Greystone Logistics, Inc.: Greystone Logistics, Inc. Announces Goodwill Industries Award

TULSA, OK--(Marketwire - June 2, 2009) - Goodwill Industries of the Heartland has selected Greystone Manufacturing, a subsidiary of Greystone Logistics, Inc. (OTCBB: [ GLGI ]), as the 2008 GOODWILL EMPLOYER OF THE YEAR.

This award is given to clients who have had outstanding achievement throughout the year in career and personal development for special needs individuals.

The business award goes to a company/organization who partners and collaborates with Goodwill, is open to hiring special needs employees, and who has shown outstanding collaboration in providing opportunity for personal growth and achievement for participants. Paulette Risden-Rice of Goodwill of the Heartland stated at the award banquet, "Greystone has been great with our clients and with giving Goodwill the opportunity to perform the enclave services at your manufacturing site. Our clients are really learning a great deal at Greystone and love their jobs. It is not easy finding employers to do what Greystone has done. That is why you were our Employer of the Year."

Ron Schelhaas, Greystone Manufacturing's Plant Manager, described the process, "We take truckloads of old empty pill bottles from a Midwestern drug chain into our recycling center. There is an extensive amount of work to clean up foil and excess paper before processing. If these loyal and dedicated people were not separating these bottles, they would be going to a landfill. They all come to work every day on time, and take pleasure in the things many of us take for granted and help the environment and our company philosophy of providing sustainable products manufactured right here in the heartland of America."

About Greystone Logistics, Inc.

Greystone Manufacturing, located in Bettendorf, Iowa, manufactures high quality 100% recycled content plastic pallets utilizing patented and proprietary technologies. The company grinds and utilizes millions of pounds of polyethylene (PE), polypropylene (PP), and polyolefin (TPO) plastics. Greystone works with generators, collectors, and processors of plastic and is conscientiously working to decrease the amount of waste sent to landfill. In addition to this prestigious award, Greystone has also been recognized in the past as the Iowa Recycler of the year. Over the past two years Greystone has used nearly 50 million pounds of post consumer or industrial plastic in their green and sustainable manufacturing process which serves the beverage, pharmaceutical and other industries. More information is available on the company web site.

Forward-Looking Statements

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 Greystone expects, believes or anticipates will or may occur in the future, including the potential sales of pallets, the improvement of operating results or other possible business developments, are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties. The forward-looking statements above could be affected by any of the following factors: Greystone's prospects could be affected by changes in availability of raw materials, competition, rapid technological change and new legislation regarding environmental matters; Greystone may not be able to secure additional financing necessary to sustain and grow its operations; and a material portion of Greystone's business is and will be dependent upon a few large customers and there is no assurance that Greystone will be able to retain such customers. These risks and other risks that could affect Greystone's business are more fully described in its reports filed with the Securities and Exchange Commission, including Greystone's Form 10-KSB for the fiscal year ended May 31, 2007 or quarterly filings. Actual results may vary materially from the forward-looking statements. Greystone undertakes no duty to update any of the forward-looking statements in this release.

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