Greystone Logistics Announces Long Term Financing

Greystone Logistics (OTCBB: GLGI) has reached an agreement to move all existing debt with its principal lender to a long-term facility, according to a press release.

Bill Rahhal, company CFO stated, “We have a great working relationship with our bankers, yet until yesterday’s long-term financing, our debt was rolled over on an annual basis thus skewing our ratios and showing most of our debt as current. The company balance sheet will now be more reflective of the progress the company has made in building our business.”

Rahhal continued, “This year’s capital expenditures on equipment and pallet molds and upgrades coupled with larger than usual cash outlays on infrastructure and improving operations were a result of following our vision of building long-term value for our shareholders. Greystone already produces the finest recycled plastic pallets in the United States and in an extraordinarily short window of time has become a significant supplier of reprocessed post-consumer plastic for resale.”

Greystone Logistics is a rapidly growing pallet manufacturing and resin recycler that reprocesses and sells recycled plastic and designs, manufactures, sells and leases high quality plastic pallets that provide logistical solutions needed by a wide range of industries such as the food and beverage, automotive, chemical, pharmaceutical and consumer product industries. Greystone’s technology, including that used in its injection molding equipment, proprietary blend of recycled petrochemical resins and patented pallet designs, allows production of high quality pallets quickly and at lower costs than many processes, the press release continued. The recycled plastic for its pallets helps control material costs while reducing environmental waste and providing cost advantages over users of virgin resin.

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