Greystone Logistics, Inc. (OTCBB: GLGI ) reported today the arrival of the first of four molds for new products to be introduced in 2008. The 30,000-pound 37x32 inch mold based on the company's patented designs is scheduled to produce parts immediately for potential customer review. The second mold, a 48x40 export pallet that allows users to receive 30% more per truck load than previous designs, arrives within the next two weeks. The company anticipates its new beer keg pallet mold to be completed in March followed by a light duty 48x40 pallet to complement the current heavy-duty pallets being produced for a large brewing company.

"We are leveraging our expertise in quick mold turnaround and broadening our 100% recycled product line to capture a larger portion of the corporate move towards sustainability and green products in pallet pools and logistics," stated Warren Kruger, CEO of Greystone. Kruger continued, "Large breweries use millions of 37x32 wooden pallets to import and export beer. These specialty size wooden pallets are generally one-way pallets that have no further commercial use and go into landfills. Our products can be used hundreds of cycles and, when damaged, can be recycled into a new plastic pallet. We intend to aggressively pursue the burgeoning corporate trend of by emphasizing the environmental benefits of our recycled pallets. The eminent delivery of the 16-pound export pallet mold will allow us to focus on removal of one-way export wood with a low cost recyclable alternative. We have had significant interest in a plastic keg pallet and a low priced 48x40 light duty four way entry pallet and have been working with current customers to design long term solutions that included enhanced longevity, lower weight and improved sanitation."

Greystone Logistics is a rapidly growing manufacturing and leasing company that 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, and 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 allow production of high quality pallets more quickly and at a lower cost than competitors. The recycled plastic for its 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 Greystone and its products, see Greystone's Form 10-KSB for the period ended May 31, 2007. For additional information in relation to Greystone and its products see Form 10-QSB for period ended November 30, 2007.