A few months ago I wrote an article entitled: 8 Habits Of Highly Effective MicroCap CEO’s. Greystone Logistics (GLGI) CEO Warren Kruger is one of the few CEO’s I’ve met recently that meets all 8 criteria. Warren Kruger owns 30% of the company, takes an average salary, buys stock in the open market every quarter, and has invested over $10 million of his own money to turn the company around. I would also add that there has been little to no share dilution for several years. With the turnaround complete, the stage is set for a growth story to emerge. Greystone Logistics is the only public company focused on manufacturing and leasing plastic pallets, the fastest growing segment of the $9.5 billion pallet industry. The company is currently trading at 4x TTM EPS. This is the first time the company has presented anywhere, so listen to CEO Warren Kruger as he tells the story.

1. Recycled
Plas�c
Pallets
|
Plas�c
Resin
Processing
|
Pallet
Lease
and
Rental
Programs
www.greystonelogis�cs.com

2. Disclosures
Disclaimer:
This
material
has
been
prepared
by
the
company
described
and
is
being
distributed
by
the
company.
The
company
prepared
the
facts
that
underlie
this
execu�ve
summary
and
addi�onal
informa�on
is
available
in
publicly
filed
documents.
Viewers
are
encouraged
to
review
informa�on
presented
herein
for
accuracy
or
completeness.
This
summary
is
not
an
offer
to
sell
neither
securi�es
nor
a
solicita�on
of
an
offer
to
by
securi�es.
Legal
Notes
&
Disclosures:
Greystone
Logis�cs,
Inc.
may
make
certain
forward-­‐looking
statements
that
relate
to
future
events
or
future
business
and
financial
performance.
Such
statements
can
be
only
predic�ons
and
the
actual
events
or
results
may
differ
from
those
discussed
due
to,
among
other
things,
those
risks
described
in
Greystone
Logis�cs,
Inc.
reports
or
evident
on
Forms
10-­‐Q
and
10-­‐K.
Opinions
expressed
herein
are
subject
to
change
without
no�ce.
This
document
is
published
solely
for
informa�on
purposes
and
is
not
to
be
construed
as
an
offer
to
sell
or
the
solicita�on
of
an
offer
to
buy
any
security
in
any
state.
Past
performance
does
not
guarantee
future
performance.
Addi�onal
informa�on
is
available
upon
request.
www.greystonelogis�cs.com
2

3. Descrip�on
of
Business
Who
We
Are:
Publicly
traded
company
(OTCBB:
GLGI)
Produc�on
plant
located
in
Be�endorf,
IA
̶ 24/7
Opera�ons
Experienced
management
team
www.greystonelogis�cs.com
1

4. Descrip�on
of
Business
What
We
Do:
Manufacture
plas�c
pallets
made
from
recycled
plas�c
www.greystonelogis�cs.com
2

5. Descrip�on
of
Business
What
We
Do:
Manufacture
plas�c
pallets
made
from
recycled
plas�c
Sell
processed
recycled
plas�c
www.greystonelogis�cs.com
3

6. Descrip�on
of
Business
What
We
Do:
Manufacture
plas�c
pallets
made
from
recycled
plas�c
Sell
processed
recycled
plas�c
Rent
and
lease
plas�c
pallets
www.greystonelogis�cs.com
4

7. Our
Customers
Food
and
Beverage
Industry
Pharmaceu�cal
Industry
Automo�ve
Industry
Consumer
Product
Industry
Palle�zed
Exports
Agricultural
Industry
www.greystonelogis�cs.com
5

8. Business
Advantages
Innova�ve
Technologies
Patented
injec�on
molding
equipment
Proprietary
blend
of
recycled
petrochemical
resins
Patented
pallet
designs
Compe��ve
Advantage
Proprietary
processed
plas�c
waste
resin
blend
allows
for
the
output
of
high
quality
pallets
more
quickly
and
less
expensively
then
compe��on
Greystone
is
the
industry
low-­‐cost
producer
www.greystonelogis�cs.com
6

9. Business
Advantages
Environmental
Friendly
Reduces
environmental
waste
by
repurposing
Posi�ve
image
in
an
environmentally
conscious
economy
Leading
Beer
Industry
Pallet
Manufacturer
In
over
ten
years,
Greystone
has
become
the
leading
pallet
manufacturer
in
the
beer
industry
with
over
4
million
patented
recycled
plas�c
pallets
delivered
to
customers
including
Miller
Brewing
and
Coors
Brewing
www.greystonelogis�cs.com
7

10. Business
Highlights
Rapid
Growth
Greystone
has
grown
from
Research
and
Development
firm
to
projected
$25
million
in
revenue
(2013)
since
merging
into
public
shell
One
of
the
Largest
Post-­‐Industrial
Users/Resellers
of
Plas�c
Greystone
is
one
of
the
country’s
largest
post-­‐industrial
users
and
resellers
of
plas�c
–
over
40
million
pounds
www.greystonelogis�cs.com
8

11. Business
Highlights
Pallet
Rental
Program
Greystone
is
poised
to
ini�ate
plas�c
pallet
rental
program
U.S.
wood
pallet
leasing
revenue
is
currently
over
$1.5
billion
annually
Only
one
other
plas�c
pallet
rental
provider
Hundreds
of
Customers
Pfizer,
Apotex,
Omaha
Steaks,
Miller
Brewing,
Coors
Brewing
www.greystonelogis�cs.com
9

12. Market
Opportunity
$9.5
Billion
Pallet
Industry
Pallets
are
used
in
virtually
all
industries
in
which
products
are
broadly
distributed.
The
600
million
to
1
billion
pallets
going
into
the
system
each
year
create
an
es�mated
$9.5
billion
dollar
industry.
While
wood
s�ll
dominates
the
market
today,
plas�c
pallets
are
gaining
in
total
share
of
pallets
in
use.
Greystone
is
the
only
publicly-­‐traded
company
focused
on
the
fast-­‐growing
plas�c
segment
of
the
$9.5
billion
industry.
www.greystonelogis�cs.com
10

13. Market
Opportunity
$5
Billion
Leasing
Industry
$5
Billion
HDPE
Recycling
Industry
www.greystonelogis�cs.com
11

14. Market
Opportunity
Shi�
to
Plas�c
from
Wood
Plas�c
more
durable
than
wood
pallets
Plas�c
pallet
sales
growing
at
double-­‐
digit
rates
Disposal
issues
and
fumiga�on
costs
coupled
with
regulatory
mandates
on
pest,
biological,
and
chemical
infesta�on
with
wood
pallets
means
more
emphasis
on
alternate
solu�ons
As
a
result,
industry
is
rapidly
transi�oning
to
plas�c
pallets
The
opportunity
exists
for
hyper-­‐growth
in
leased
plas�c
pallets
and
excess
ground
and
reprocessed
resin
sales
www.greystonelogis�cs.com
12

15. Market
Opportunity
Shi�
to
Plas�c
from
Wood
A
Freedonia
Industrial
report
es�mated
the
demand
for
wood
pallets
to
exceed
$1
billion
in
2013.
At
the
same
�me,
the
demand
for
plas�c
pallets
was
projected
to
exceed
$100
million.
Freedonia
es�mates
that
the
demand
for
plas�c
pallets
will
con�nue
to
outpace
wood
as
percentage
of
the
market.
www.greystonelogis�cs.com
13

16. Market
Opportunity
Beverage
Industry
Opportunity
Greystone
is
leveraging
the
company’s
success
in
the
beverage
industry,
which
currently
represents
35%
of
the
plas�c
pallet
market
The
two
largest
U.S.
beer
breweries
total
80%
of
the
U.S.
beer
market
and
circulate
4-­‐6
million
pallets
within
their
distribu�on
system
annually.
Approximately
10-­‐20%
of
these
pallets
are
lost
or
damaged
per
year,
thus
requiring
consistent
replacement
orders
The
beer
industry
represents
just
5%
of
the
total
beverage
industry.
Greystone
is
the
sole
provider
of
recycled
plas�c
pallets
for
Miller
Brewing
and
Coors
Brewing,
and
is
working
to
capture
addi�onal
market
share
in
other
areas
of
the
beverage
sector
www.greystonelogis�cs.com
14

17. Key
Customer
Profiles
MillerCoors
Brewing
(Beer
Industry)
MillerCoors
is
the
second
largest
beer
brewery
in
the
U.S.
Greystone
Logis�cs
is
now
the
exclusive
recycled
plas�c
pallet
supplier
Graphic
Packaging
Interna�onal
Graphic
Packaging
Holding
Company
(NYSE:
GPK),
is
a
leading
provider
of
packaging
solu�ons
to
food,
beverage
and
other
consumer
product
companies
Pfizer,
Inc.
One
of
the
world’s
largest
research-­‐based
pharmaceu�cal
companies
Apotex
Corp
(Pharmaceu�cal
Industry)
Founded
in
1974,
Apotex
Corp.
is
the
largest
Canadian-­‐owned
pharmaceu�cal
company
www.greystonelogis�cs.com
15

18. Business
Model
Organic
Growth
Within
Rapid-­‐Growing
Pallet
Industry
As
the
materials
handling
industry
con�nues
to
adopt
plas�c
pallets
for
environmental,
export,
safety,
health,
cost
and
efficiency
concerns,
Greystone
will
benefit
from
this
sustainability
trend.
Plas�c
is
becoming
the
shipping
pla�orm
of
choice
for
export
shipments
as
most
countries
require
extremely
stringent
and
expensive
requirements
for
wood
pallets
www.greystonelogis�cs.com
16

19. Business
Model
Capitalize
on
Resin
Processing
and
Sales
Increased
industrial
use
of
recycled
resin
has
allowed
profitable
sale
of
excess
recycled
resin.
Plas�cs’
recycling
is
an
established
na�onal
industry.
According
to
the
American
Chemistry
Council,
the
number
of
companies
handling
and
reclaiming
post-­‐consumer
plas�cs
(over
1,790)
is
nearly
six
�mes
greater
than
in
the
early
days,
1986
(310).
Over
�me,
the
recycling
of
plas�cs
will
con�nue
to
grow
and
become
a
more
efficient
and
conven�onal
segment
of
the
na�onal
economy.
www.greystonelogis�cs.com
17

20. Business
Model
Promote
Lease
Pallet
Management
Solu�ons
Lease
pallets
into
a
managed
rental
pool
Na�onal
beverage
and
regional
customers
will
drive
growth
in
this
mul�-­‐billion
dollar
market
dominated
by
wood
Leverage
Miller
Brewing
&
Coors
Brewing
Success
Leverage
current
success
of
being
the
exclusive
supplier
of
100%
recycled
plas�c
pallets
for
MillerCoors
with
other
industry
giants
moving
from
wood
to
plas�c
www.greystonelogis�cs.com
18

21. Business
Model
Sales
and
Marke�ng
Support
of
Alliance
Partner
SONOCO
Transport
Packaging,
a
$4.5
billion
global
manufacturer
of
industrial
and
consumer
products,
u�lizing
their
reach
and
buying
power
to
grow
sales
while
fully
developing
our
extensive
distributor
network
www.greystonelogis�cs.com
19

22. Business
Model
Con�nue
to
Expand
Product
Line
Greystone
currently
has
mul�ple
product
lines
with
more
than
twenty
different
pallets
and
configura�ons
of
light,
mid,
and
heavy
duty
pallets
including:
37
x
32
48
x
48
37
x
37
40
x
32
44x56
IBC
Pallet
48
x
40
Export
Nestable
48
x
44
Beer
Keg
Pallets
48
x
45
24x40
Iden�ty
Accre�ve
Targets
Greystone
will
iden�fy
companies
that
would
accre�ve
acquisi�ons
www.greystonelogis�cs.com
20

23. Key
Financials
Condensed
Income
Statements
(000)
FY
May
Revs
EBITDA
Net
Inc.
EPS
FY07
A
$12,454
-­‐$471
-­‐$2,600
-­‐$0.13
FY08
A
$21,081
$2,836
$928
$0.02
FY09
A
$16,691
$2,807
$842
$0.02
FY10
A
$16,231
$2,349
$503
$0.0
FY11
A
$20,502
$1,752
$13
$-­‐0.03
FY12
A
$24,158
$3,890
$2,103
$0.07
FY13
E
$25,000
$4,470
$2,250
$0.09
FY14
E
$31,548
$5,647
$3,790
$0.14
FY15E
$38,239
$7,647
$4,780
$0.18
www.greystonelogis�cs.com
21

24. Total
Sales:
$24,186,000
Miller
Brewing
Co.
29.6%
Graphic
Packaging
Int'l
16.8%
Coors
Brewing
9.4%
Apotex
7.1%
Decade
Products
4.9%
Sonoco
3.8%
Fabricas
Monterrey
SA
2.9%
Norleans
Technologies,
Inc.
2.9%
Plas�c
Pallet
&
Container
2.0%
Trademark
Plas�cs
1.9%
www.greystonelogis�cs.com
22

25. Financial
Performance
Net
Income
$40,000
$38,239
EBITDA
$35,000
Revenues
$31,548
$30,000
$24,186
$25,000
$20,502
$25,000
$16,691
$16,231
$20,000
$15,000
$10,000
$2,807
$2,349
$3,890
$7,647
$4,470
$5,647
$5,000
$732
$1,254
$422
$1,934
$-­‐
$2,250
$3,790
$4,780
$(5,000)
2009
2010
$(770)
2011
2012
2013
2014
2015
www.greystonelogis�cs.com
23

26. Total
Projected
Revenue
and
Income
Year
End
May
31
($000s)
2009
2010
2011
2012
2013
2014
2015
Pallet
Revenue
$16,691
$16,230
$15,218
$20,371
$21,500
$24,234
$27,019
Cost
of
Goods
Sold
$13,385
$13,273
$12,968
$14,722
$16,573
$18,691
$20,256
Gross
Margin
$3,306
$2,957
$2,040
$5,649
$4,927
$5,543
$6,763
Recycled
Plas�c
Revenue
$5,284
$3,786
$3,500
$7,350
$11,220
Cost
of
Goods
Sold
$5,389
$4,505
$3,325
$6,885
$9,537
Gross
Margin
$(105)
($719)
$175
$465
$1,683
Recycled
Resin
SGA
(Included
in
Plant
SGA)
Leasing
Revenue
Cost
of
Goods
Sold
Gross
Margin
Leasing
SGA
Opera�ng
Profit
NET
SALES
$16,691
$16,230
$20,502
$24,158
$25,000
$31,584
$38,239
Cost
of
Goods
Sold
$13,385
$13,273
$18,357
$19,228
$19,898
$25,576
$29,793
Opera�ng
Profit
$2,503
$2,002
$2,145
$4,930
$5,102
$6,008
$8,446
Corporate
SGA
($1,078)
($1,135)
($1,921)
($1,993)
($2,200)
($2,300)
($2,400)
Interest
($908)
($750)
($1,086)
($897)
($870)
($696)
($522)
EBITDA
$2,566
$2,139
$626
$3,890
$4,470
$5,647
$7,647
Income
Taxes
(Tax
Loss
Carry
Forward
Used)
Net
Income
$732
$422
$(770)
$1,934
$2,250
$3,790
$4,780
NET
SALES
GROWTH
-­‐3%
29%
30%
3%
21%
17%
Gross
Opera�ng
Profit
15.00%
12.34%
10.46%
20.40%
20.40%
19.02%
22.08%
Net
Income
to
Sales
4.39%
2.60%
0.00%
8.00%
9.00%
12.00%
12.50%
EBITDA
to
Sales
15.37%
13.18%
3.01%
16.10%
17.90%
17.90%
20.00%
G&A
to
Sales
6.46%
6.99%
9.37%
8.25%
8.80%
7.28%
6.28%
www.greystonelogis�cs.com
24

27. Management
Warren
F.
Kruger,
CEO
Over
35
years
experience
in
financial
services
and
manufacturing
industries
Co-­‐founded
MCM
Group,
Ltd.
In
1990
and
sold
to
Cendant
Corp.
in
1996
(NYSE:
CD)
Owned
and
operated
three
ice
factories
and
sold
to
Packaged
Ice,
Inc.
in
an
industry
rollup
SONOCO
PRODUCTS,
Sales
Alliance
Partner
Ron
Schelhaas,
Plant
Manager
Bill
Rahhal,
CFO
William
Pritchard,
General
Counsel
Greystone
Logis�cs
Online:
www.greystonelogis�cs.com
Mailing
Address:
Plant
Loca�on:
1613
East
15th
Street
2601
Shoreline
Drive
Tulsa,
Oklahoma
74114
Be�endorf,
Iowa
52722
Office:
918.583.7411
Plant:
563.332.0052
Fax:
918.583.7442
www.greystonelogis�cs.com
25