-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NnApykjFBj8SstqK7PjGIqioihW05G5AblQcls0fT0ntBOYaYbX1XHpu3xKzLT7o QAr/F8UlnZpjjHMNSwHr/A== 0001181431-05-049601.txt : 20050830 0001181431-05-049601.hdr.sgml : 20050830 20050830181946 ACCESSION NUMBER: 0001181431-05-049601 CONFORMED SUBMISSION TYPE: 4 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030401 FILED AS OF DATE: 20050830 DATE AS OF CHANGE: 20050830 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: KRUGER WARREN F CENTRAL INDEX KEY: 0001261715 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 000-26331 FILM NUMBER: 051059836 BUSINESS ADDRESS: STREET 1: 1613 EAST 15TH ST CITY: TULSA STATE: OK ZIP: 74120 BUSINESS PHONE: 9185887441 ISSUER: COMPANY DATA: COMPANY CONFORMED NAME: GREYSTONE LOGISTICS, INC. CENTRAL INDEX KEY: 0001088413 STANDARD INDUSTRIAL CLASSIFICATION: SPECIAL INDUSTRY MACHINERY, NEC [3559] IRS NUMBER: 752954680 FISCAL YEAR END: 0531 BUSINESS ADDRESS: STREET 1: 1613 EAST 15TH STREET CITY: TULSA STATE: OK ZIP: 74120 BUSINESS PHONE: 918-583-7441 MAIL ADDRESS: STREET 1: 1613 EAST 15TH STREET CITY: TULSA STATE: OK ZIP: 74120 FORMER COMPANY: FORMER CONFORMED NAME: PALWEB CORP DATE OF NAME CHANGE: 19990610 4 1 rrd84144.xml FORM 4 X0202 4 2003-04-01 0 0001088413 GREYSTONE LOGISTICS, INC. GLGI 0001261715 KRUGER WARREN F 1613 EAST 15TH STREET TULSA OK 74120 1 1 1 0 President & CEO Common Stock 2004-11-30 4 J 0 1473347 .35 A 5824811 D Common Stock 2005-05-07 4 P 0 1142857 .35 A 1142857 I By Westgate Capital Company, L.L.C. Common Stock 14500 I By minor children Common Stock 19000 I By Yorktown Management and Financial Services, L.L.C. Options (right to buy) .55 2003-04-01 4 A 0 150000 0 A 2012-04-01 Common Stock 150000 150000 D Warrants (right to buy) 2004-11-30 4 J 0 198299 A 2004-11-30 2009-11-30 Common Stock 198299 198299 D Series 2003 Cumulative Convertible Senior Preferred Stock 1.5 2005-03-04 4 P 0 50000 100 A 2005-03-04 Common Stock 3333333 50000 I By GLOG Investment, LLC Warrants (right to buy) .5 2005-03-08 4 J 0 1000000 A 2005-03-08 2010-03-08 Common Stock 1000000 1000000 D Warrants (right to buy) 2005-05-07 4 P 0 153818 A 2005-05-07 2010-05-07 Common Stock 153818 153818 I By Westgage Capital Company, LLC Shares, and warrants to acquire 198,299 shares of common stock, issued through a private offering by Issuer in exchange for cancellation of debt and accrued interest owed by Issuer to the Reporting Person in the amount of $515,671, using a conversion rate of $0.35 per share. Since Reporting Person's last report, 3,468,843 shares previously held indirectly through Westgate Capital Company, LLC, as general partner of Westgate Investments, L.P., have been distributed and are now owned directly. Also, 629,811 shares previusly held indirectly through Yorktown Management and Financial Services, L.L.C., have been transferred and are now owned directly. This amount also includes 14,211 shares which were inadvertantly not included on the Reporting Person's Form 3 (adjusted for the 1 for 50 reverse split of the Issuer's common stock effective June 5, 2002). Since Reporting Person's last report, 5,809,688 shares previously held by Westgate Capital Company, LLC, as general partner of Westgate Investments, L.P., have been liquidated through a pro-rata distribution to the partners. This amount was inadvertantly reported as 104,500 on Reporting Person's last report. Reporting Person disclaims beneficial ownership of these shares. In the Reporting Person's last report, the number of shares received by Yorktown Management and Financial Services, L.L.C., in exchange for the cancellation of debt and accrued interest was incorrectly reported as 649,000. The number of shares actually received was 629,811, and these shares have been transferred to the Reporting Person and are now held directly. The options vest in four equal annual installments beginning on April 1, 2004. The exercise prices of the warrants are as follows: 77,837 warrants at $0.6625; 64,864 warrants at $0.7950; and 55,598 warrants at $0.9275. The warrants expire on the earlier to occur of (i) November 30, 2009, or (ii) 180 days after any consecutive 30-day period during which the closing bid price of the Issuer's shares exceeds the exercise price for any of the warrants. The warrants were acquired through a private offering by the Issuer of up to 9,428,571 shares of its common stock, and warrants to purchase up to 1,269,002 shares of common stock, at a purchase price of $0.35 per share. No separate consideration was allocated to the warrants. Not applicable. The Reporting Person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all the reported securities for purposes of Section 16 or for any other purpose. Warrants received in consideration of the Reporting Person's Limited Guaranty of a $2,500,000 Term Loan to the Issuer. The exercise prices of the warrants are as follows: 60,377 warrants at $0.6625; 50,314 warrants at $0.7950; and 43,127 warrants at $0.9275. The warrants expire on the earlier to occur of (i) May 7, 2010, or (ii) 180 days after any consecutive 30-day period during which the closing bid price of the Issuer's shares exceeds the exercise price for any of the warrants. Warren F. Kruger 2005-08-22 -----END PRIVACY-ENHANCED MESSAGE-----