                                                    FOR IMMEDIATE RELEASE
CONTACTS:

Ronald Tassello
Chief Financial Officer                      Donald C. Weinberger
Baltek Corporation                           Wolfe Axelrod Weinberger Assoc. LLC
201-767-1400; 201-387-6631 Fax               212-370-4500; 212-370-4505 Fax



              BALTEK ANNOUNCES INTENTION TO SELL SHRIMP OPERATIONS

NORTHVALE,  NEW JERSEY, June 19, 2002 -- BALTEK CORPORATION (Nasdaq: BTEK) today
announced its intention to sell its shrimp  operation in Ecuador.  Jacques Kohn,
President of Baltek, stated, "This is a very difficult environment in the shrimp
industry, especially for aquaculture farms operating in Ecuador. The combination
of the white spot  virus,  which has  severely  curtailed  our  production,  and
depressed selling prices,  has had a negative effect on our financial  results."
For the year ended  December  31,  2001,  the core  materials  business  segment
reported  operating income of approximately  $5.3 million.  The seafood segment,
which  includes the shrimp  operations  in Ecuador and the already  discontinued
seafood import business,  reported a loss from operations of approximately  $2.0
million.  "We  now  believe  it is in  the  best  interest  of  Baltek  and  its
shareholders to divest the shrimp operations and focus our resources on the core
materials business." Mr. Kohn concluded, "I believe this decision will, over the
long run,  have a beneficial  impact on Baltek's  financial  results,  operating
earnings and cash flows."

Based on our evaluation of current economic and industry conditions, the Company
will record a charge to  earnings  of $6 million in the  quarter  ended June 30,
2002 to  reduce  the  assets  underlying  these  operations  to their  currently
estimated  fair value.  Until we dispose of this  business,  adjustments  may be
required  to be made to this  estimate.  The  Company  will also be  required to
revise  its  loan  agreement  with its  Ecuadorian  and  U.S.  banks to  reflect
appropriate terms based on the financial  results of its continuing  operations.
Should the Company be unable to revise the terms of its U.S. loan agreement, the
Company would be in default under the  agreement.  The Company is in the process
of reviewing the terms of this agreement with the lender.

                         ---------------------------

BALTEK  CORPORATION is a world class  manufacturer and distributor of balsa wood
products and other  structural core materials,  including PVC Foam and non-woven
mat products. Baltek also produces farm-raised shrimp in Ecuador.


<PAGE>


Forward Looking Statements
     Certain statements in this press release, the Company's quarterly report on
Form  10-Q,  the  Annual  Report  on Form  10-K or in  reports  to  stockholders
constitute   forward-looking  statements  within  the  meaning  of  the  Private
Securities Litigation Reform Act of 1995. Such statements relate to, among other
things, industries in which the Company operates, the U.S. and global economies,
earnings,  cash flow and operating  performance and may be indicated by words or
phrases  such as  "anticipates,"  "supports,"  "plans,"  "projects,"  "expects,"
"should,"  "forecast,"  "believe,"  "management  is of the  opinion" and similar
words  or   phrases.   Forward-looking   statements   are  subject  to  inherent
uncertainties and risks, including among others: changes in commodity prices for
shrimp; environmental factors affecting yields at the Company's shrimp farms and
balsa plantations;  increasing price and product/service competition by domestic
and  foreign  competitors;  fluctuations  in the  cost and  availability  of raw
materials; economic and political conditions in Ecuador; general industry trends
and growth rates,  including the continued  advancement  in composite  materials
technology  and its  acceptance as an  alternative  to  conventional  methods of
construction;  and economic  conditions as they affect demand for our customers'
products  (the  Company  is  a  raw  material  supplier  to  original  equipment
manufacturers  and sub-tier  suppliers  engaged in the  fabrication of composite
components and  assemblies).  In addition,  such statements could be affected by
general domestic and international economic conditions,  including interest rate
and currency  exchange rate  fluctuations.  The list of factors  presented  here
should  not be  considered  to be a  complete  list of all  potential  risks and
uncertainties.  Unlisted factors may present significant additional obstacles to
the realization of forward-looking statements.

     In light of these risks and  uncertainties,  actual  events and results may
vary   significantly  from  those  expressed  or  implied  by  such  statements.
Accordingly,   forward-looking  statements  should  not  be  relied  upon  as  a
prediction  of actual  results  and  readers  are  cautioned  not to place undue
reliance  on  such  forward-looking   statements.   The  Company  undertakes  no
obligation to publicly update or revise any forward-looking statements,  whether
as a result of new information, future events or otherwise.



