Greystone Logistics Announces Major Contract

Rhea-AI Summary

Greystone Logistics, Inc. (OTCQB: GLGI) has initiated shipments following a $13.5 million order for 100% recycled plastic pallets from a major retailer. This order highlights the retailer's commitment to sustainable practices. CEO Warren Kruger emphasized the advantages of recycled pallets, including cost-effectiveness compared to wood and benefits for environmental sustainability. Greystone aims to deliver high-quality pallets across various sectors, utilizing proprietary technology to keep production costs low while reducing waste.

Positive

• Secured a $13.5 million order for 100% recycled plastic pallets.
• Demonstrates commitment to sustainability, attracting major retailers.
• Cost advantages of recycled pallets over wood.
• Utilizes proprietary technology to reduce production costs.

Negative

• None.

Tulsa, OK, Jan. 10, 2022 (GLOBE NEWSWIRE) -- Greystone Logistics, Inc. (OTCQB: GLGI) has commenced shipping pallets for a recently received $13.5 million purchase order to provide 100% recycled 48x40 plastic shipping pallets for a nationwide retailer at one of their U.S. warehouse distribution centers. 

“Greystone is pleased to have the opportunity to continue to provide this highly respected worldwide corporation our recycled pallets” said Warren Kruger CEO of Greystone. “The retailer’s focus on recycled pallets demonstrates a commitment to environmental, social and governance standards. Companies are looking at sustainable solutions that provide for efficiencies in storage, safety, cleanliness, and longevity of product. The cost benefit of buying 100% recycled plastic pallets versus buying wood pallets is being recognized by businesses across the world. The value proposition with recycled plastic pallets is tangible and helps the circular economy as even broken recycled pallets can be ground and used again.”

About Greystone Logistics, Inc.

Greystone Logistics is a "Green" manufacturing company that recycles plastic and designs, manufactures and markets 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, consumer products and pharmaceutical. The Company's technology, including that used in its injection molding equipment, proprietary blend of recycled plastic resins and 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 sent to landfill and provides cost advantages over users of virgin resin. More information is available on the company web site at www.greystonelogistics.com.

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. A material portion of Greystone's business is with 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, 2020 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.

Contact: 

Warren F. Kruger
CEO
Greystone Logistics
Corporate Office
1613 E 15^th
Tulsa, OK 74120
www.greystonelogistics.com
918-583-7441 Office

FAQ

What recent order did Greystone Logistics receive?

Greystone Logistics received a $13.5 million purchase order for 100% recycled plastic pallets.

How does Greystone Logistics' product benefit the environment?

Greystone's recycled pallets reduce waste sent to landfills and promote sustainability in logistics.

What are the advantages of using recycled plastic pallets?

Recycled plastic pallets offer cost benefits, longevity, safety, and efficiency in storage compared to traditional wood pallets.

Which company is the $13.5 million order for?

The order is for a major nationwide retailer, although the specific retailer is not named.

What is the stock symbol for Greystone Logistics?

The stock symbol for Greystone Logistics is GLGI.