EXHIBIT 99.1
                                                                    ------------

     FORMER CHEP INTERNATIONAL CEO, BOBBY L. MOORE, ELECTED PRESIDENT, CHIEF
    EXECUTIVE OFFICER AND A MEMBER OF THE BOARD OF GREYSTONE LOGISTICS, INC.

       MOORE SEES GREYSTONE AS UNIQUELY POSITIONED TO LEAD THE INDUSTRY'S
                    CONVERSION TO RFID TAGGED PLASTIC PALLETS


TULSA, Okla.--(BUSINESS WIRE)--Aug. 11, 2005-- Warren F. Kruger, Vice Chairman
of Greystone Logistics, Inc. (OTCBB:GLGI - News), announced today that Bobby L.
Moore has been named President, CEO and a member of the Board of Greystone
Logistics, Inc. effective Aug. 15, 2005. Until 2002, Mr. Moore served for three
years as CEO of CHEP International, preceded by four years as President and CEO
of CHEP Americas, subsidiaries of Brambles Industries Limited, a publicly traded
company on the Australian Stock Exchange. Under Moore's leadership, CHEP
Americas grew from $80 million to $1 billion dollars in revenue and CHEP
International grew from $1.4 billion to $2.5 billion in revenue. Prior to his
employment with CHEP, Moore served in senior managerial positions with PepsiCo
for more than 20 years. "We look forward to combining Bob's vast logistical
expertise with the competitive plastic pallet systems Greystone has developed
for its Fortune 100 customers," said Kruger. Moore added "When I was first
introduced to Greystone and learned about their recycled plastic pallet
products, I immediately recognized the strategic position Greystone could
leverage at a time when, in my opinion, the pallet industry is poised for a
paradigm shift away from wood."

Greystone uses a proprietary recycled resin mix and manufacturing process that
provides the company with a competitive advantage, both economically and
structurally, over wood. This alternative to wood pallet allows for the
incorporation of radio frequency identification tagging (RFID), answering
today's demand from both manufacturers and retailers for the ability to track
and trace their products while providing a better engineered pallet for
automated warehouses and distribution centers.

Marshall S. Cogan, Non-Executive Chairman of Greystone added that "Bob Moore is
uniquely qualified to lead this company forward given his significant experience
with the pallet industry. Greystone Logistics is situated to take advantage of
the continued increase in demand for plastic pallets as a replacement to wood,
and Bob Moore's focus will be to capture and monetize that demand."

It is the intention of Greystone Logistics, Inc. to initiate and consummate
capital funding requirements to meet growing customer demand.

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, 2004, which was filed on Aug. 31, 2004.


Contact:

   Greystone Logistics, Inc., Tulsa
   Warren F. Kruger/Robert H. Nelson, 918-583-7441
   Fax: 918-583-7442
   www.palweb-plwb.com