                                                           FOR IMMEDIATE RELEASE
CONTACTS:

Ronald Tassello                         Donald C. Weinberger
BALTEK CORPORATION                      Wolfe Axelrod Weinberger Associates LLC
(201) 767-1400                          (212) 370-4500


              BALTEK ANNOUNCES AGREEMENT TO SELL SHRIMP OPERATIONS

NORTHVALE,  NEW JERSEY,  December  16, 2002 -- BALTEK  CORPORATION  (NASDAQ NMS:
BTEK) today  announced that it signed an agreement to sell its shrimp  business.
The  agreement  provides  that the  selling  price is $1.4  million  payable  in
$250,000 cash by the closing and a two-year note for $1,150,000, payable in four
equal semi-annual  installments.  At the purchaser's  option, the purchase price
will be adjusted  to $1  million,  if it pays such amount in cash by February 6,
2003.  The  transaction  is expected to close by January  31,  2003,  subject to
normal closing conditions,  and will, in addition, require the Company to revise
its existing loan agreements with its U.S. and Ecuadorian banks.

The  Company  previously  announced a charge to earnings of $6 million to reduce
the assets  underlying the shrimp  operation to their estimated fair value.  The
Company now estimates that it will be required to record an additional  non-cash
charge to earnings between $2 million and $3 million to reflect the sale.

Jacques  Kohn,   President  of  Baltek  commented:   "This  sale  completes  our
divestiture of our seafood operations as previously  planned.  We can now better
focus our resources on developing our  continuing  business which is the sale of
core materials."

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, the Company's press releases 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:  environmental factors
affecting  yields  at the  Company's  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 update or
revise  publicly  any  forward-looking  statements,  whether  as a result of new
information, future events or otherwise.

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