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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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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):
November 18, 2006
GREYSTONE LOGISTICS, INC.
(Exact name of registrant as specified in its charter)
OKLAHOMA 000-26331 75-2954680
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
1613 E. 15TH, Tulsa, Oklahoma 74120
(Address of principal executive offices) (Zip Code)
(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))
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ITEM 5.02. DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF PRINCIPAL OFFICERS.
Effective as of November 18, 2006, the registrant's Vice Chairman, Warren
F. Kruger, was reappointed as the registrant's President and Chief Executive
Officer.
Mr. Kruger is currently the Manager and Chief Executive Officer of
privately held Yorktown Management & Financial Services, L.L.C. Yorktown
Management is involved in investment banking, real estate, manufacturing and
energy endeavors. Mr. Kruger earned a Bachelor of Business Administration degree
from the University of Oklahoma and an Executive M.B.A. from Southern Methodist
University. Mr. Kruger has over twenty-five years experience in the financial
services industry. In 1980, Mr. Kruger co-founded MCM Group, Ltd., which owned
and controlled United Bank Club Association, Inc. until 1996 when the firm was
sold to a subsidiary of Cendant Corp. (CD-NYSE). He also owned and operated
Century Ice, a manufacturer and distributor of ice products from 1996 to 1997,
when Packaged Ice, Inc., acquired Century Ice in an industry rollup. Mr. Kruger
is also a partner in privately held Westgate Capital Company, L.L.C., with
investments in oil and gas, real estate and investment banking.
For certain related party transactions entered into between the registrant
and Mr. Kruger, see Item 12 of the registrant's Form 10-KSB for the Fiscal Year
Ended May 31, 2006, which was filed with the SEC on September 13, 2006. In
addition, Mr. Kruger has advanced the registrant approximately $600,000 during
the current fiscal year.
The registrant entered into an employment agreement with Mr. Kruger dated
August 13, 2003. The employment agreement has an initial term of five years with
three automatic one year renewal periods, provided that either party give the
other party at least ninety days prior written notice that such party does not
intend to renew the contract prior to the end of the then-current term. Pursuant
to the employment agreement, Mr. Kruger is entitled to be paid a base annual
salary of $240,000. However, effective as of January 1, 2006, Mr. Kruger
voluntarily agreed to cut his salary by 50% in connection with a cost reduction
initiative implemented by the registrant. A copy of Mr. Kruger's employment
agreement is attached as Exhibit 10.35 of the registrant's Form 10-KSB for the
Fiscal Year Ended May 31, 2004, which was filed with the SEC on August 30, 2004.
The foregoing description of the employment agreement is qualified in its
entirety by reference to the full text of the employment agreement.
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.
GREYSTONE LOGISTICS, INC.
Date: November 22, 2006 By: /s/ Warren F. Kruger
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Warren F. Kruger
President and Chief Executive
Officer