Tulsa, OK, April 24, 2023 (GLOBE NEWSWIRE) -- (OTCQB:GLGI). Tulsa-based Greystone Logistics, Inc. announces the purchase of Paradigm Plastic Pallets extrusion lines, plastic pallet manufacturing equipment and reinstating production capabilities in Jasper, IN.
The pallets are manufactured using a hollow profile extrusion process and include robotics to facilitate the production. Recycled plastic will be used in the process consistent with Greystone’s green standards. The pallets produced at this plant are a diversification from Greystone’s current plastic injection pallet designs. The equipment is capable of manufacturing pallets from 18” x 18” to 60” x 60” with an almost infinite combination of top and bottom board configurations within the welding cells and allows for unusual sizes, such as 48” x 96” size outside the cells. Paradigm Pallets have been tested and approved for use at some of the largest companies in the World including Toyota, Honda, Berry Global, Sonoco and many others. The Paradigm Plastic Pallets acquisition continues Greystone’s commitment to sustainability. Greystone’s CEO Warren Kruger commented, “This acquisition will provide Greystone with access to world class manufacturing support, a deeply researched and developed product line, an experienced and robust nationwide sales network and highly respected leadership. We are very excited to be able to add plastic extrusion capability to the Greystone family of pallets and are looking forward to a very bright future for the product line.”
Greystone Logistics is a "Green" manufacturing company that reprocesses recycled plastic and designs, manufactures and sells high quality 100% recycled plastic pallets that provide logistical solutions for a wide range of industries such as the food and beverage, automotive, chemical, pharmaceutical and consumer products. Greystone customers include the largest retailer in America, one of the largest potato growers, and others including iGPS, Molson Coors, Trinchera Family Estates, Diageo and many others. The Company's technology, including a proprietary blend of recycled plastic resins used in the injection molding equipment and patented pallet designs, allows production of high-quality pallets more rapidly and at lower costs than many other processes. The recycled plastic for Greystone’s pallets helps control material costs while reducing environmental waste and provides cost advantages over users of virgin resin.
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 the Company expects, believes or anticipates will or may occur in the future, including the potential sales of pallets or other possible business developments are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, including the ability of the Company to continue as a going concern. Actual results may vary materially from the forward-looking statements. For a list of certain material risks relating to the Company and its products, see Greystone Logistics' Form 10-K for the fiscal year ended May 31, 2022.
To see the new robotics in action, click the below link:
Contact:
Brendan Hopkins
Investor Relations
(407) 645-5295
investorrelations@greystonelogistics.com
http://www.greystonelogistics.com announces the opening of a new facility to manufacture pallets and expand its product line.
