SOURCE: Greystone Logistics, Inc.

November 15, 2011 06:00 ET

Greystone Logistics Purchase Orders Fill Capacity

TULSA, OK--(Marketwire - Nov 15, 2011) - Greystone Logistics Inc. (OTCBB: GLGI), a leading producer of 100% recycled plastic pallets and reprocessed resins, announced that the company had received purchase orders for over $750,000 through existing relationships with four distributors that will create a backlog of orders to fill capacity through the calendar year end.

"The new orders are in addition to the previously announced $1.2 million of our IBC (Intermediate Bulk Container) pallet," Company CEO Warren Kruger stated. "Two purchase orders in excess of $250,000 came in from a large pharmaceutical company and a separate from a leading distributor for our mid duty product. Our nestable pallet garnered another 17,000 units and our heavy duty Greystone rackable pallet made up the balance of the four purchase order transactions. These orders plus continued production of our plastic keg pallet and case goods pallet for MillerCoors will keep us at full capacity through year end. To ensure continued on time delivery for our customers we will increase pallet production capacity by 40% in the next 60-90 days as one of our injection lines acquired last year is put in service and we replace a worn barrel and screw on one of our slower producing machines."

Kruger continued, "I anticipate another fine quarter for our November month end and these new orders will ensure a great start to our third quarter in traditionally slower December thru February."

Greystone Logistics is a manufacturing and leasing company that reprocesses and sells recycled plastic and designs, manufactures, sells and leases high quality plastic pallets that provide logistical solutions needed by a wide range of industries such as the food and beverage, automotive, chemical, pharmaceutical and consumer product industries. Greystone's technology, including that used in its injection molding equipment, proprietary blend of recycled petrochemical resins and patented pallet designs allow 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.

Contact Information

  • Contact:

    Warren F. Kruger
    President/CEO
    Corporate Office
    1613 East 15th Street
    Tulsa, Oklahoma 74120
    (918) 583-7441
    (918) 583-7442 (FAX)
    http://www.greystonelogistics.com