any of the following factors: Greystone's prospects could be affected by changes in availability of raw materials, competition, rapid technological change and new legislation regarding environmental matters; Greystone may not be able to secure additional financing necessary to sustain and grow its operations; and a material portion of Greystone's business is and will be dependent upon a few large customers and there is no assurance that Greystone will be able to retain such customers. These risks and other risks that could affect Greystone's business are more fully described in its reports filed with the Securities and Exchange Commission, including Greystone's Form 10-KSB for the fiscal year ended May 31, 2009 or quarterly filings. Actual results may vary materially from the forward-looking statements. Greystone undertakes no duty to update any of the forward-looking statements in this release.

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