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Greystone Logist (GLGI) delivers innovative logistics solutions through 100% recycled plastic pallets designed for industrial durability and environmental responsibility. This news hub provides stakeholders with essential updates about the company’s sustainable manufacturing advancements and market developments.
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Tulsa, OK, April 24, 2023 (GLOBE NEWSWIRE) -- Greystone Logistics (OTCQB:GLGI) announces the acquisition of Paradigm Plastic Pallets, including extrusion lines and manufacturing equipment, to reinstate production capabilities in Jasper, IN. This strategic move diversifies Greystone’s product offerings beyond plastic injection pallets and supports sustainability by using recycled plastics. The new manufacturing process allows for a wide range of pallet sizes and configurations, enhancing flexibility. Paradigm's pallets are already approved for use by major companies like Toyota and Honda. CEO Warren Kruger emphasized the acquisition’s role in advancing Greystone's manufacturing capabilities and sales network.
Tulsa-based Greystone Logistics, Inc. (OTCQB:GLGI) announced financial results for the nine and three months ended February 28, 2023. For the nine-month period, the company reported a net income of $4,471,124 ($0.16 per share), up from $3,044,535 ($0.11 per share) in the previous year. EBITDA increased to $10,109,572, compared to $8,237,357 in 2022. For the three-months ended February 28, 2023, net income rose to $3,562,996 ($0.13 per share) from $452,458 ($0.02 per share) in 2022. However, sales decreased to $44,633,542 from $53,069,648 year-over-year. CEO Warren Kruger highlighted operational improvements but noted that sales were impacted by one major customer supplying its own raw materials and delays from others. The company maintains a robust equity position, approximately 40% of total assets. Greystone focuses on manufacturing sustainable 100% recycled plastic pallets.