GREYSTONE LOGISTICS INC - GLGI STOCK NEWS

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.

Tulsa-based Greystone Logistics, Inc. (OTCQB:GLGI) CEO Warren Kruger recently discussed the company's history and future in an interview with Robert Kraft of Planet MicroCap. Greystone is recognized as a leading manufacturer of recycled plastic pallets, which are designed to be stronger, more durable, and eco-friendly compared to traditional wood pallets. Made from 100% recycled plastic, these pallets can be reused multiple times, offering a sustainable alternative for various industries. The interview offers insights into the company's innovative approaches and long-term goals, reflecting Greystone's commitment to sustainability and operational excellence. For those interested, the interview can be accessed through various platforms including YouTube, Podbean, Spotify, and Apple Podcasts.

Greystone Logistics, Inc. (OTCQB:GLGI), based in Tulsa, has announced the release of its earnings for the nine and three months ending February 28, 2023, scheduled for April 17, 2023, at 8:00 AM ET. A teleconference will follow the earnings release at 2:00 PM ET, featuring a discussion of earnings and company operations. Interested participants can join by calling either the toll-free number 800-225-9448 or the direct international number 203-518-9708.

Greystone Logistics specializes in the manufacturing, leasing, and sale of high-quality recycled plastic pallets, which are noted for their strength, durability, and eco-friendly design. For further details, investors can visit the company’s website.

Greystone Logistics, Inc. (OTCQB: GLGI), a leader in recycled pallets, announced the addition of Brendan Hopkins to its Investor Relations team. With decades of experience, Hopkins will enhance the company's investor communication. He aims to develop a robust investor relations program that effectively conveys Greystone's strategies and growth potential. CEO Warren Kruger expressed excitement about Hopkins' expertise, indicating its importance as the company expands its market presence. Greystone specializes in manufacturing high-quality recycled plastic pallets, offering a durable and eco-friendly alternative to traditional wood pallets.

Greystone Logistics (OTCQB: GLGI) reported a net income of $3,044,535 for the nine months ending February 28, 2022, representing an increase from $2,366,837 in the prior year. However, net income for the three months decreased from $633,456 to $452,458. EBITDA declined to $8,237,357 from $9,392,907 year-over-year. The gross profit margin fell to 9.7% on sales of $53,069,648, attributed to inflationary pressures on raw materials and labor costs. Despite these challenges, the CEO noted stable demand and plans for expanded manufacturing capacity, including new products showcased at Modex.

Greystone Logistics, Inc. (OTCQB:GLGI) reported mixed financial results for the six and three months ended November 30, 2021. Net income for the six months increased to $2,592,077 ($0.09/share) from $1,733,381 ($0.06/share) year-over-year. However, the three months resulted in a net loss of $(378,844) compared to a profit of $873,180 previously. The gross profit margin fell to 8.0% from 18.3%, attributed to inflation and labor shortages. Despite challenges, the company secured a $13.5 million contract and plans to hire more staff to enhance operations.

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.