Supply Chain News / Finance & Credit

Greystone Logistics Achieves Milestone

September 19, 2012

Greystone Logistics Inc. announces that for the first time in corporate history the company has received an unqualified opinion from auditors on the recently filed May 31, 2012 consolidated financial statements.

An opinion is said to be unqualified [Wikipedia] when "the auditor concludes that the financial statements give a true and fair view in accordance with the financial reporting framework used for the preparation and presentation of the financial statements."

Bill Rahhal, Greystone's CFO, stated "The unqualified opinion is a reflection of the financial growth that Greystone has achieved over the past several years including sales for the corporate year ending May 31, 2012 of $24,186,047 with net income attributable to shareholders of $2,103,268 or $.08 per share. Greystone's growth is the result of the efforts of our employees and their dedication to produce innovative, top quality, 100 percent recycled plastic pallets and reprocessed resin for resale while providing high quality service for our valued customers. We are proud to be a "green" company utilizing recycled materials and have a very positive attitude for our future and continued financial improvement for our shareholders."

Greystone Logistics is a "Green" manufacturing and leasing company that reprocesses and sells recycled plastic and designs, manufactures, sells and leases 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, pharmaceutical and consumer products. The Company's technology, including that used in its injection molding equipment, proprietary blend of recycled plastic resins and patented 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 and provides cost advantages over users of virgin resin. Excess plastic not used in production of pallets is reprocessed for resale.

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