WWW.EXFILE.COM, INC. -- 888-775-4789 -- GREYSTONE LOGISTICS, INC. -- FORM 8-K
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
______________________________
WASHINGTON,
D.C. 20549
FORM
8-K
Current
Report
Pursuant
To Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date
of Report (date of earliest event reported):
June
15, 2009
Greystone
Logistics, Inc.
(Exact
name of registrant as specified in its charter)
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Oklahoma
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000-26331
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75-2954680
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(State
or other jurisdiction of
incorporation)
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(Commission
File Number)
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(I.R.S.
Employer Identification No.)
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1613 E.
15th,
Tulsa, Oklahoma
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74120
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(Address of
principal executive offices)
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(Zip
Code)
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(918)
583-7441
(Registrant's
telephone number, including area code)
Not
Applicable
(Former
name or former address, if changed since last report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
[
] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[
] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[
] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[
] Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
Item
1.01. Entry into a Material Definitive Agreement.
On June 15, 2009,
Greystone Logistics, Inc. (the
"Company")
and Sonoco Products Company ("Sonoco") entered into a Raw Materials/Goods
Purchase Contract (the "Contract") relating to the purchase by Sonoco from the
Company of pallets made from 100% recycled plastic. The Contract
does not obligate Sonoco to purchase any particular quantity, volume or value of
pallets. The term of the Contract ends on March 31, 2010,
subject to the extension of the Contract by agreement of the Company and
Sonoco. Sonoco may terminate the Contract or any purchase order for
pallets (i) for cause, or (ii) at any time at its sole
convenience. In the event of any termination by Sonoco of the
Contract or any purchase order "for cause" (which includes terminations based on
a Company default under the Contract not cured within 30 days of the Company's
receipt of written notice of such default, including late delivery of product,
delivery of defective product, failure to provide Sonoco, at its request, with
adequate assurances of future performance, or the insolvency of the Company or
the filing by the Company of a petition in bankruptcy, reorganization or other
insolvency proceeding), Sonoco shall not be liable to the Company for any amount
of pallets returned to the Company, and the Company shall be liable to Sonoco
for actual damages sustained by reason of the default which gave rise to the
termination. In the event of any termination by Sonoco of the
Contract or any purchase order at the "convenience" of Sonoco, Sonoco shall pay
the Company a termination penalty equal to the sum of the Company's purchase
price for all pallets not usable in the Company's other operations or marketable
to the Company's other customers plus the actual costs incurred by the Company
in procuring and manufacturing material not usable in the Company's other
operations.
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.
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GREYSTONE
LOGISTICS, INC. |
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Date:
June 29, 2009
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By:
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/s/ Warren
F. Kruger |
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Warren
F. Kruger |
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President
and Chief Executive Officer |
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