<SUBMISSION>
<ACCESSION-NUMBER>0001047469-03-008780
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>7
<PERIOD>20020311
<ITEMS>2
<ITEMS>7
<FILING-DATE>20030314
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>BALTEK CORP
<CIK>0000009442
<ASSIGNED-SIC>2430
<IRS-NUMBER>132646117
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-07395
<FILM-NUMBER>03604217
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>10 FAIRWAY CT
<STREET2>P O BOX 195
<CITY>NORTHVALE
<STATE>NJ
<ZIP>07647
<PHONE>2017671400
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>10 FAIRWAY COURT
<STREET2>P O BOX 195
<CITY>NORTHVALE
<STATE>NJ
<ZIP>07647
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>HKL CORP
<DATE-CHANGED>19730906
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a2105538z8-k.htm
<DESCRIPTION>8-K
<TEXT>
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</HEAD>
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<BR>
<FONT SIZE=3 ><A HREF="#03NYC2969_1">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
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<HR NOSHADE>
<P ALIGN="CENTER"><FONT SIZE=5><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, DC 20549  </B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<BR>
<P ALIGN="CENTER"><FONT SIZE=5><B> FORM 8-K  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=3><B>CURRENT REPORT<BR>
PURSUANT TO SECTION 13 OR 15(d) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>Date of Report (Date of earliest event reported):&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B> December 11, 2002</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=5><B>BALTEK CORPORATION<BR>  </B></FONT><FONT SIZE=2>(Exact Name of Registrant as Specified in its Charter) </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>Delaware<BR>  </B></FONT><FONT SIZE=2>(State or Other Jurisdiction of Incorporation) </FONT></P>

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<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><B>2-44764</B></FONT><FONT SIZE=2><BR>
(Commission File Number)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><B>13-2646117</B></FONT><FONT SIZE=2><BR>
(IRS Employer Identification No.)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><B>10 Fairway Court, Northvale, New Jersey<BR> </B></FONT><FONT SIZE=2>(Address of Principal Executive Offices)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><B>06747<BR> </B></FONT><FONT SIZE=2>(Zip Code)</FONT></TD>
</TR>
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<P ALIGN="CENTER"><FONT SIZE=2>Registrant's
telephone number: </FONT><FONT SIZE=2><B>(201) 767-1400  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>Not Applicable<BR>  </B></FONT><FONT SIZE=2>(Former Name or Former Address, if Changed Since Last Report) </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="da2969_item_2._acquisition_or_disposition_of_assets."> </A>
<A NAME="toc_da2969_1"> </A>
<BR></FONT><FONT SIZE=2><B>ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;27, 2003, Baltek Corporation (the "Company") issued a press release announcing it had completed and closed the sale of its shrimp businesses,
the Company's wholly owned subsidiaries Marines C.A. and Rec&oacute;rcholis, S.A., to Conlorance Investments&nbsp;Inc., a buyer unaffiliated with the Company. The sale was completed pursuant
to an Agreement for Sale among the Company, Dr.&nbsp;R&eacute;cher Vivanco Cordova and Ms.&nbsp;Luz Sierra Vivanco, dated December&nbsp;11, 2002. The Agreement for Sale was amended on
January&nbsp;31, 2003 to reflect, among other things, the sale of the business to Conlorance Investments&nbsp;Inc. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and Conlorance Investments&nbsp;Inc. executed the closing agreement dated as of February&nbsp;17, 2003, which was released from escrow upon the execution of an agreement
between Conlorance Investments&nbsp;Inc. and Dr.&nbsp;R&eacute;cher Vivanco Cordova and Ms.&nbsp;Luz Sierra Vivanco, which was executed on February&nbsp;26, 2003. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
selling price of the shrimp business was $1,400,000, with $250,000 paid by the purchaser at the closing. The balance of $1,150,000 is payable in four equal semi-annual
installments. At the purchaser's option, the purchase price will be adjusted to $1&nbsp;million if an additional $750,000 is paid in cash by March&nbsp;14, 2003. The purchase price is payable in
U.S. dollars. In connection with the sale, the Company revised the terms of its loan agreement with its Ecuadorian bank and expects to revise the terms of its loan agreement with its U.S. bank. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="da2969_item_7._financial_statements_and_exhibits."> </A>
<A NAME="toc_da2969_2"> </A>
<BR></FONT><FONT SIZE=2><B>ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.    <BR>  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Pro
forma financial information. </FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
unaudited pro forma financial statements filed as Exhibit&nbsp;99.1 reflect the effect of adjustments to our historical results for the operation of the shrimp business as
described in Item 2 as if the sale of the business had occurred on January&nbsp;1, 2001, for the purpose of preparing the unaudited pro forma statement of operations for the year ended
December&nbsp;31, 2001, and on September&nbsp;30, 2002, for the purpose of preparing the unaudited pro forma balance sheet as of September&nbsp;30, 2002. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
should read the unaudited pro forma financial statements in conjunction with our Form&nbsp;10-Q for the quarterly period ended September&nbsp;30, 2002. The statements
of operations included in that Form&nbsp;10-Q
already reflect our former shrimp business as a discontinued operation. Management believes that the assumptions used provide a reasonable basis on which to present the unaudited pro forma financial
statements. They should not be construed to be indicative of our results of operations or financial position had the transactions and events described above been consummated on the dates assumed. The
unaudited pro forma financial statements do no project our results of operations or financial position for any future period or date. </FONT></P>

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<BR>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>EXHIBITS:
</FONT></DD></DL>
<BR>

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<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><B>Exhibit Number</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="88%" ALIGN="CENTER"><FONT SIZE=1><B>Exhibit Title</B></FONT><HR NOSHADE></TH>
</TR>
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<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>10.10</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>Agreement for Sale among the Company and Dr.&nbsp;R&eacute;cher Vivanco Cordova and Ms.&nbsp;Luz Sierra Vivanco, dated December&nbsp;11, 2002<BR>
(Translated into English from the original Spanish document)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
10.11</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Addendum to Agreement for Sale among the Company and Dr.&nbsp;R&eacute;cher Vivanco Cordova and Ms.&nbsp;Luz Sierra Vivanco, dated January&nbsp;31, 2003<BR>
(Translated into English from the original Spanish document)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
10.12</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Closing Agreement between the Company and Conlorance Investments&nbsp;Inc. dated as of February&nbsp;17, 2003<BR>
(Translated into English from the original Spanish document)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
10.13</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Open Mortgage Agreement between Marines C.A. and Recorcholis S.A. and Dr.&nbsp;R&eacute;cher Vivanco Cordova and Ms.&nbsp;Luz Sierra Vivanco<BR>
(Translated into English from the original Spanish document)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
10.14</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Transfer of Mortgage Rights and Substitution of Creditor Agreement between Conlorance Investments Inc, Balmanta S.A and Marines C.A.<BR>
(Translated into English from the original Spanish document)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
99.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Unaudited Pro Forma Financial Statements</FONT></TD>
</TR>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ja2969_signatures"> </A>
<A NAME="toc_ja2969_1"> </A>
<BR></FONT><FONT SIZE=2><B>SIGNATURES    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. </FONT></P>

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<TD COLSPAN=2><FONT SIZE=2>BALTEK CORPORATION</FONT></TD>
</TR>
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<TD WIDTH="39%"><FONT SIZE=2><BR>
Date: March&nbsp;14, 2003</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="54%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>RONALD TASSELLO, CHIEF FINANCIAL OFFICER</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Ronald Tassello<BR>
Chief Financial Officer</FONT></TD>
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<BR>
<P><br><A NAME="03NYC2969_1">QuickLinks</A><br></P>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_da2969_1">ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_da2969_2">ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ja2969_1">SIGNATURES</A></FONT><BR>
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<DOCUMENT>
<TYPE>EX-10.10
<SEQUENCE>3
<FILENAME>a2105538zex-10_10.htm
<DESCRIPTION>EXHIBIT 10.10
<TEXT>
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<BR>
<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="page_ka2969_1_1"> </A> </FONT> <FONT SIZE=2><B>Exhibit 10.10  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PURCHASE/SALE
PROMISE EXECUTED BY THE SHAREHOLDERS OF THE COMPANIES MARINES C.A. AND REC&Oacute;RCHOLIS S.A. IN FAVOR OF DR. R&Eacute;CHER VIVANCO CORDOVA AND HIS WIFE
LUZ SIERRA VIVANCO IN THE AMOUNT OF: US$ 1,400,000.00*****. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the City of Guayaquil, Capital of the Province of Guayas, Republic of Ecuador, today, December eleventh of two thousand two, before me, DR. PIERO GASTON AYCART VINCENZINI, Head of the
THIRTIETH Notary Public Office of this Canton, appear the party of the first part, in their capacity as shareholders of the company MARINES C.A.: the company BALTEK CORPORATION, with United States
nationality, represented by its Vice President for Latin American Operations, Mr.&nbsp;Antonio Luis D&iacute;az, also a United States national; the company MADERAS SECAS C.A., MASECA,
represented by its General Manager and Legal Representative, Eng. Jos&eacute; Alberto Sandoval Mu&ntilde;oz, an Ecuadorian national; and the company BALMANTA S.A., represented, in his
capacity as Second Manager and Legal Representative, by Eng. Carlos Augusto Naranjo Lindao, an Ecuadorian national; the company MARINES C.A. appears in its capacity as sole shareholder of the company
RECORCHOLIS S.A., represented by its General Manager and Legal Representative, Eng. Jos&eacute; Alberto Sandoval Mu&ntilde;oz; which party shall be called THE PROMISOR SELLERS. As
party of the second part appear RECHER VIVANCO CORDOVA, an Ecuadorian national, and his wife, LUZ SIERRA DE VIVANCO, a Colombian national, which party shall be called the PROMISOR BUYERS. All the
persons appearing herein are of legal age, executives, the first domiciled in the City of New York, and all others in this city of Guayaquil, competent to commit and to contract, whom I know, so
sworn. Correctly instructed on the purpose and results of this Purchase/Sale Promise document, which they proceed with as stated; and, with full and complete freedom to execute it, they presented to
me the draft with the following tenor: MR. NOTARY: In the Registry of Certified Documents which you keep, please insert a PURCHASE/SALE PROMISE for shares corresponding to the share capital of the
capital stock companies MARINES C.A. and REC&Oacute;RCHOLIS S.A., with their assets and liabilities, pursuant to the states which are indicated below: FIRST: PARTIES. The following persons
appear in the execution hereof: a)&nbsp;Party of the first part, in the capacity as PROMISOR SELLERS: The Shareholders of the company MARINES C.A.: BALTEK CORPORATION, represented by
Mr.&nbsp;Antonio Luis D&iacute;az, in his capacity as Vice President Latin American Operations; MADERAS SECAS C.A., MASECA, represented by its General Manager and Legal Representative, Eng.
JOS&Eacute; SANDOVAL MU&Ntilde;OZ; and BALMANTA S.A., represented by Eng. CARLOS NARANJO LINDAO, in his capacity as SECOND MANAGER; and the Shareholder of the company RECORCHOLIS S.A.:
MARINES C.A., represented by Eng. JOS&Eacute; SANDOVAL MU&Ntilde;OZ in his capacity as General Manager. b)&nbsp;As party of the second part, in their capacity as PROMISOR BUYERS:
Mr.&nbsp;R&eacute;cher Vivanco C&oacute;rdova and his wife, Luz Sierra de Vivanco, in their own behalves and representing their personal
rights and the marital estate they have formed. c)&nbsp;Also appearing in order to make statements and to contract the obligations indicated below are Eng. JOSE SANDOVAL MU&Ntilde;OZ, Eng.
CARLOS NARANJO LINDAO, and Eng. VICENTE OLLAGUE LOYOLA, for the rights they represent as General Manager, First Manager, and Second Manager, in that order, of the companies MARINES C.A. and
RECORCHOLIS S.A. SECOND: BACKGROUND. Eng. Jos&eacute; Sandoval Mu&ntilde;oz, in his capacity as General Manager and Legal Representative of the companies MARINES C.A. and RECORCHOLIS
S.A., and Eng. CARLOS NARANJO LINDAO and Eng. VICENTE OLLAGUE LOYOLA, in their capacities as First Manager and Second Manager, of the same companies, expressly state the following, with knowledge of
the reasons: BACKGROUND OF MARINES C.A.&#151;That MARINES C.A. is a capital stock company with Ecuadorian nationality, with domicile in Guayaquil, which has a share capital of SEVENTEEN
THOUSAND SEVEN HUNDRED FORTY-EIGHT UNITED STATES DOLLARS AND 00/100, represented by forty-four thousand one hundred common registered shares with a value of forty cents of a dollar each,
and whose corporate purpose is the production, sowing, harvesting, and production of Laboratory larvae, packing and sales of bioaquatic species, especially shrimp. Likewise that such company has not
declared itself dissolved, or inactive. That the company MARINES </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>1</FONT></P>

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<BR>

<P><FONT SIZE=2>
C.A. was established with a share capital of twelve million sucres, through a certified document executed on August twentieth of nineteen hundred eighty-one, before the Notary Public of
the canton of Urbina Jado, Attorney Marcos D&iacute;az Casqueta, and recorded in the Commercial Registry of Guayaquil on September seventeenth of nineteen hundred eighty-one. That
through a certified document executed on December first of nineteen hundred ninety-eight, before the Ninth Notary Public of Guayaquil, Dr.&nbsp;Gloria Lecaro de Crespo, and recorded in the
Commercial Registry of Guayaquil on September first of nineteen hundred ninety-nine, the subscribed capital of the company was increased to the amount of four hundred forty-one
million two hundred thousand sucres. That through a certified document executed on December eighteenth of the year two thousand before the Thirtieth Notary Public of Guayaquil, Dr.&nbsp;Piero Aycart
Vicenzini, and recorded in the Commercial Registry of Guayaquil on August third of the year two thousand one, the corporate bylaws of the company were amended and the capital was converted into
SEVENTEEN THOUSAND SIX HUNDRED FORTY-EIGHT UNITED STATES DOLLARS AND 00/100 (US$ 17,648.00), represented by Forty-Four Thousand One Hundred Twenty common registered shares with a par value
of Forty Cents of a Dollar each, which is what it is currently operating with. That such stock is fully subscribed and paid in, and that there is no limitation or lien whatsoever, which in any manner
restricts the property rights over them. That the only and current owners of such stock are the following: BALTEK CORPORATION is owner of sixteen thousand two hundred twenty-eight (16,228) shares;
MADERAS SECAS C.A., MASECA is owner of twelve thousand eight hundred ninety (12,890) shares, and BALMANTA S.A. is owner of fifteen thousand two (15,002) shares. That among the assets of the company
that are listed on the Inventory that is attached as an integral part of the present instrument, there is a Shrimp Bed of approximately Seven Hundred Thirty-Six hectares, located at the
site called Isla Verde, facing the Gulf of Guayaquil, a Shrimp Packing Plant located at Lotizaci&oacute;n Las Ferias in the canton of Duran and a Larva Laboratory located at San Pablo in the
canton of Santa Elena, all in the province of Guayas. That there exist no claims by third parties on ownership of the stock, or any action or decision in which they or their repossession are demanded
or ordered. That MARINES C.A. is the only, absolute, and quiet owner of the aforementioned assets. That MARINES C.A. is the only and absolute owner of all the facilities, equipment, machinery, inputs,
tools, and buildings existing on such properties, the detail of which is in the inventory which, signed by the contracting parties, is deemed part of the present contract. That the facilities,
equipment, machinery, inputs, tools, buildings, etc., cited in the preceding number have no orders of seizure, prohibition against transfer, liens, nor are they subject to rescissory, seizure,
repossession, or probate action; that they are free of judgments, seizure orders, real liens, and that they are exempt from limitations of dominion; with the exception of the Open Mortgage and
Industrial Lien granted to Banco de la Producci&oacute;n S.A. Produbanco on the Isla Verde Shrimp Bed, located facing the Gulf of Guayaquil, through a certified document signed on May seventh
of nineteen hundred ninety-nine before the Notary Public of Guayaquil, Dr.&nbsp;Roger Arosemena Benites and recorded in the Property Registry of Guayaquil on June twenty-ninth of
nineteen hundred ninety-nine, which is pending cancellation by the aforementioned
banking institution. That no debt or obligation whatsoever exists, due or coming due, contracted by MARINES C.A. in favor of third parties, either as direct debtor, or as indirect debtor, or as
guarantor, or as joint and several co-debtor, except the liabilities indicated on the Balance Sheet closed at November&nbsp;30, 2002. Consequently, they expressly indicate that MARINES
C.A. owes no taxes, charges, special contributions of a tax nature, either provincial or municipal, etc., that it also does not owe income tax; that, likewise, it is not a debtor of the Department of
the Merchant Marine and Coastlines, or of the Ministries of Industry or National Defense, the Production Institutions, the Central Bank of Ecuador, or of the National Development Bank. That the
company's Balance Sheet closed at November thirtieth of two thousand two reflects the reality of the financial position of MARINES C.A. That MARINES C.A. does not owe any amount whatsoever to its
former employees, to whom it has paid all their monies, such as salaries, bonuses, compensation, additional salaries, vacation, etc. That, likewise, MARINES C.A. does not owe any amount whatsoever to
the Ecuadorian Institute of Social Security. That there are no material transactions that have not been appropriately recorded in the accounting records that support the financial statements. That
MARINES C.A., in the management of its corporate affairs, has followed the rules and laws of the Republic. That no agreements exist to sell back the assets that form the company's capital. That </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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<P><FONT SIZE=2>
MARINES C.A. does not have outstanding litigation of any nature, either as plaintiff or defendant. BACKGROUND OF RECORCHOLIS S.A. That RECORCHOLIS S.A. is a capital stock company with Ecuadorian
nationality, with domicile in Guayaquil, that has share capital of ONE THOUSAND 00/100 UNITED STATES DOLLARS, represented by One Thousand common registered shares with a par value of One Dollar each
and whose corporate purpose is to sow, harvest, and sell bioaquatic species, especially shrimp. Likewise that such company has not been declared dissolved, or inactive. That the company RECORCHOLIS
S.A. was established through a certified document authorized by the Notary Public of the Canton of Urbina Jado, Attorney Marcos D&iacute;az Casquete on February twenty-fifth of nineteen
hundred eighty-one and was recorded in the Commercial Registry of Guayaquil on April tenth of nineteen hundred eighty-one. Its initial share capital was five hundred thousand
sucres. Through a certified document authorized by the Thirtieth Notary Public of the Canton of Guayaquil, Doctor Piero Aycart Vincenzini, on November thirtieth of the year two thousand, which was
recorded in the Commercial Registry of Guayaquil on April second of the year two thousand one, the aforementioned company changed its capital into United States dollars and increased it to the amount
of ONE THOUSAND 00/100 UNITED STATES DOLLARS (US$ 1,000.00), divided into One Thousand common registered shares with a par value of One Dollar each. That such shares are fully subscribed and paid in,
and that no limitation or encumbrance exists on them that in any way restricts the right of ownership thereon. That the only current owner of all those shares is the company MARINES C.A. That through
Interministerial Resolution Number Two Hundred, dated November tenth of nineteen hundred ninety-three, the Assistant Secretaries of Fishing and National Defense, granted the aforementioned company a
renewal permit, for ten further years, for it to operate in the breeding, cultivation, and domestic sale of shrimp on 200 hectares at the site Isla Moqui&ntilde;a&ntilde;a (also known
as Isla Escalante), parish of Ximena, Canton of Guayaquil, province of Guayas. That no third party claim exists on title to the shares, or an action or judgment in which the repossession thereof is
demanded or ordered. That RECORCHOLIS S.A. is the only, absolute, and quiet concessionaire of the 200 hectares of the beach and bay zone at the aforementioned site, and that such concession for the
cultivation and exploitation of shrimp is legally effective, for the ten additional years calculated from the granting of the initial extension period, that is, until November tenth of the year two
thousand three. That RECORCHOLIS S.A. is the only and absolute owner of all the facilities, equipment, machinery, inputs, tools, and buildings existing on such properties, the detail of which is in
the inventory which, signed by the contracting parties, is deemed part of the present contract. That the facilities, equipment, machinery, inputs, tools, buildings, etc., cited in the preceding number
have no orders of seizure, prohibition against transfer, liens, nor are they subject to rescissory, seizure, repossession or probate action; that they are free of judgments, seizure orders, real
liens, and that they are exempt from limitations of dominion, as well as that they are not affected by administrative claims. That no debt or obligation whatsoever exists, due or coming due,
contracted by RECORCHOLIS S.A. in favor of third parties, either as direct debtor, or as indirect debtor, or as guarantor, or as joint and several co-debtor, except the liabilities
indicated on the
Balance Sheet closed at November&nbsp;30, 2002. Consequently, they expressly indicate that RECORCHOLIS S.A. owes no taxes, charges, special contributions of a tax nature, either provincial or
municipal, etc., that it also does not owe income tax; that, likewise, it is not a debtor of the Department of the Merchant Marine and Coastlines, or of the Ministries of Industry or National Defense,
the Production Institutions, the Central Bank of Ecuador, or of the National Development Bank. That the company's Balance Sheet closed at November thirtieth of two thousand two reflects the reality of
the financial position of RECORCHOLIS S.A. That RECORCHOLIS S.A. does not owe any amount whatsoever to its former employees, to whom it has paid all their monies, such as salaries, bonuses,
compensation, additional salaries, vacation, etc. That, likewise, RECORCHOLIS S.A. does not owe any amount whatsoever to the Ecuadorian Institute of Social Security. That there are no material
transactions that have not been appropriately recorded in the accounting records that support the financial statements. That RECORCHOLIS S.A., in the management of its corporate affairs, has followed
the rules and laws of the Republic. That no agreements exist to sell back the assets that form the company's capital. That RECORCHOLIS S.A. does not have outstanding litigation of any nature, either
as plaintiff or defendant. THIRD: PURCHASE/SALE PROMISE. With such background, the PROMISOR SELLERS state that </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

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<P><FONT SIZE=2>
they promise to give in sale and perpetual transfer in favor of the PROMISOR BUYERS all the common registered stock they have in the share capital of MARINES C.A. and RECORCHOLIS S.A., as well as
their assets and liabilities. The sale of such stock shall be made as follows: a)&nbsp;The PROMISOR SELLERS shareholders of MARINES C.A.: BALTEK CORPORATION, represented by Mr.&nbsp;ANTONIO LUIS
DIAZ, in his capacity as Vice President for Latin American Operations; MADERAS SECAS C.A., MASECA, represented by Eng. JOSE SANDOVAL MU&Ntilde;OZ, in his capacity as General Manager; and
BALMANTA S.A., represented by Eng. CARLOS NARANJO LINDAO, in his capacity as SECOND MANAGER, promise to sell and transfer their stock to the PROMISOR BUYERS, in the amounts indicated below:
1)&nbsp;BALTEK CORPORATION sixteen thousand two hundred twenty-eight (16,228) shares; 2)&nbsp;MADERAS SECAS C.A., MASECA twelve thousand eight hundred ninety (12,890) shares, and;
3)&nbsp;BALMANTA S.A. fifteen thousand two (15,002) shares. Which is equivalent to all the stock comprising the share capital of the company MARINES C.A., that is, Forty-Four Thousand
One Hundred Twenty (44,120) common registered shares with a par value of forty cents of a dollar each. b)&nbsp;The PROMISOR SELLER shareholder of RECORCHOLIS S.A.: The company MARINES C.A.,
represented by Eng. JOSE SANDOVAL MU&Ntilde;OZ, in his capacity as General Manager, promises to sell and transfer to the PROMISOR BUYERS, one thousand (1,000) shares, which is equivalent to
all the stock that comprises the share capital of the company REC&Oacute;RCHOLIS S.A., that is, One Thousand (1,000) common registered shares with a par value of one dollar each. The PROMISOR
SELLERS state that they promise to sell and transfer to the PROMISOR BUYERS all their rights over the shares sold, including legal and optional reserves, outstanding balances against the company,
etc., such that the PROMISOR BUYERS of each of the shares have full title thereto, as well as ownership of all its assets and liabilities; and it is also evidenced that the Promisor Sellers shall
deliver the accounting books for the fiscal year two thousand two, that is, through December&nbsp;31 of two thousand two, closed. For their part, the PROMISOR BUYERS state that they accept the
present PURCHASE/SALE PROMISE inasmuch as it is in their interest. FOURTH. PRICE. The total price freely agreed by the contracting parties for all the stock of MARINES C.A. and RECORCHOLIS S.A. is ONE
MILLION FOUR HUNDRED THOUSAND UNITED STATES DOLLARS AND 00/100 (US$ 1,400,000.00), which price shall be paid as follows: A)&nbsp;The amount of ONE HUNDRED THOUSAND UNITED STATES DOLLARS AND 00/100
(US$ 100,000.00) is paid at this time through Check number two nine one five, from current account number one three nine two eight nine&#151;one, at Banco del Pac&iacute;fico, issued in
favor of REC&Oacute;RCHOLIS S.A.; and the amount of ONE HUNDRED FIFTY THOUSAND UNITED STATES DOLLARS AND 00/100 (US$ 150,000.00) through check no. two nine one six, from current account no.
one three nine two eight nine&#151;one, at Banco del Pac&iacute;fico, issued in favor of REC&Oacute;RCHOLIS S.A., and a promissory note to the order of the same beneficiary for
the same amount, which is delivered as a guarantee of this obligation, at this very moment to the Promisor Sellers and whose check shall be cashed at the time the final assignment of the stock to the
Promisor Buyers is signed, at which time the promissory note left in guarantee of the same obligation shall
be returned. B)&nbsp;The balance, that is, the amount of ONE MILLION ONE HUNDRED FIFTY THOUSAND UNITED STATES DOLLARS AND 00/100 (US$ 1,150,000.00) shall be paid in four payments of TWO HUNDRED
EIGHTY-SEVEN THOUSAND FIVE HUNDRED AND 00/100 UNITED STATES DOLLARS (US$ 287,500.00) each, through four checks and four promissory notes as order paper for the same amount, with the following
collection and due dates, respectively: One) April tenth of the year two thousand three; Two) October tenth of the year two thousand three; Three) April tenth of the year two thousand four; and Four)
October tenth of the year two thousand four. An annual interest rate of eight percent is established for this balance, payable on the due date of each partial payment, together with the respective
capital. The aforementioned checks and promissory notes shall be issued to the order of whomever the Promisor Sellers indicate and delivered by the Promisor Buyers at the time the Final Purchase/Sale
and Assignment of Stock document is signed. To guarantee payment of the balance established in this number, the Promisor Buyers shall grant to the Promisor Sellers or to whom they designate, a
Mortgage and Voluntary Prohibition against Transfer on the assets covered by the present purchase/sale promise. FIFTH: TERM. The term for formalizing the Final Purchase/Sale Document for the companies
MARINES C.A. and REC&Oacute;RCHOLIS S.A. and for the Final Assignment of the stock of </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

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those same companies, is through January Thirty-First of Two Thousand Three. SIXTH: DEPOSITS AND OTHER STATEMENTS. The parties establish the amount of ONE HUNDRED THOUSAND AND 00/100 UNITED STATES
DOLLARS (US$ 100,000.00) as a penalty against the party who fails to enter into the final purchase/sale, which amount shall be delivered as indemnification to the other party, as follows: a)&nbsp;If
the nonperformance is on the part of the Promisor Sellers, they shall return to the Promisor Buyers the advance payment of One Hundred Thousand and 00/100 United States Dollars that they receive at
this time and also deliver the amount of One Hundred Thousand and 00/100 United States Dollars, granting the Promisor Buyers a period of two months for them to remove or harvest the shrimp sown in the
shrimp beds; b)&nbsp;If the nonperformance is on the part of the Promisor Buyers, the advance payment they hereby deliver in the amount of One Hundred Thousand and 00/100 United States Dollars shall
remain with the Promisor Sellers, as well as any improvement, investment, or sowing of shrimp the Promisor Buyers have performed, who shall deliver the facilities immediately. The Promisor Sellers
establish that if the Final Sale is made up to December Twenty-Seventh of Two Thousand Two and if the Promisor Buyers pay the Balance established in number three of the Fourth Clause, in cash, by the
date indicated, they shall be granted a discount of FOUR HUNDRED THOUSAND AND 00/100 UNITED STATES DOLLARS (US$ 400,000.00) on the Total Price, that is to say that the TOTAL PRICE would become the
amount of ONE MILLION AND 00/100 UNITED STATES DOLLARS (US$ 1,000,000.00) and the balance payable would be the amount of SEVEN HUNDRED FIFTY THOUSAND AND 00/100 (US$ 750,000.00) UNITED STATES DOLLARS,
which amount shall have to be paid in a certified check to the order of such natural or legal person as the Promisor Sellers indicate. In the event that the Promisor Buyers cannot pay the balance by
December twenty-seventh of two thousand two, the Promisor Sellers shall grant a grace period for the Promisor Buyers to pay the cash balance, through February sixth of two thousand three, with which
they may enjoy the benefit of the discount on the Total Price detailed above. The PROMISOR SELLERS, as the only current shareholders of the share capital of MARINES C.A. and RECORCHOLIS S.A. state:
a)&nbsp;that they understand, know, and are aware that that stated above in the Second Clause by the Legal Representative and officers of Marines C.A. and Rec&oacute;rcholis S.A. strictly
adheres to the truth; b)&nbsp;that there are no debts due, or coming due, or breached obligations or obligations pending performance to give, to or not to do in favor of natural or legal, public, or
private third persons, except such as are indicated in the aforementioned balance sheet; c)&nbsp;that the balance sheets submitted disclose the financial position of MARINES C.A. and RECORCHOLIS
S.A. at November thirtieth of two thousand two; d)&nbsp;that the PROMISOR BUYERS, by acquiring all the stock in such companies, acquire their assets and liabilities. SEVENTH: MATERIAL DELIVERY OF
THE ASSETS BELONGING TO MARINES C.A. AND RECORCHOLIS S.A. The material delivery of the assets owned by Marines C.A. and Rec&oacute;rcholis S.A. shall be performed after the signing of the
present certified instrument, pursuant to such schedule as is established by common accord and based on the
inventory contained as an integral part of the present certified document. Once the assets are delivered and while the final sale and assignment of the stock of the companies Marine C.A. and
Rec&oacute;rcholis S.A. has not been executed, the Promisor Buyers are liable to the Promisor Sellers for the proper care and maintenance of the assets in reference. EIGHTH: DISPUTES. The
contracting parties state that any dispute related to the interpretation and performance of the present contract shall be heard and resolved by any of the Civil Courts of Guayaquil, in a summary oral
proceeding. Mr.&nbsp;Notary Public, please incorporate the authorizing documents and add the customary clauses required for the full effectiveness and validity of this contract. Signature) Attorney
Jacob Cueva Gonz&aacute;lez. License Number Nine Thousand Seven Hundred Fifty-Six from the Bar Association of Guayas. TO THIS POINT THE DRAFT IS CERTIFIED AND THE TEXT IS RATIFIED
BY THE GRANTORS. All authorizing documents as were delivered to me are attached to this certified document. The persons appearing herein presented me their citizenship identifications and voter
registration cards. This document having been read aloud to the grantors from beginning to end, by me the Notary, they approve it and sign it in a single act with me. So sworn. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

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<P><FONT SIZE=2>for
BALTEK CORPORATION </FONT></P>

<P><FONT SIZE=2>[signature]<BR>
MR. ANTONIO LUIS D&Iacute;AZ<BR>
PASSPORT No. [hw:] 094641725 </FONT></P>

<P><FONT SIZE=2>for
MADERAS SECAS C.A., MASECA </FONT></P>

<P><FONT SIZE=2>[signature]<BR>
ENG. JOSE ALBERTO SANDOVAL MU&Ntilde;OZ<BR>
ID No. [hw:] 09.02308816<BR>
Voter Reg. No. [hw:] 411199<BR>
R.U.C. No. </FONT></P>

<P><FONT SIZE=2>for
BALMANTA S.A. </FONT></P>

<P><FONT SIZE=2>[signature]<BR>
ENG. CARLOS NARANJO LINDAO<BR>
ID No. [hw:] 0903523843<BR>
Voter Reg. No. [hw:] 74-0053<BR>
R.U.C. No. </FONT></P>

<P><FONT SIZE=2>for
MARINES C.A. </FONT></P>

<P><FONT SIZE=2>[signature]<BR>
ENG. JOSE ALBERTO SANDOVAL MU&Ntilde;OZ<BR>
ID No. [hw:] 09.02308816<BR>
Voter Reg. No. [hw:] 411199<BR>
R.U.C. No. </FONT></P>

<P><FONT SIZE=2>[signature]<BR>
ENG. VICENTE OLLAGUE LOYOLA<BR>
ID No. [hw:] 0902147842<BR>
Voter Reg. No. [hw:] 75-0055<BR>
R.U.C. No. </FONT></P>

<P><FONT SIZE=2>[signature]<BR>
DR. R&Eacute;CHER VIVANCO C&Oacute;RDOVA<BR>
ID No. [hw:] 110182983-4<BR>
Voter Reg. No. [hw:] 2540129<BR>
R.U.C. No. </FONT></P>

<P><FONT SIZE=2>[signature]<BR>
MRS. LUZ SIERRA DE VIVANCO<BR>
ID No. [hw:] 070525616-4<BR>
Voter Reg. No.<BR>
R.U.C. No. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

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<DOCUMENT>
<TYPE>EX-10.11
<SEQUENCE>4
<FILENAME>a2105538zex-10_11.htm
<DESCRIPTION>EXHIBIT 10.11
<TEXT>
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<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="page_kc2969_1_2"> </A> </FONT> <FONT SIZE=2><B>Exhibit 10.11  </B></FONT></P>

<P><FONT SIZE=2><B>ADDENDUM EXPANDING THE PURCHASE AND SALE PROMISE GRANTED BY THE SHAREHOLDERS OF THE COMPANIES MARINES C.A. AND REC&Oacute;RCHOLIS S.A. TO SPOUSES DOCTOR
R&Eacute;CHER HERNAN VIVANCO CORDOVA AND LUZ AMINTA SIERRA SIERRA DE VIVANCO.</B></FONT></P>

<P><FONT SIZE=2><B>AMOUNT: UNDETERMINED.</B></FONT></P>

<P><FONT SIZE=2>In
the city of Guayaquil, Capital of the Province of Guayas, Republic of Ecuador, today, the thirty-first day of January two thousand three, before me </FONT><FONT SIZE=2><B>DOCTOR PIERO GASTON
AYCART VINCENZINI</B></FONT><FONT SIZE=2>, Principal Notary number THIRTY of this canton, there appear the shareholders of the company Marines C.A., party of the first part: the company </FONT> <FONT SIZE=2><B>BALTEK CORPORATION</B></FONT><FONT
SIZE=2>, a U.S. company represented by Engineer Jos&eacute; Alberto Sandoval Mu&ntilde;oz, an Ecuadorian citizen, duly
authorized by the Vice President of Operations for Latin America of said company, Mr.&nbsp;Antonio Luis D&iacute;az, also a U.S. citizen; the company </FONT><FONT SIZE=2><B>MADERAS SECAS
S.A., MASECA</B></FONT><FONT SIZE=2>, represented by its General Manager and Legal Representative, engineer Jos&eacute; Alberto Sandoval Mu&ntilde;oz, an Ecuadorian citizen; and the
company BALMANTA S.A., represented by its Second Manager and Legal representative, engineer Carlos Augusto Naranjo Lindao, an Ecuadorian citizen; on the other hand, as sole shareholder of the company </FONT> <FONT SIZE=2><B>REC&Oacute;RCHOLIS
S.A.</B></FONT><FONT SIZE=2>, there appears the company MARINES C.A., represented by Engineer Jos&eacute; Alberto Sandoval
Mu&ntilde;oz; these parties will be hereinafter referred to as the COMMITTED SELLERS. As the party of the second part, there appear the spouses DOCTOR R&Eacute;CHER HERNAN VIVANCO
CORDOVA, an Ecuadorian citizen, and LUZ AMINTA SIERRA SIERRA DE VIVANCO, a Colombian citizen, hereinafter the </FONT><FONT SIZE=2><B>COMMITTED BUYERS</B></FONT><FONT SIZE=2>. All the deponents are of
legal age, executives, domiciled in the city of Guayaquil, competent to bind themselves and contract, whom know, I certify. Being well informed of the object and results of this instrument, which they
execute as indicated, and with ample and full freedom for its execution, they presented the draft with the following content: </FONT><FONT SIZE=2><B>MR. NOTARY</B></FONT><FONT SIZE=2>: In the
Register of Public Instruments in your charge, please include one containing an ADDENDUM EXPANDING AND AMENDING THE PURCHASE AND SALE PROMISE AGREEMENT concerning the shares of capital of the joint
stock companies </FONT><FONT SIZE=2><B>MARINES S.A. AND REC&Oacute;RCHOLIS S.A.</B></FONT><FONT SIZE=2>, pursuant to the clauses and representations indicated below: </FONT></P>

<P><FONT SIZE=2><B>ONE: THE PARTIES.</B></FONT><FONT SIZE=2>&#151;The following persons participate in its execution: a)&nbsp;the party of the first part, as COMMITTED SELLERS: the
shareholders of MARINES C.A.: BALTEK CORPORATION, represented by Engineer Alberto Sandoval Mu&ntilde;oz, an Ecuadorian citizen, duly authorized by the Vice President of Operations for Latin
America of said company, Mr.&nbsp;Antonio Luis D&iacute;az, also a U.S. citizen; MADERAS SECAS S.A., MASECA, represented by its General Manager Engineer Jos&eacute; Alberto Sandoval
Mu&ntilde;oz, and BALMANTA S.A., represented by its SECOND MANAGER, Engineer CARLOS NARANJO LINDAO; and the shareholder of the company REC&Oacute;RCHOLIS S.A.: MARINES C.A.,
represented by its General Manager, Engineer JOS&Eacute; SANDOVAL MU&Ntilde;OZ; b) As the party of the second part, there intervene, as COMMITTED BUYERS:
Mr.&nbsp;R&eacute;cher Vivanco Cordova and Ms.&nbsp;Luz Sierra Sierra de Vivanco, on their own personal behalf and on behalf of their community of assets. </FONT></P>


<P><FONT SIZE=2><B>TWO: RECITALS:</B></FONT><FONT SIZE=2> A) By Public Instrument executed before Notary Thirty of Guayaquil, Dr.&nbsp;Piero Aycart Vincenzini, on the eleventh day of December
two thousand two, the parties executed an Agreement for Promise of Purchase and Sale of shares of the companies Marines C.A. and Rec&oacute;rcholis S.A., with all their assets and liabilities,
in which the term for the signing of the final purchase and sale instrument was established to be the thirty-first day of January two thousand three. B)&nbsp;Due to operational issues related to the
course of business, the companies which appear as the COMMITTED SELLERS must transfer the shares under the aforementioned purchase and sale promise to a third-party foreign company, whose name cannot
be determined as of the signing of this public instrument, so that the committed sellers expressly asked the committed buyers to extend the term for the execution of the Instrument containing the
purchase and sale of the shares of Marines C.A. and Rec&oacute;rcholis S.A., although they came to comply with </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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the provisions of the shares purchase and sale agreement signed on the eleventh day of December two thousand two, and to sign the final purchase and sale instrument, so that they execute this
addendum, whose purpose is indicated in the following clause. </FONT></P>

<P><FONT SIZE=2><B>THREE: PURPOSE</B></FONT><FONT SIZE=2>.&#151;With these recitals, the COMMITTED SELLERS and the COMMITTED BUYERS freely and voluntarily agree to modify the shares
purchase and sale agreement signed on the eleventh day of December two thousand two, in the following terms: A)&nbsp;The extend the term referred to in clause five of the agreement, for the
execution of the Final Purchase and Sale Instrument of the Shares of Marines C.A. and Rec&oacute;rcholis S.A., which may take place by the twenty-eighth day of February two thousand three.
B)&nbsp;They amend clause six of the contract, section&nbsp;a) in the sense that the committed sellers will have to pay an indemnity to the committed buyers in the event of failure to execute the
final purchase and sale instrument of the Shares of Marines C.A. and Rec&oacute;rcholis S.A., by the twenty-eighth day of February two thousand three, in the amount of US$ 600,000.00 (six
hundred thousand U.S. dollars), including the US$ 100,000.00 which the committed buyers delivered when signing the shares purchase and sale agreement signed on the eleventh day of December two
thousand two, and extend to four months the term for the committed buyers to withdraw the shrimp from the pools and be able to sell the harvested product found in warehouses if the execution of the
final purchase and sale does not take place by the twenty-eighth day of February two thousand three, and the term is extended for up to fifteen days after signing the final purchase and sale agreement
for the shares, so that the committed buyers may enjoy the benefit of the discount of US$400,000.00 (FOUR HUNDRED THOUSAND U.S. DOLLARS) from the total selling price for prompt payment. </FONT></P>


<P><FONT SIZE=2><B>FOUR: REPRESENTATION.&#151;BALTEK CORPORATION</B></FONT><FONT SIZE=2>, represented by Engineer Jos&eacute; Alberto Sandoval Mu&ntilde;oz, duly authorized
by the Vice President of Operations for Latin America of said company,
Mr.&nbsp;Antonio Luis D&iacute;az, the company MADERAS SECAS S.A., MASECA, represented by its General Manager engineer JOS&Eacute; ALBERTO SANDOVAL MU&Ntilde;OZ, and BALMANTA
S.A., represented by its SECOND MANAGER engineer CARLOS AUGUSTO NARANJO LINDAO; and REC&Oacute;RCHOLIS S.A., represented by its General Manager, engineer JOS&Eacute; SANDOVAL
MU&Ntilde;OZ, expressly, freely, and voluntarily declare: A)&nbsp;That the execution of the shares purchase and sale promise signed on the eleventh day of December two thousand two is duly
authorized by the shareholders of the committed sellers, pursuant to the minutes of the general meeting found in the files of each of the companies; b)&nbsp;That the shares held by each of them in
the stock package of Marines S.A. will be transferred due to operating issues of the companies to a foreign company whose corporate name is unknown on this date. B)&nbsp;That the negotiation of the
sale of the shares to this third-party company will include the obligation of such company to sell and/or assign the shares of Marines C.A. and Rec&oacute;rcholis S.A. to
Mr.&nbsp;R&Eacute;CHER HERNAN VIVANCO CORDOVA AND LUZ AMINTA SIERRA SIERRA DE VIVANCO, and comply with the terms and conditions found in the public instrument of the shares purchase and sale
promise signed on the eleventh day of December two thousand two and in this public instrument, C)&nbsp;That the signing date of the final instrument of shares purchase and sale of the shares of
Marines C.A. and Rec&oacute;rcholis S.A. by the new company will be by the twenty-eighth day of February two thousand three. D)&nbsp;That, should the new company fail to respect the terms
and conditions contained in the shares purchase and sale promise signed on the eleventh day of December two thousand two or those found in this instrument, or should it fail to sign the final
instrument of purchase and sale by the twenty-eighth day of February two thousand three, they will pay an indemnity to the committed buyers in the amount of US$ 500,000.00 (FIVE HUNDRED THOUSAND U.S.
DOLLARS), and will refund the US$ 100,000.00 (ONE HUNDRED THOUSAND U.S. DOLLARS) delivered as down payment when signing the purchase and sale promise, whereby the committed buyers may claim payment of
said amount from either one of them or from all of them together. Furthermore, they pledge to extend the term to four months from the default of the committed sellers, for the committed buyers to be
able to withdraw the shrimp from the pools and sell the harvested product found in warehouses. In the event of default on the signing of the purchase and sale by the committed buyers, the indemnity
referred to in the Purchase and Sale Promise Instrument under this addendum shall apply. E)&nbsp;That they will deliver to the committed buyers all the legal </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

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and corporate documentation supporting the sale to the third-party company, understood, without limitation thereto, as: General Shareholders Meeting of each of the selling companies, except for
Baltek Corporation, expressly authorizing the sale to the third-party company, valid appointments, communications addressed to the legal representative of Marines C.A., signed by the transferror and
the transferee, duly authorized for this purpose, communications addressed to the legal representative of Marines C.A. showing the transfer carried out, notation in the book of shares and
shareholders, certificates of the shares transferred, etc. F)&nbsp;That they are aware of the extension of the term for the execution of the final instrument of purchase and sale of the shares of
Marines C.A. and Rec&oacute;rcholis S.A. and the amendment of the agreement of promise of purchase and sale of shares contained in this instrument arises from an express request of the
committed sellers, since they know that the committed buyers were willing to sign today the final purchase and sale instrument, whereby they have no claim against the latter in this respect. </FONT></P>

<P><FONT SIZE=2>In
turn, the committed buyers declare that, being able to execute today the final purchase and sale instrument of the shares of Marines C.A. and Rec&oacute;rcholis S.A. in their favor, under
the terms and conditions of the purchase and sale promise instrument executed on the eleventh day of December two thousand two, they agree to extend the execution term of the final instrument and
amend the terms of the purchase and sale promise instrument according to the content of the following instrument, provided the committed sellers assure that the new company will comply with the sale
of the shares of Marines C.A. and Rec&oacute;rcholis S.A. and with the content of this instrument and of the purchase and sale promise instrument executed on the eleventh day of December two
thousand two. </FONT></P>

<P><FONT SIZE=2>Furthermore,
the committed buyers declare that they know and accept that, after the third-party foreign company whose name cannot be determined at this time transfers the shares of Marines C.A. and
Rec&oacute;rcholis S.A. to R&eacute;cher Hern&aacute;n Vivanco C&oacute;rdova and Luz Sierra Sierra de Vivanco, the committed sellers will cease being bound by the
representations, obligations and rights stated for them pursuant to this instrument and that executed on the eleventh day of December two thousand two before notary number thirty of the canton of
Guayaquil, and as of that time, the third-party foreign company will take upon itself and expressly assume all and each of the representations made by the committed sellers in this instrument and in
that executed on the eleventh day of December two thousand two before notary number thirty of the canton of Guayaquil. In all other parts, the parties confirmed all and every one of the terms of the
shares purchase and sale promise signed on the eleventh day of December two thousand two before Notary Thirty of Guayaquil, Dr.&nbsp;Piero Aycart Vincenzini, of which this addendum will be an
integral part. </FONT></P>

<P><FONT SIZE=2><B>FIVE: JURISDICTION.&#151;</B></FONT><FONT SIZE=2>The contracting parties declare that any dispute arising from the interpretation and performance of this expanding and
amending addendum will be judged and resolved by any of the Civil Judges of Guayaquil by summary oral proceedings. </FONT></P>

<P><FONT SIZE=2>Mr.&nbsp;Notary,
please include the backup documents and add the necessary style clauses for the full efficacy and validity of this contract. Signature) Attorney Jacob Cueva Gonz&aacute;lez.
License Number Nine Thousand Seven Hundred Fifty-Six of the Bar Association of Guayas. HERE ENDS THE DRAFT WHICH IS ELEVATED TO PUBLIC INSTRUMENT AND WHOSE TEXT IS CONFIRMED BY THE
PARTIES. All the backup documents delivered to me are enclosed with this public instrument. The parties presented to me their identification documents, such as citizen or identity cards and voters'
certificates, as the case may be. After this instrument was read from beginning to end by me, the Notary, aloud to the parties, they approved it and signed with me in this act. I certify. </FONT></P>

<P><FONT SIZE=2>[signature]<BR>
DR. R&Eacute;CHER VIVANCO CORDOVA<BR>
C.C.No.&nbsp;110182983-4<BR>
V.C. No.&nbsp;2540129 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

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<P><FONT SIZE=2>
[signature]<BR>
MRS. LUZ SIERRA DE VIVANCO<BR>
N.I.C. No.&nbsp;070325616-4 </FONT></P>

<P><FONT SIZE=2>For
MADERAS SECAS C.A., MASECA<BR>
[signature]<BR>
ENG. JOS&Eacute; ALBERTO SANDOVAL MU&Ntilde;OZv C.C.No.&nbsp;0902308816<BR>
V.C. No.&nbsp;411199<BR>
R.U.C. No.&nbsp;0990136378001 </FONT></P>

<P><FONT SIZE=2>For
BALMANTA S.A.<BR>
[signature]<BR>
ENG. CARLOS NARANJO LINDAO<BR>
C.C.No.&nbsp;0903523843<BR>
V.C. No.&nbsp;74-0053<BR>
R.U.C. No.&nbsp;0990141835001 </FONT></P>

<P><FONT SIZE=2>For
BALTEK CORPORATION<BR>
[signature]<BR>
ENG. JOS&Eacute; ALBERTO SANDOVAL MU&Ntilde;OZ<BR>
C.C.No.&nbsp;0902308816<BR>
V.C. No.&nbsp;411199 </FONT></P>

<P><FONT SIZE=2>For
MARINES C.A.<BR>
[signature]<BR>
ENG. JOS&Eacute; ALBERTO SANDOVAL MU&Ntilde;OZ<BR>
C.C.No.&nbsp;0902308816<BR>
V.C. No.&nbsp;411199<BR>
R.U.C. No.&nbsp;0990552401001 </FONT></P>

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<DOCUMENT>
<TYPE>EX-10.12
<SEQUENCE>5
<FILENAME>a2105538zex-10_12.htm
<DESCRIPTION>EXHIBIT 10.12
<TEXT>
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<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="page_ke2969_1_1"> </A> </FONT> <FONT SIZE=2><B>Exhibit 10.12  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>STOCK PURCHASE AGREEMENT  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the city of Guayaquil, on the 17th day of February&nbsp;2003, a Purchase Agreement is executed for all the shares of the companies MARINES C.A. and
RECORCHOLIS S.A., in accordance with the following clauses: </FONT></P>

<P><FONT SIZE=2><B>ONE: PARTIES:</B></FONT><FONT SIZE=2> The following persons intervene in its execution: a)&nbsp;The party of the first part, as SELLERS: The Shareholders of MARINES C.A.:
BALTEK CORPORATION, represented by Mr.&nbsp;ANTONIO LUIS DIAZ, in his capacity of Vice President of Operations for Latin America: MADERAS SECAS C.A., MASECA, represented by Engineer JOSE SANDOVAL
MU&Ntilde;OZ, in his capacity of General Manager, and BALMANTA S.A., represented by Engineer CARLOS NARANJO LINDAO, in his capacity of SECOND MANAGER; and the Shareholder of RECORCHOLIS S.A.:
MARINES C.A., represented by Engineer JOSE SANDOVAL MU&Ntilde;OZ, in his capacity of General Manager. b)&nbsp;The party of the second part, as BUYER, is the British Virgin Islands company
CONLORANCE INVESTMENTS&nbsp;INC., duly represented by its Special Representative in Ecuador, Attorney Justo Andr&eacute;s Andrade Mac&iacute;as. c)&nbsp;There also appears in order
to make declarations and contract the obligations indicated below Engineer JOSE SANDOVAL MU&Ntilde;OZ, in his capacity of General Manager of the companies MARINES C.A. and RECORCHOLIS S.A. </FONT></P>

<P><FONT SIZE=2><B>TWO: BACKGROUND</B></FONT><FONT SIZE=2> A) Engineer Jos&eacute; Sandoval Mu&ntilde;oz, in his capacity of General Manager and Legal Representative of the
companies MARINES C.A. and RECORCHOLIS S.A. declares knowingly and expressly, as follows: </FONT></P>

<P><FONT SIZE=2><B>A. One) Background of MARINES C.A.</B></FONT><FONT SIZE=2>&#151;MARINES C.A. is an Ecuadorian company domiciled in Guayaquil, with capital of SEVENTEEN THOUSAND SIX
HUNDRED FORTY-EIGHT 00/100 U.S. DOLLARS, represented by forty-four thousand one hundred twenty common registered shares with a par value of forty cents of a dollar each, whose corporate
object is the production, sowing, harvesting, production of larvae in Laboratory, packing and marketing of bioaquatic species, especially shrimp. MARINES C.A. was
constituted with a capital of twelve million sucres, under public instrument executed on August twenty, nineteen hundred eighty-one before the Notary of the canton of Urbina Jado, Attorney
Marcos D&iacute;az Casquete, and recorded with the Commercial Register of Guayaquil on September seventeen, nineteen hundred eighty-one. By public instrument executed on December
one, nineteen hundred ninety-eight, before Notary Nine of Guayaquil, Dr.&nbsp;Gloria Lecaro de Crespo, and recorded with the Commercial Register of Guayaquil on September one, nineteen hundred
ninety-nine, the subscribed capital of the company was increased to four hundred forty-one million two hundred thousand sucres. By public instrument executed on December
eighteen two thousand before Notary Thirty of Guayaquil, Dr.&nbsp;Piero Aycart Vincenzini, recorded with the Commercial Register of Guayaquil on August three, two thousand one, the bylaws of the
company were amended, and the capital was converted to SEVENTEEN THOUSAND SIX HUNDRED FORTY-EIGHT 00/100 US DOLLARS (US$ 17,648.00), represented by Forty-four Thousand One Hundred Twenty
common registered shares of Forty Cents of a Dollar each, which is the capital with which it currently operates and functions. Said shares are subscribed and paid up in full. The only current owners
of the shares are: BALTEK CORPORATION, owner of sixteen thousand two hundred twenty-eight (16,228) shares of forty cents of a dollar each; MADERAS SECAS C.A., MASECA, owner of twelve thousand eight
hundred ninety (12,890) shares of forty cents of a dollar each; and BALMANTA S.A., owner of fifteen thousand two (15,002) shares of forty cents of a dollar each. Among the assets of the company listed
in the inventory added as an integral part of this instrument, there is a shrimp farm made up of nine lots which currently form&nbsp;a single body, with an area of seven hundred
thirty-six point seventy-nine hectares, located in the place called Isla Verde, across from the Gulf of Guayaquil, in the jurisdiction of the parish of Ximena, canton of
Guayaquil; a shrimp packing plant located in lot One-A-Four in Lotizaci&oacute;n Las Ferias, canton of Dur&aacute;n, with a total area of ten thousand three </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>1</FONT></P>

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hundred eighty square meters; and a Larvae Laboratory located in the place named San Pablo, canton of Santa Elena, with an area of fifteen thousand point seventy square meters; all these properties
are located in the Province of Guayas, with the boundaries and title history detailed in the certificates of the Property Registrars of Guayaquil, Dur&aacute;n, and Santa Elena, enclosed as
documents of proof with this public instrument. </FONT></P>

<P><FONT SIZE=2><B>A. Two) BACKGROUND OF RECORCHOLIS S.A.</B></FONT><FONT SIZE=2>&#151;RECORCHOLIS S.A. is an Ecuadorian joint-stock company domiciled in Guayaquil, with a capital of ONE
THOUSAND 00/100 US DOLLARS represented by One thousand common registered shares with a par value of One Dollar each, whose corporate object is the sowing, harvesting, and marketing of bioaquatic
species, especially shrimp. RECORCHOLIS S.A. was constituted by public instrument certified by the Notary of the canton of Urbina Jado, Attorney Marcos D&iacute;az Casquete, on February
twenty-five, nineteen hundred eighty-one, and was recorded with the Commercial Register of Guayaquil on April ten, nineteen hundred eighty-one. Its initial capital
was fifteen thousand sucres. By public instrument certified by Notary Thirty of the canton of Guayaquil, Dr.&nbsp;Piero Aycart Vincenzini, on November thirty, two thousand, recorded with the
Commercial Register of Guayaquil on April two, two thousand one, said company changed its capital to US dollars and increased it to ONE THOUSAND US DOLLARS (US$1,000.00), divided into one thousand
common registered shares with a par value of One Dollar each. Said shares are subscribed and paid up in full. The only and current owner of all these shares is the company MARINES C.A. By
Interministerial Decision Number Two Hundred, dated November ten, nineteen hundred ninety-three, the Subsecretaries of Fishing and National Defense, granted said company renewal permit for an
additional ten years, to engage in the breeding, cultivation and internal marketing of shrimp on 200 hectares in the place named Isla Moqui&ntilde;a&ntilde;a (also known as Isla
Escalante), parish of Ximena, canton of Guayaquil, province of Guayas. RECORCHOLIS S.A. is the owner of all the installations, equipment, machinery, supplies, tools, buildings, vehicles, vessels, and
other assets of the company, as listed in the inventory enclosed herewith. </FONT></P>

<P><FONT SIZE=2><B>B) </B></FONT><FONT SIZE=2>The General Shareholders' Meetings of the companies MADERAS SECAS C.A., MASECA, and BALMANTA S.A., shareholders of MARINES C.A., and of MARINES C.A.,
shareholder of RECORCHOLIS S.A., held on February fourteen, two thousand three, authorize their legal representatives to transfer for consideration all the shares held by said companies in the capital
of MARINES C.A. and RECORCHOLIS S.A., respectively, and to execute this purchase agreement. </FONT></P>

<P><FONT SIZE=2><B>C) </B></FONT><FONT SIZE=2>By Public Instrument executed before Notary Thirty of Guayaquil, Dr.&nbsp;Piero Aycart Vincenzini, on December eleven, two thousand two, THE
SELLERS, as committed sellers, executed a Commitment Agreement for purchase of shares of the companies MARINES C.A. and RECORCHOLIS S.A. in favor of Messrs.&nbsp;R&eacute;cher
Hern&aacute;n Vivanco C&oacute;rdova and Luz Aminta Sierra Sierra de Vivanco, establishing, </FONT><FONT SIZE=2><I>inter alia</I></FONT><FONT SIZE=2>, as term for the signature of the
final purchase agreement the date January thirty-one, two thousand three. </FONT></P>

<P><FONT SIZE=2><B>D) </B></FONT><FONT SIZE=2>By Public Instrument executed before Notary Thirty of Guayaquil, Dr.&nbsp;Piero Aycart Vincenzini, on January thirty-one, two thousand
three, THE SELLERS, as committed sellers, executed an Expansion Addendum to the Commitment Agreement for Purchase of shares of the companies MARINES C.A. and RECORCHOLIS S.A., with
Messrs.&nbsp;R&eacute;cher Hern&aacute;n Vivanco C&oacute;rdova and Luz Aminta Sierra Sierra de Vivanco, establishing an extension of the term for the signing of the final
purchase agreement and transfer of shares; also modified was the content of clause six of the commitment purchase agreement executed on December eleven, two thousand two, concerning the obligation of
the committed sellers (THE SELLERS in this instrument) to pay an indemnity to the committed buyers (the Vivanco spouses) in the event of failure to execute the final purchase agreement within the
established term, which was increased Six Hundred Thousand US Dollars (US$600,000); in addition, it was agreed that the committed sellers (THE SELLERS in this instrument) would sign and transfer the
shares concerned by this assignment and transferred to a third-party foreign company which, in turn, would transfer the shares and with them all assets and liabilities of MARINES C.A. and RECORCHOLIS
S.A. to the spouses R&eacute;cher Hern&aacute;n Vivanco C&oacute;rdova and Luz Aminta Sierra Sierra de Vivanco, respecting the conditions of the sale commitment of </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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December eleven, two thousand two; and the spouses R&eacute;cher Hern&aacute;n Vivanco C&oacute;rdova and Luz Aminta Sierra Sierra de Vivanco declared that they were aware and
accepted that, once the third-party foreign company (THE BUYER in this instrument) would transfer the shares of said companies to the aforementioned spouses, the committed sellers (THE SELLERS in this
instrument) would stop being bound by the declarations, obligations and rights set forth in the selling commitment and in said instrument, and as of that time, the third-party foreign company (THE
BUYER in this instrument) would take upon itself and expressly assume all and every one of said declarations and obligations. </FONT></P>

<P><FONT SIZE=2><B>THREE: PURCHASE OF SHARES.</B></FONT><FONT SIZE=2>&#151;With these recitals, the SELLERS sign and transfer, granting by sale and perpetual alienation to the BUYER all
common registered shares held by them in the capital of MARINES C.A. and RECORCHOLIS S.A. The assignment and transfer of the shares is carried out as follows: a)&nbsp;The shareholders SELLERS of
MARINES C.A.: BALTEK CORPORATION, represented by Mr.&nbsp;ANTONIO LUIS DIAZ, in his capacity of Vice-President of Operations for Latin America; MADERAS SECAS C.A., MASECA, represented by
Engineer JOSE SANDOVAL MU&Ntilde;OZ, in his capacity of General Manager; and BALMANTA S.A., represented by Engineer CARLOS NARANJO LINDAO, in his capacity of SECOND MANAGER, assign and
transfer their shares to the BUYER, in
the quantities indicated below: 1)&nbsp;BALTEK CORPORATION transfers sixteen thousand two hundred twenty-eight (16,228) shares of forty cents of a dollar each, contained in stock certificate number
zero zero one; 2)&nbsp;MADERAS SECAS C.A., MASECA transfers twelve thousand eight hundred ninety (12,890) shares of forty cents of a dollar each, contained in stock certificate zero zero three; and
3)&nbsp;BALMANTA S.A. transfers fifteen thousand two (15,002) shares of forty cents of a dollar each, contained in stock certificate number zero zero two; this is equivalent to all the shares making
up the capital of the company MARINES C.A., i.e. Forty-four Thousand One Hundred Twenty (44,120) common registered shares with a par value of forty cents of a dollar each; b)&nbsp;the
shareholder SELLER of RECORCHOLIS S.A.: The company MARINES C.A., represented by Engineer JOSE SANDOVAL MU&Ntilde;OZ, in his capacity of General Manager, assigns and transfers to the BUYERS
one thousand (1,000) shares of one US dollar, contained in stock certificate number zero zero one, which is equivalent to all the shares making up the capital of RECORCHOLIS S.A., i.e. one thousand
(1,000) common registered shares with a par value of one dollar each. It is noted for the record that the transfer of the shares is carried out through communications addressed to the legal
representative of both companies, the same as the delivery of the corresponding stock certificates, duly endorsed. Furthermore, it is noted for the record that the transfer includes all rights in the
shares sold, including legal and optional reserves, dividends and non-distributed profits, credits against the companies, as well as any liability possibly held by the SELLERS for the
obligations and debts contracted by the companies to date, including debts or liabilities not recorded or posted to the accounting books of MARINES C.A. and RECORCHOLIS S.A., concerning which THE
BUYER expressly assumes full liability and releases THE SELLERS from any liability, so that the BUYER of the shares has full title therein, and in the assets and liabilities corresponding to them. In
turn, THE BUYER declares that it accepts this purchase without any reservation and with full information, because it is suitable for its interests. </FONT></P>

<P><FONT SIZE=2><B>FOUR: PRICE.</B></FONT><FONT SIZE=2>- The total Price freely agreed upon between the contracting parties for the assignment and transfer of all the shares of MARINES C.A. and
RECORCHOLIS S.A. is ONE MILLION FOUR HUNDRED THOUSAND 00/100 (US$1,400,000.00) US DOLLARS. From this price, THE SELLERS declare that they have received ONE HUNDRED THOUSAND 00/100 (US$100,000.00) US
DOLLARS, by check number two nine one five, drawn against current account number one three nine two eight nine&#151;one with Banco del Pac&iacute;fico S.A., written to the order of
RECORCHOLIS S.A., which was delivered in December, two thousand two by the spouses R&eacute;cher Hern&aacute;n Vivanco C&oacute;rdova and Luz Aminta Sierra Sierra de Vivanco.
Since this payment of ONE HUNDRED THOUSAND 00/100 (US$100,000) US DOLLARS was made by the spouses R&eacute;cher Hern&aacute;n Vivanco C&oacute;rdova and Luz Aminta Sierra
Sierra de Vivanco in favor of THE SELLERS and not by THE BUYER, and considering that the spouses R&eacute;cher Hern&aacute;n Vivanco C&oacute;rdova and Luz Aminta Sierra Sierra
de Vivanco must deliver at least the same amount to THE BUYER as part of the future assignment and transfer of the shares hereunder, the parties, in </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

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order to offset the mutual credits existing between them and with the spouses R&eacute;cher Hern&aacute;n Vivanco C&oacute;rdova and Luz Aminta Sierra Sierra de Vivanco, the
latter expressly agreed to offset credits in the amount of ONE HUNDRED THOUSAND US DOLLARS, which price is deducted from the total price of this assignment and transfer of shares. For this reason,
when THE BUYER, in turn, assigns and transfers the shares hereunder to the spouses R&eacute;cher Hern&aacute;n Vivanco C&oacute;rdova and Luz Aminta Sierra Sierra de Vivanco,
THE BUYER must, also in said instrument, deduct from the total price of said sale the amount of ONE HUNDRED THOUSAND 00/100 (US$100,000) US DOLLARS. Such being the case, the pending balance of the
total price of the shares which constitute the object of this assignment and transfer is reduced by said amount and established at ONE MILLION THREE HUNDRED THOUSAND 00/100 (US$1,300,000.00) US
DOLLARS, which will be paid as indicated below: a)&nbsp;The amount of ONE HUNDRED FIFTY THOUSAND 00/100 (US$150,000.00) US DOLLARS will be paid by February&nbsp;28, 2003, by certified check, as
arises from the promissory note
representing said credit, issued by THE BUYER in this act; b)&nbsp;the balance, i.e. the amount of ONE MILLION ONE HUNDRED FIFTY THOUSAND 00/100 (US$150,000.00) US DOLLARS, in four partial payments
of TWO HUNDRED EIGHTY-SEVEN THOUSAND FIVE HUNDRED 00/100 (US$287,500.00) in capital each, plus annual interest of eight per cent, payable on the maturity of each partial payment together with the
respective capital. The payments will be made by certified check on the dates indicated below: (i)&nbsp;May ten, two thousand three, (ii)&nbsp;November ten, two thousand three, (iii)&nbsp;May
ten, two thousand four, and (iv)&nbsp;November&nbsp;10, two thousand four. It is noted for the record that, to represent each of the four partial payments, THE BUYER issues a promissory note. The
parties expressly agree that, without prejudice to the above provisions concerning the price, set forth in this clause, if THE BUYER pays to THE SELLERS or to the party designated by them the amount
of NINE HUNDRED THOUSAND 00/100 (US$900,000.00) US DOLLARS in cash or by certified check, whereby said amount includes the ONE HUNDRED FIFTY THOUSAND 00/100 (US$150,000) US DOLLARS to be delivered by
THE BUYER by February&nbsp;28, two thousand three, plus any other amount of money delivered by THE BUYER before March fourteen, two thousand three, the total price of the shares under this
assignment and transfer will be reduced to ONE MILLION 00/100 (US$1,000,000.00) US DOLLARS. Consequently, the total price of the shares will be reduced by FOUR HUNDRED THOUSAND 00/100 (US$400,000.00)
US DOLLARS if THE BUYER pays the amount of NINE HUNDRED THOUSAND 00/100 (US$900,000.00) US DOLLARS in cash or certified check by March&nbsp;14, 2003. As guarantee of the payment of the balance
outstanding, the parties agree that MARINES C.A. and RECORCHOLIS S.A. grant to THE SELLERS or to the party designated by them a first mortgage on all the real estate and movables permanently allocated
to them for the benefit, use and cultivation of said properties, even if they can be separated without prejudice, owned by said companies, as described in the inventories enclosed with this
instrument. All the costs, expenses, and fees incurred in connection with the mortgage guarantees will be paid by THE BUYER. </FONT></P>

<P><FONT SIZE=2><B>FIVE: DECLARATIONS.</B></FONT><FONT SIZE=2>&#151;The SELLERS, as sole current shareholders in the capital of MARINES C.A. and RECORCHOLIS S.A. declare: That they do not
offer any type of guarantee and do not assume any type of responsibility in connection with the assignment and sale of the shares hereunder. The BUYER, in turn, declares: a)&nbsp;That it knows and
accepts that THE SELLERS do not offer any guarantee and do not take any responsibility in connection with the assignment and sale of the shares hereunder, including in connection with the situations
originated prior to the execution of this instrument; b)&nbsp;That it knows and accepts to buy the shares subject to this assignment and purchase, as is, i.e. with all defects, obligations,
conditions and limitations they have or may have in the future, for which THE BUYER expressly agrees and takes responsibility; all of the above is motivated by the fact that the assignment and
transfer hereunder is carried out without any type of guarantee from THE SELLERS; c)&nbsp;That it knows, accepts and agrees with the accounting books and other financial and legal information of
MARINES C.A. and RECORCHOLIS S.A., which it has thoroughly reviewed, and declares that it accepts them without any reservation; d)&nbsp;That it expressly releases THE SELLERS from any responsibility
that may arise or intervene in connection with the assignment and sale of the shares hereunder, including in connection with </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

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the obligations originating prior to the execution of this instrument; e)&nbsp;That it expressly waives any right it has or may have to claim from THE SELLERS for any reason, either in the past,
present and future; f)&nbsp;That it knows and accepts that, once the transfer of the shares to it is perfected, THE SELLERS will cease being bound by the declarations, obligations, and rights set
forth in the selling commitment, and the expansion addendum thereof, executed with the spouses R&eacute;cher Hern&aacute;n Vivanco C&oacute;rdova and Luz Aminta Sierra Sierra
de Vivanco before Notary Number Thirty of the canton of Guayaquil on December eleven, two thousand two, and on January thirty-one, two thousand three, respectively, and that as of said
time they take upon themselves and expressly assume said declarations and obligations, so that THE SELLERS will be released from any responsibility related to said contracts, all with full knowledge
and acceptance of the spouses R&eacute;cher Hern&aacute;n Vivanco C&oacute;rdova and Luz Aminta Sierra Sierra
de Vivanco. By mutual agreement, THE SELLERS and THE BUYER note for the record that THE BUYER will be the only party responsible for any contingency or obligation of MARINES C.A. and RECORCHOLIS S.A.,
including those originating or arising from a date prior to the execution of this agreement, as well as those unknown at this time and which may become known later on; in light of the above, THE
SELLERS will not be responsible for obligations prior to the execution of this instrument, of any nature, including labor and tax obligations, obligations to the Ecuadorian Social Security Institute,
whether said companies were bound directly or indirectly; in addition, THE BUYER takes responsibility for any indemnity established in favor of Messrs.&nbsp;R&eacute;cher
Hern&aacute;n Vivanco C&oacute;rdova and Luz Aminta Sierra Sierra de Vivanco and all other obligations assumed by THE SELLERS in the commitment to sell the shares of MARINES C.A. and
RECORCHOLIS S.A., executed on December eleven, two thousand two, as well as the expansion addendum executed on January thirty-one, two thousand three. </FONT></P>

<P><FONT SIZE=2><B>SIX: DISPUTES.</B></FONT><FONT SIZE=2>&#151;The contracting parties declare that any dispute arising from the interpretation and performance of this agreement will be
processed and resolved by arbitrators in equity, by arbitration administered by the Center for Mediation and Arbitration of the Chamber of Commerce of Guayaquil, pursuant to the rules of the
institution and the applicable law. </FONT></P>

<P><FONT SIZE=2><B>SEVEN: DOCUMENTS OF PROOF.</B></FONT><FONT SIZE=2>&#151;Enclosed with this agreement are all documents of proof referred to in the text of the agreement, especially the
inventory of assets owned by MARINES C.A. and RECORCHOLIS S.A. and the identification documents of the deponents. </FONT></P>


<P><FONT SIZE=2><B>SIGNATURES</B></FONT></P>

<P><FONT SIZE=2>For </FONT> <FONT SIZE=2><B>CONLORANCE INVESTMENTS&nbsp;INC.</B></FONT></P>

<P><FONT SIZE=2>[signature]<BR></FONT> <FONT SIZE=2><B>ATTY. JUSTO ANDRES ANDRADE MACIAS<BR>
C.C. No.&nbsp;120136935-0<BR>
C.V. No.&nbsp;88-0001</B></FONT></P>

<P><FONT SIZE=2>For
</FONT><FONT SIZE=2><B>MADERAS SECAS C.A., MASECA</B></FONT></P>

<P><FONT SIZE=2>[signature]<BR></FONT>
<FONT SIZE=2><B>ENG. JOSE ALBERTO SANDOVAL MU&Ntilde;OZ<BR>
C.C. No.&nbsp;0902308816<BR>
C.V. No.&nbsp;411199<BR>
R.U.C. No.&nbsp;0990136378001</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

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<P><FONT SIZE=2>For </FONT> <FONT SIZE=2><B>BALMANTA S.A.  </B></FONT></P>

<P><FONT SIZE=2>[signature]<BR></FONT> <FONT SIZE=2><B>ENG. CARLOS NARANJO LINDAO<BR>
C.C. No.&nbsp;0903523843<BR>
C.V. No.&nbsp;74-0053<BR>
R.U.C. No.</B></FONT></P>

<P><FONT SIZE=2>For
</FONT><FONT SIZE=2><B>BALTEK CORPORATION</B></FONT></P>


<P><FONT SIZE=2>[signature]<BR></FONT> <FONT SIZE=2><B>MR. ANTONIO LUIS DIAZ<BR>
PASSPORT No.</B></FONT></P>

<P><FONT SIZE=2>For </FONT> <FONT SIZE=2><B>MARINES C.A.  </B></FONT></P>

<P><FONT SIZE=2>[signature]<BR></FONT> <FONT SIZE=2><B>ENG. JOSE ALBERTO SANDOVAL MU&Ntilde;OZ<BR>
C.C. No.&nbsp;0902308816<BR>
C.V. No.&nbsp;411199<BR>
R.U.C. No.</B></FONT></P>

<P><FONT SIZE=2>[signature]<BR></FONT>
<FONT SIZE=2><B>ENG. VICENTE OLLAGUE LOYOLA<BR>
C.C. No.&nbsp;0902147842<BR>
C.V. No.&nbsp;75-0055<BR>
R.U.C. No.&nbsp;0902147842001</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.13
<SEQUENCE>6
<FILENAME>a2105538zex-10_13.htm
<DESCRIPTION>EXHIBIT 10.13
<TEXT>
<HTML>
<HEAD>

</HEAD>
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<BR>
<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="page_kg2969_1_2"> </A> </FONT> <FONT SIZE=2><B>Exhibit 10.13  </B></FONT></P>

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<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><B>OPEN MORTGAGE CONSTITUTED BY MARINES C.A. TO GUARANTEE ITS OWN OBLIGATIONS AND THOSE CONTRACTED BY RECORCHOLIS S.A. AND MESSRS. R&Eacute;CHER HERN&Aacute;N VIVANCO C&Oacute;RDOVA AND LUZ SIERRA SIERRA DE VIVANCO, IN
FAVOR OF CONLORANCE INVESTMENTS&nbsp;INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><B>AMOUNT:&nbsp;UNDETERMINED.</B></FONT></TD>
</TR>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the City of Guayaquil, Capital of the Province of Guayas, Republic of Ecuador, today, </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
the year two thousand three, before me, </FONT><FONT SIZE=2><B>DR. PIERO GASTON AYCART VINCENZINI, Principal Notary THIRTY</B></FONT><FONT SIZE=2> of this Canton, there appear the
party of the first part, the British Virgin Islands company CONLORANCE INVESTMENTS&nbsp;INC., duly represented by its Special Representative in Ecuador, Attorney Justo Andr&eacute;s Andrade
Mac&iacute;as, an Ecuadorian; and the party of the second part, the companies MARINES C.A. and RECORCHOLIS S.A., represented by Mr.&nbsp;R&eacute;cher Hern&aacute;n Vivanco
C&oacute;rdova, in his capacity of General Manager and Legal Representative, duly authorized by the Universal Shareholders Meetings of these Companies, held on February twenty-six,
two thousand three, and the spouses R&Eacute;CHER HERN&Aacute;N VIVANCO C&Oacute;RDOVA, an Ecuadorian, and LUZ AMINTA SIERRA SIERRA DE VIVANCO, a Colombian, on their own behalf
and on behalf of their community of assets. All the deponents are of legal age, executives, domiciled in this city of Guayaquil, competent to bind themselves and contract, known to me, I certify.
Being well informed of the object and outcome of this instrument of Open Mortgage and Voluntary Prohibition to Sell, as indicated; and, with ample and complete freedom to execute it, they submit to me
the draft with the following content: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>MR. NOTARY:</B></FONT><FONT SIZE=2> In the register of public instruments kept by you, please insert an instrument containing the contract of Open Mortgage and
Voluntary Prohibition to Sell, governed by the following clauses and provisions: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>CLAUSE ONE: THE PARTIES.-</B></FONT><FONT SIZE=2> The following persons appear to execute this public instrument of Open Mortgage and Voluntary Prohibition to
Sell: </FONT><FONT SIZE=2><B>a)</B></FONT><FONT SIZE=2> The party of the first part, the company CONLORANCE INVESTMENTS&nbsp;INC., duly represented by its Special Representative in Ecuador,
authorized for this purpose, Attorney Justo Andrade Mac&iacute;as, hereinafter "THE CREDITOR"; </FONT><FONT SIZE=2><B>b)</B></FONT><FONT SIZE=2> The party of the second part, the company
MARINES C.A., duly represented by its General Manager, Mr.&nbsp;R&eacute;cher Hern&aacute;n Vivanco C&oacute;rdova, duly authorized by the Universal Shareholders Meeting of
said company, held on February twenty-six, two thousand three, hereinafter "MARINES C.A." </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>CLAUSE TWO: RECITALS.- a)</B></FONT><FONT SIZE=2> The spouses R&eacute;cher Hern&aacute;n Vivanco C&oacute;rdova and Luz Aminta Sierra
Sierra de Vivanco are, on their own behalf and on behalf of their community of assets, currently debtors of THE CREDITOR. In addition, these obligations are guaranteed by the companies MARINES C.A.
and RECORCHOLIS S.A. </FONT><FONT SIZE=2><B>b)</B></FONT><FONT SIZE=2> MARINES C.A. is willing to guarantee the obligations of the spouses R&eacute;cher Hern&aacute;n Vivanco
C&oacute;rdova and Luz Aminta Sierra Sierra de Vivanco, on their own behalf and on behalf of their community of assets, to THE CREDITOR, and in addition they are guaranteed by the companies
MARINES C.A. and RECORCHOLIS S.A. by the open mortgage guarantee hereunder. </FONT><FONT SIZE=2><B>c)</B></FONT><FONT SIZE=2> MARINES C.A. is the legitimate owner of the following real estate
properties: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>i)</FONT></DT><DD><FONT SIZE=2>Property
containing a shrimp Packing Plant located in lot ONE-A-FOUR, block W in Lotizaci&oacute;n Las Ferias, parish of
Eloy Alfaro-Dur&aacute;n, canton of Dur&aacute;n, Province of Guayas, with the following boundaries and dimensions: </FONT><FONT SIZE=2><B>To the
north&#151;</B></FONT><FONT SIZE=2>third street and El Recreo stream, measuring one hundred seventy-three meters; </FONT><FONT SIZE=2><B>To the south&#151;</B></FONT><FONT SIZE=2>lot
ONE-A-FIVE measuring one hundred seventy-three meters; </FONT><FONT SIZE=2><B>To the east&#151;</B></FONT><FONT SIZE=2>interior street without name, measuring sixty
meters; and </FONT><FONT SIZE=2><B>To the west&#151;</B></FONT><FONT SIZE=2>El Recreo stream, </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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<UL>

<P><FONT SIZE=2>measuring
sixty meters, which measurements give a total area of TEN THOUSAND THREE HUNDRED EIGHTY SQUARE METERS. Said property was acquired by MARINES C.A. under Public Instrument of Purchase and
Sale executed by the company INMOBILIARIA GEONAL S.A. on June eighteen, nineteen hundred eighty-six, before Atty. Jos&eacute; Antonio Paulson G&oacute;mez, Alternate Notary
of Atty. Ernesto Tama Costales, Notary Fourteen of the Canton of Guayaquil, duly recorded in the Register of the Property of the Canton of Guayaquil, on November sixteen, nineteen hundred eighty-
seven, pages three hundred thirty-four thousand six hundred one to three hundred thirty-four thousand six hundred twenty-six, number fifteen thousand
forty-five of the Register of Property, entered under number twenty-nine thousand three hundred ninety-nine of the repertory. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>ii)</FONT></DT><DD><FONT SIZE=2>Property
containing a Larvae Laboratory located two thousand nine hundred meters from the town of San Pablo, place with the same name, belonging to the
Canton Santa Elena across the highway which leads from said town to Manglaralto, with the following boundaries and dimensions: </FONT><FONT SIZE=2><B>To the
north&#151;</B></FONT><FONT SIZE=2>vacant lands measuring one hundred thirty-six meters, seventy centimeters; </FONT><FONT SIZE=2><B>To the
south&#151;</B></FONT><FONT SIZE=2>vacant lands and sands measuring one hundred thirty-six meters seventy centimeters; </FONT><FONT SIZE=2><B>To the
east&#151;</B></FONT><FONT SIZE=2>unoccupied lands measuring one hundred ten meters; and </FONT><FONT SIZE=2><B>To the west&#151;</B></FONT><FONT SIZE=2>twenty-five meters
from the Santa Elena-Manglaralto Highway, measuring one hundred ten meters, which give a total area of FIFTEEN THOUSAND SQUARE METERS, SEVENTY SQUARE CENTIMETERS. Said property was acquired by MARINES
C.A. through a transfer by Merger by Absorption carried out under Public
Instrument executed between MARINES C.A. as absorbing and VANALARVA S.A. (legitimate owner of the property) and ECUATORIANA DE CRUST&Aacute;CEOS ECUACRUS S.A. as absorbed companies, on
December one, nineteen hundred ninety-eight, before Atty. Gloria Lecaro de Crespo, Notary Nine of the Canton of Guayaquil, recorded in the Register of Property of Guayaquil on December five, two
thousand two. In turn, the company VANALARVA S.A. acquired the property by adjudication granted by the Illustrious Municipality of Santa Elena to Mr.&nbsp;Roberto Guerrero Gallardo, who, in turn,
sold it to VANALARVA S.A. under Auction Minutes recorded in the Register of Property of the Canton of Santa Elena on May twenty-three, nineteen hundred eighty-five, registration number
three hundred fifty-one, and repertory number nine hundred thirty-one.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>iii)</FONT></DT><DD><FONT SIZE=2>Property
called Isla Verde with a total area of SEVEN HUNDRED THIRTY-SIX POINT SEVENTY-NINE HECTARES, located in the sector
named Isla Verde, between Isla Pun&aacute; and the Continent, surrounded by Rio Guayas and the Cascajal Canal, in the perish of Ximena in this city of Guayaquil. Said property consists of nine
lots which currently form&nbsp;a single body, with the following description and title history: </FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>One) Lot A-One&#151;</B></FONT><FONT SIZE=2>with an area of eighty-one point eighty-seven hectares, Land Registration number eight
thousand three hundred forty (8,340) and Land Identification forty-six (46). This lot was acquired by MARINES C.A. through a transfer by Merger by Absorption executed under Public
Instrument between MARINES C.A. as absorbing and VANALARVA S.A. and ECUATORIANA DE CRUST&Aacute;CEOS ECUACRUS S.A. (legitimate owner of the property) as absorbed companies, on December one,
nineteen hundred ninety-eight before Atty. Gloria Lecaro de Crespo, Notary Nine of the Canton of Guayaquil, recorded in the Register of Property of Guayaquil on December five, two thousand two. In
turn, ECUATORIANA DE CRUST&Aacute;CEOS ECUACRUS S.A. acquired it under a transfer by Merger by Absorption executed by Public Instrument between ECUATORIANA DE CRUST&Aacute;CEOS
ECUACRUS S.A. as absorbing and ACUACULTURA CAMARONES ACUACAM S.A. as absorbed company, on September one, nineteen hundred ninety-four, before Atty. Julio Guerrero C&aacute;rdenas,
Notary Twenty-Five of the Canton of Guayaquil, recorded in the Register of Property of Guayaquil on June eleven, nineteen hundred ninety-eight. In turn, the company ACUACULTURA CAMARONES
ACUACAM S.A. acquired it, with an area of two hundred hectares, by purchase of hereditary rights and shares from the heirs of Gregorio Carvajal Rubio, executed by Public Instrument before Notary
Twenty-Eight of Guayaquil, Atty. Eugenio Ram&iacute;rez, on June twenty, nineteen hundred eighty-four, recorded in the Register of Property of Guayaquil on July sixteen, nineteen
hundred eighty-four. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Two) Lot A-2&#151;</B></FONT><FONT SIZE=2>with an area of ninety-seven point ninety-nine hectares, Land Registration number eight
thousand four hundred two (8,402) and Land Identification number forty-seven (47). This lot was acquired by MARINES C.A. under a transfer by Merger by Absorption executed by Public Instrument between
MARINES C.A. as absorbing and VANALARVA S.A. and ECUATORIANA DE CRUST&Aacute;CEOS ECUACRUS S.A. (legitimate owner of the property) as absorbed companies, on December one, nineteen hundred
ninety-eight before Atty. Gloria Lecaro de Crespo, Notary Nine of the Canton of Guayaquil, recorded in the Register of Property of Guayaquil on December five, two
thousand two. In turn, ECUATORIANA DE CRUST&Aacute;CEOS ECUACRUS S.A. acquired it under a transfer by Merger by Absorption executed by Public Instrument between ECUATORIANA DE
CRUST&Aacute;CEOS ECUACRUS S.A. as absorbing and ACUACULTURA CAMARONES ACUACAM S.A. as absorbed on September one, nineteen hundred ninety-four, before Atty. Julio Guerrero
C&aacute;rdenas, Notary Twenty-Five of the Canton of Guayaquil, recorded in the Register of Property of Guayaquil on June eleven, nineteen hundred ninety-eight. In turn,
ACUACULTURA CAMARONES ACUACAM S.A. acquired it by purchase from ECUATORIANA DE CRUST&Aacute;CEOS ECUACRUS S.A. under Public Instrument executed before Notary Five of Guayaquil,
Dr.&nbsp;Gustavo Falcon&iacute; Ledesma, on August eleven, nineteen hundred eighty-eight, recorded in the Register of Property of Guayaquil, on September fourteen, nineteen hundred
eighty-eight. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Three) Lot A-3&#151;</B></FONT><FONT SIZE=2>With an area of thirty-eight point sixty-eight hectares, Land Registration number eight thousand
four hundred twenty-eight (8428) and Land Identification number forty-eight (48). This lot was acquired by MARINES C.A. through a transfer by Merger by Absorption executed by Public Instrument between
MARINES C.A. as absorbing and VANALARVA S.A. and ECUATORIANA DE CRUST&Aacute;CEOS ECUACRUS S.A. (legitimate owner of the property) as absorbed companies, on December one, nineteen hundred
ninety-eight before Atty. Gloria Lecaro de Crespo, Notary Nine of the Canton of Guayaquil, recorded in the Register of Property of Guayaquil on December five, two thousand two. In turn, ECUATORIANA DE
CRUST&Aacute;CEOS ECUACRUS S.A. acquired it under a transfer by Merger by Absorption executed by Public Instrument between ECUATORIANA DE CRUST&Aacute;CEOS ECUACRUS S.A. as absorbing
and ACUACULTURA CAMARONES ACUACAM S.A. as absorbed on September one, nineteen hundred ninety-four, before Atty. Julio Guerrero C&aacute;rdenas, Notary Twenty-Five of
the Canton of Guayaquil, recorded in the Register of Property of Guayaquil on June eleven, nineteen hundred ninety-eight. In turn, ACUACULTURA CAMARONES ACUACAM S.A. acquired it, by purchase from
BALMANTA S.A. under Public Instrument executed before Notary Five of Guayaquil, Dr.&nbsp;Gustavo Falcon&iacute; Ledesma, on August eleven, nineteen hundred eighty-eight, recorded in the
Register of Property of Guayaquil, on September twenty-eight, nineteen hundred eighty-eight. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Four) Lot A-4&#151;</B></FONT><FONT SIZE=2>With an area of ninety-two point forty-one hectares, Land Registration
number nine thousand five hundred twelve (9512) and Land Identification number one hundred seventy-two (172). This lot was acquired by MARINES C.A. through a transfer by Merger by
Absorption executed by Public Instrument between MARINES C.A. as absorbing and VANALARVA S.A. and ECUATORIANA DE CRUST&Aacute;CEOS ECUACRUS S.A. (legitimate owner of the property) as absorbed
companies, on December one, nineteen hundred ninety-eight before Atty. Gloria Lecaro de Crespo, Notary Nine of the Canton of Guayaquil, recorded in the Register of Property of Guayaquil on December
five, two thousand two. In turn, ECUATORIANA DE CRUST&Aacute;CEOS ECUACRUS S.A. acquired it under a transfer by Merger by Absorption executed by Public Instrument between ECUATORIANA DE
CRUST&Aacute;CEOS ECUACRUS S.A. as absorbing and ACUACULTURA CAMARONES ACUACAM S.A. as absorbed on September one, nineteen hundred ninety-four, before Atty. Julio Guerrero
C&aacute;rdenas, Notary Twenty-Five of the Canton of Guayaquil, recorded in the Register of Property of Guayaquil on June eleven, nineteen hundred ninety-eight. In turn,
ACUACULTURA CAMARONES ACUACAM S.A. acquired it, by purchase of hereditary rights and shares from the heirs of Jos&eacute; Borbor, executed by Public Instrument before Notary Thirteen of
Guayaquil, Dr.&nbsp;Norma Plaza de Garc&iacute;a, on September twenty-one, nineteen hundred eighty-seven and recorded in the Register of Property of Guayaquil on January
thirteen, nineteen hundred eighty-eight. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Five) Lot C-1&#151;</B></FONT><FONT SIZE=2>with an area of one hundred thirteen point forty-seven hectares, Land Registration number nine
thousand five hundred thirteen (9513) and Land Identification number one hundred seventy-three (173). This lot was acquired by MARINES C.A. through a transfer by Merger by Absorption executed by
Public Instrument between MARINES C.A. as absorbing and VANALARVA S.A. and ECUATORIANA DE CRUST&Aacute;CEOS ECUACRUS S.A. (legitimate owner of the property) as absorbed companies, on December
one, nineteen hundred ninety-eight before Atty. Gloria Lecaro de Crespo, Notary Nine of the Canton of Guayaquil, recorded in the Register of Property of Guayaquil on December five, two thousand two.
In turn, ECUATORIANA DE CRUST&Aacute;CEOS ECUACRUS S.A. acquired it under a transfer by Merger by Absorption executed by Public Instrument between ECUATORIANA DE CRUST&Aacute;CEOS
ECUACRUS S.A. as absorbing and CAMARONES T&Eacute;CNICOS CAMTEC S.A. as absorbed on September one, nineteen hundred ninety-four, before Atty. Julio Guerrero
C&aacute;rdenas, Notary Twenty-Five of the Canton of Guayaquil and recorded in the Register of Property of Guayaquil on June eleven, nineteen hundred ninety-eight. In turn,
CAMARONES T&Eacute;CNICOS CAMTEC S.A. acquired it with an area of two hundred hectares, by purchase of hereditary rights and shares from the heirs of Gregorio Carvajal Rubio, executed by
Public Instrument before Notary Twenty-Eight of Guayaquil, Atty. Eugenio Ram&iacute;rez, on June twenty, nineteen hundred eighty-four, recorded in the Register of Property of
Guayaquil on July seventeen, nineteen hundred eighty-four. The area of this lot was replanted by the Institute for Agrarian Reform and Colonization IERAC, on one hundred
eighty-nine point ten hectares (189.10), as appears from the Public Instrument of Establishment of Boundaries executed on July twenty-two, nineteen hundred
eighty-five before Notary Thirteen of Guayaquil, Dr.&nbsp;Norma Plaza de Garc&iacute;a and recorded in the Register of Property of Guayaquil on February twenty-one,
nineteen hundred eighty-six. Subsequently, CAMARONES T&Eacute;CNICOS CAMTEC S.A. separated from this lot and sold to ECUATORIANA DE CRUST&Aacute;CEOS ECUACRUS S.A. a lot of
seventy-five point sixty-three hectares (75.63), by Public Instrument of Purchase and Sale executed before Notary Five of Guayaquil, Dr.&nbsp;Gustavo Falcon&iacute; Ledesma, on
August eleven, nineteen hundred eighty-eight and recorded in the Register of Property of Guayaquil on September twenty-nine, nineteen hundred eighty-eight, with a remainder of one hundred
thirteen point forty-seven hectares (113.47) which is the current area of this lot. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Six) Lot C-2&#151;</B></FONT><FONT SIZE=2>with an area of one hundred seven point thirty-three hectares (107.33) with Land Registration number
nine thousand five hundred fourteen (9514) and Land Identification number one hundred seventy-four (174). This lot was acquired by MARINES C.A. through a transfer by Merger by Absorption
executed by Public Instrument between MARINES C.A. as absorbing and VANALARVA S.A. and ECUATORIANA DE CRUST&Aacute;CEOS ECUACRUS S.A. (legitimate owner of the property) as absorbed companies,
on December one, nineteen hundred ninety-eight before Atty. Gloria Lecaro de Crespo, Notary Nine of the Canton of Guayaquil, recorded in the Register of Property of Guayaquil on December five, two
thousand two. In turn, ECUATORIANA DE CRUST&Aacute;CEOS ECUACRUS S.A. acquired it under a transfer by Merger by Absorption executed by Public Instrument between ECUATORIANA DE
CRUST&Aacute;CEOS ECUACRUS S.A. as absorbing and CAMARONES T&Eacute;CNICOS CAMTEC S.A. as absorbed on September one, nineteen hundred ninety-four, before Atty. Julio
Guerrero C&aacute;rdenas, Notary Twenty-Five of the Canton of Guayaquil, recorded in the Register of Property of Guayaquil on June eleven, nineteen hundred ninety-eight. In turn,
CAMARONES T&Eacute;CNICOS CAMTEC S.A. acquired it by purchase from ACUACULTURA CAMARONES ACUARAM [sic] S.A. under Public Instrument executed before Notary Five of
Guayaquil, Dr.&nbsp;Gustavo
Falcon&iacute; Ledesma, on August eleven, nineteen hundred eighty-eight, recorded in the Register of Property of Guayaquil, on September twenty-one, nineteen hundred eighty-eight. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Seven) Lot E-1&#151;</B></FONT><FONT SIZE=2>with an area of one hundred two point zero one hectares (102.01), Land Registration number nine
thousand five hundred fifteen (9515) and Land Identification number one hundred seventy-five (175). This lot was acquired by MARINES C.A. through a transfer by Merger by Absorption
executed by Public Instrument between MARINES C.A. as absorbing and VANALARVA S.A. and ECUATORIANA DE CRUST&Aacute;CEOS ECUACRUS S.A. (legitimate owner of the property) as absorbed companies,
on December one, nineteen hundred ninety-eight before Atty. Gloria Lecaro de Crespo, </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

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<P><FONT SIZE=2>
Notary Nine of the Canton of Guayaquil, recorded in the Register of Property of Guayaquil on December five, two thousand two. In turn, ECUATORIANA DE CRUST&Aacute;CEOS ECUACRUS S.A. acquired
it with an area of two hundred hectares, by purchase of hereditary rights and shares from the heirs of Gregorio Carvajal Rubio, executed by Public Instrument before Notary Twenty-Eight of Guayaquil,
Atty. Eugenio Ram&iacute;rez, on June twenty, nineteen hundred eighty-four, recorded in the Register of Property of Guayaquil on July seventeen, nineteen hundred
eighty-four. Subsequently, ECUATORIANA DE CRUST&Aacute;CEOS ECUACRUS S.A. separated from this lot and sold to ACUACULTURA CAMARONES ACUACAM S.A. a lot of ninety-seven point
ninety-nine (97.99) hectares, by Public Instrument of Purchase and Sale executed before Notary Five of Guayaquil, Dr.&nbsp;Gustavo Falcon&iacute; Ledesma, on August eleven,
nineteen hundred eighty-eight and recorded in the Register of Property of Guayaquil on September fourteen, nineteen hundred eighty-eight, with a remainder of one hundred two point zero one (102.01)
hectares which is the current area of this lot. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Eight) Lot E-2&#151;</B></FONT><FONT SIZE=2>with an area of twenty-seven point forty (27.40) hectares with Land Registration number nine
thousand five hundred sixteen (9516) and Land Identification number one hundred seventy-six (176). This lot was acquired by MARINES C.A. through a transfer by Merger by Absorption executed
by Public Instrument between MARINES C.A. as absorbing and VANALARVA S.A. and ECUATORIANA DE CRUST&Aacute;CEOS ECUACRUS S.A. (legitimate owner of the property) as absorbed companies, on
December one, nineteen hundred ninety-eight before Atty. Gloria Lecaro de Crespo, Notary Nine of the Canton of Guayaquil, recorded in the Register of Property of Guayaquil on December five, two
thousand two. In turn, ECUATORIANA DE CRUST&Aacute;CEOS ECUACRUS S.A. acquired it by Public Instrument of Purchase and Sale granted in its favor by BALMANTA S.A., executed before Notary Five
of Guayaquil, Dr.&nbsp;Gustavo Falcon&iacute; Ledesma, on August eleven, nineteen hundred eighty-eight and it was recorded in the Register of Property of Guayaquil on September twenty-eight,
nineteen hundred eighty-eight. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Nine) Lot E-3&#151;</B></FONT><FONT SIZE=2>with an area of seventy-five point sixty-three (75.63) hectares, with Land Registration number nine
thousand five hundred seventeen (9517) and Land Identification number one hundred seventy-seven (177). This lot was acquired by MARINES C.A. through a transfer by Merger by Absorption executed by
Public Instrument between MARINES C.A. as absorbing and VANALARVA S.A. and ECUATORIANA DE CRUST&Aacute;CEOS ECUACRUS S.A. (legitimate owner of the property) as absorbed companies, on December
one, nineteen hundred ninety-eight before Atty. Gloria Lecaro de Crespo, Notary Nine of the Canton of Guayaquil, recorded in the Register of Property of Guayaquil on
December five, two thousand two. In turn, the company ECUATORIANA DE CRUST&Aacute;CEOS ECUACRUS S.A. acquired it by Public Instrument of Purchase and Sale granted in its favor by CAMARONES
T&Eacute;CNICOS CAMTEC S.A., executed before Notary Five of Guayaquil, Dr.&nbsp;Gustavo Falcon&iacute; Ledesma, on August eleven, nineteen hundred eighty-eight and recorded in the
Register of Property of Guayaquil on September twenty-nine, nineteen hundred eighty-eight. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>CLAUSE THREE: OPEN MORTGAGE.-</B></FONT><FONT SIZE=2> As guarantee and for the safety of all and every one of the obligations indicated in the previous clause, in
other words those which MARINES C.A., RECORCHOLIS S.A. and the spouses R&eacute;cher Hern&aacute;n Vivanco C&oacute;rdova and Luz Aminta Siera [sic]
Sierra de Vivanco contracted or may contract in the future towards the CREDITOR, without prejudice to its personal and joint liability and without restriction of any type, be it for obligations
matured or to mature, past, present or future, novations by direct or indirect negotiations, be it the CREDITOR, original creditor or creditor by subrogation, including judicial or extra-judicial
expenses applicable, and also as guarantee of the obligations which MARINES C.A., RECORCHOLIS S.A. and the spouses R&eacute;cher Hern&aacute;n Vivanco C&oacute;rdova and Luz
Aminta Siera [sic] Sierra de Vivanco contracted or may contract individually and/or to third parties, directly and/or indirectly in favor of the CREDITOR; or which, contracted
in any of said forms, have been acquired under any status by the CREDITOR; MARINES C.A. constitutes in favor of the CREDITOR first open mortgage, as indicated, on its properties, described under
letter c)&nbsp;in Clause Two of this Contract. MARINES C.A. expressly undertakes personally to pay the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

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<P><FONT SIZE=2>
obligations of the spouses R&eacute;cher Hern&aacute;n Vivanco C&oacute;rdova and Luz Aminta Sierra Sierra de Vivanco who, on their own behalf and on behalf of their community
of assets, are currently debtors of the CREDITOR. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>CLAUSE FOUR: EXTENSION OF THE MORTGAGE.-</B></FONT><FONT SIZE=2> MARINES C.A. declares that this mortgage is constituted as-is on the assets described
above and not in connection with their area, so that if any part of them is not included therein, it will also be included in the open mortgage, now constituted, since MARINES C.A. wants them to
contain everything currently in existence, as well as the movables which, by accession thereto are reputed to be real estate, and the movables which, by benefit, use and cultivation of said real
estate, are permanently designed for them, even if they can be separated without damage; and also all increases and improvements to be made from now on, and the new works and constructions to be
erected, without reservations or limitations of any type; and the indemnity owed by the insurers of said assets. In addition, MARINES C.A. declares that certain assets mortgaged under this instrument
are only identified by their Land Registration Code, as appears from the certificates issued by the corresponding registries of property, and that their boundaries and dimensions have not been
reproduced in this instrument, but concerning which it declares that it is its will to include in the mortgage guarantee the entire property so identified, as well as the movables, reputed real estate
by accession and the movables which, by benefit, use and cultivation of said properties are permanently designed for them, even if they can be separated without damage; and also all the increases and
improvements received from now on and the new works and constructions to be erected, without reservations or limitations of any type. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finally,
MARINES C.A. declares that, should the Land Register Codes which identify certain assets be changed currently, such changes will be deemed incorporated in this instrument,
because it is its will to include in the mortgage all the properties so identified. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>CLAUSE FIVE: TERM, EXTINCTION AND CAUSES FOR EXECUTION OF THE MORTGAGE.- a)</B></FONT><FONT SIZE=2> The mortgage constituted under this public instrument will be
fully valid until the total payment of each and every one of the obligations it backs up, whereby MARINES C.A. waives requesting the extinguishment of the lien by means other than the execution of a
public instrument of cancellation granted by the CREDITOR; </FONT><FONT SIZE=2><B>b)</B></FONT><FONT SIZE=2> The CREDITOR may exercise the real mortgage action in the following cases, inter alia: </FONT> <FONT SIZE=2><B>ONE)</B></FONT><FONT SIZE=2>
At the maturity of any of the obligations backed up by the mortgage which are not resolved in a timely manner, even if there are others which are
still not yet matured; </FONT><FONT SIZE=2><B>TWO)</B></FONT><FONT SIZE=2> In the event that MARINES C.A. sells or alienates part or all of the assets mortgaged without express written consent of the
CREDITOR, even if the term of the respective obligations has not yet matured; </FONT><FONT SIZE=2><B>THREE)</B></FONT><FONT SIZE=2> If MARINES C.A. stops maintaining the assets mortgaged hereunder in
good conditions; </FONT><FONT SIZE=2><B>FOUR)</B></FONT><FONT SIZE=2> In the event that the assets mortgaged, due to causes prior or subsequent to this Contract, are deteriorated or depreciate in
their value for any reason, so that they do not offer sufficient surety in the judgment of the representative of the CREDITOR; </FONT><FONT SIZE=2><B>FIVE)</B></FONT><FONT SIZE=2> If third-party
creditors obtain a prohibition from selling or an encumbrance on all or part of the mortgaged assets, or if they are the object of a transfer of title; </FONT> <FONT SIZE=2><B>SIX)</B></FONT><FONT SIZE=2> If MARINES C.A., without express
authorization from the CREDITOR, encumbers all or part of the mortgaged assets, or limits their title; </FONT> <FONT SIZE=2><B>SEVEN)</B></FONT><FONT SIZE=2> In the event of a situation of bankruptcy, insolvency or settlement with creditors of
MARINES C.A.; </FONT> <FONT SIZE=2><B>EIGHT)</B></FONT><FONT SIZE=2> If MARINES C.A. is the defendant in a resolutory action, cancellation action, motion for inheritance or title in connection with the mortgaged
assets; </FONT><FONT SIZE=2><B>NINE)</B></FONT><FONT SIZE=2> If MARINES C.A. fails to comply with an order to pay under execution filed by third parties; </FONT> <FONT SIZE=2><B>TEN)</B></FONT><FONT SIZE=2> If MARINES C.A. stops paying municipal,
fiscal or provincial taxes levied on the properties; </FONT> <FONT SIZE=2><B>ELEVEN)</B></FONT><FONT SIZE=2> If MARINES C.A. becomes debtor or guarantor of entities with coactive jurisdiction, without the written consent of the CREDITOR; </FONT>
<FONT SIZE=2><B>TWELVE)</B></FONT><FONT SIZE=2> If MARINES C.A. suspends the work currently carried out by it and which constitutes its business, and such suspension lasts for more than thirty
days, except in cases of force majeure or acts of God duly proven to the satisfaction of the CREDITOR; </FONT><FONT SIZE=2><B>THIRTEEN)</B></FONT><FONT SIZE=2> In the event of a labor conflict
between MARINES C.A. and its workers, which may endanger the normal activity thereof in the judgment of the representative of the CREDITOR; </FONT><FONT SIZE=2><B>FOURTEEN)</B></FONT><FONT SIZE=2> If
MARINES C.A. stops complying with any employer obligation to its workers and/or to the Ecuadorian Social Security Institute; </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

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<P><FONT SIZE=2><B> FIFTEEN)</B></FONT><FONT SIZE=2> If MARINES C.A. violates any of the provisions of this Contract or of the pertinent Laws and Regulations; </FONT><FONT SIZE=2><B>SIXTEEN)</B></FONT><FONT SIZE=2> If
MARINES C.A. is requested and refuses to submit to the CREDITOR proof that it is in good standing with the obligations referred to in the above sections; and </FONT> <FONT SIZE=2><B>SEVENTEEN)</B></FONT><FONT SIZE=2> For any other reason, as agreed
upon between the parties. In any of said cases, such declaration of the CREDITOR made in the executory
petition will be sufficient for the petition to produce all legal effects, even if MARINES C.A. is in good standing with the payment of its obligations. Consequently, the CREDITOR may declare matured
all pending operations and exercise the executive action for the collection of all credits, with the corresponding legal effects, i.e., by requesting immediately the attachment of the mortgaged asset. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>CLAUSE SIX: SCOPE OF THE WORD OBLIGATION.-</B></FONT><FONT SIZE=2> The word obligation as used in this public instrument includes the present, matured or to
mature debts, as well as the future debts to be contracted, with the understanding that the open mortgage constituted by this public instrument refers to all direct or indirect credits granted or
given by the CREDITOR to MARINES C.A.,
RECORCHOLIS S.A., and to the spouses R&eacute;cher Hern&aacute;n Vivanco C&oacute;rdova and Luz Aminta Siera [sic] Sierra de Vivanco, in other words,
any amount which, by the mere and only provision of the CREDITOR is considered as an obligation, whether its origin is prior, simultaneous or subsequent to this Open Mortgage Agreement. MARINES C.A.
expressly agrees on the reservations set forth in Article one thousand six hundred eighty-five of the Civil Code. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>CLAUSE SEVEN: CONDITION OF THE PROPERTY.-</B></FONT><FONT SIZE=2> MARINES C.A. declares that the properties owned by it, as described in Clause Two of this public
instrument, are free of any lien, attachment, lawsuit, prohibition or limitation, that they are not affected by cancellation actions, claims, possessory actions or inheritance petition. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>CLAUSE EIGHT: VOLUNTARY PROHIBITION TO SELL.-</B></FONT><FONT SIZE=2> MARINES C.A. declares by its own will that it constitutes a prohibition to sell concerning
the properties mortgaged under this instrument, for the entire term of the obligations which cause said lien, so that is may not sell them under any status without the express authorization of the
CREDITOR, which authorization will be given with the intervention of the legal representative thereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>CLAUSE NINE: INSURANCE.-</B></FONT><FONT SIZE=2> MARINES C.A. declares that it pledges to insure the mortgaged properties against fire and other hazards, in an
amount which, in the event of a loss, would cover the value of the loan, which will be valid until the total payment of the guaranteed debts; for this purpose, it will deliver the insurance policy
duly endorsed in favor of the CREDITOR so that, in the event of a loss, it covers the value of the debts. If MARINES C.A. fails to contract the insurance or to renew the policy eight days before its
expiration, the CREDITOR may do so. All expenses and costs of insurance and its renewals will be paid by MARINES C.A. MARINES C.A. is obligated, in the event of renewal of the policy, to renew it
under the same terms and conditions as the previous one, i.e., it must be issued in favor of MARINES C.A. and duly endorsed in favor of the CREDITOR. In the event of difficulty in the collection of
the policy or due to any circumstances, it is not possible to collect insurance, the CREDITOR will not bear any responsibility and MARINES C.A. must take all judicial or extra-judicial steps necessary
to require and obtain the payment of the loss. If it is unable to take the stipulated insurance, and a loss takes place, and the CREDITOR does not receive the insured amount, MARINES C.A. is obligated
to pay to the CREDITOR all outstanding debts. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>CLAUSE TEN: TRANSFER OF RIGHTS.-</B></FONT><FONT SIZE=2> The parties expressly agree that the CREDITOR may transfer the mortgage rights constituted in its favor
in this instrument, for which purpose MARINES C.A. expressly gives its acceptance in advance in the event of such transfer of rights. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>CLAUSE ELEVEN: ACCEPTANCE.-</B></FONT><FONT SIZE=2> The CREDITOR, through the person of its General Manager, declares that it accepts the first open mortgage and
voluntary prohibition to sell set forth in the previous
Clauses and indicates for the record that the CREDITOR reserves the right to notify MARINES C.A. in writing of its decision that, after its last obligation is met, this Contract will be terminated. In
turn, </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>8</FONT></P>

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<P><FONT SIZE=2>
MARINES C.A. declares that it accepts and confirms all and every one of the clauses and provisions of this Contract. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>CLAUSE TWELVE: EXPENSES.-</B></FONT><FONT SIZE=2> All expenses for the execution of this Public Instrument, including those for registration, inscription,
CREDITOR's lawyers' fees, taxes, dues and others, and the expenses of its cancellation, in due time, will be paid by MARINES C.A. Notwithstanding the above, either one of the parties is authorized to
take the necessary steps in order to obtain the registration in the pertinent Public Register. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>CLAUSE THIRTEEN: DOMICILE, JURISDICTION AND COMPETENCE.-</B></FONT><FONT SIZE=2> The parties indicated as domicile the city of Guayaquil and submit to the
jurisdiction and competence of the Civil Judges of the city of Guayaquil and executive proceedings. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You,
Mr.&nbsp;Notary, will add the other stylistic formalities so as to cause the perfect and full validity of this Public Instrument. (illegible signature) ATTORNEY JACOB CUEVA
GONZALEZ. License number nine thousand seven hundred fifty-six. Up to here the draft and its deponents. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consequently,
the deponents confirm the content of the draft reproduced herein, which is elevated to Public Instrument so that it may produce all legal effects. All documents required by
law are enclosed with this registration. After this instrument was read from beginning to end by me, the Notary, in a clear and loud voice, to the deponents who approve it in all and every one of its
parts; they affirm, confirm and sign it in the same act with me, the Notary, who certifies. </FONT></P>

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<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2>[signature]<BR></FONT> <FONT SIZE=2><B>MRS. LUZ SIERRA DE VIVANCO<BR>
ID Card No.&nbsp;070325616-4</B></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2><BR>
[signature]<BR></FONT> <FONT SIZE=2><B>MR. R&Eacute;CHER VIVANCO C&Oacute;RDOVA<BR>
C.C. No.&nbsp;110182983-4<BR>
V.C. No.&nbsp;2540129</B></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2><BR>
For </FONT><FONT SIZE=2><B>MARINES C.A.</B></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2><BR>
[signature]<BR></FONT> <FONT SIZE=2><B>MR. R&Eacute;CHER VIVANCO C&Oacute;RDOVA<BR>
C.C. No.&nbsp;110182983-4<BR>
V.C. No.&nbsp;2540129<BR>
R.U.C. No.&nbsp;0990552401001</B></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2><BR>
For </FONT><FONT SIZE=2><B>RECORCHOLIS S.A.</B></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2><BR>
[signature]<BR></FONT> <FONT SIZE=2><B>MR. R&Eacute;CHER VIVANCO C&Oacute;RDOVA<BR>
C.C. No.&nbsp;110182983-4<BR>
V.C. No.&nbsp;2540129<BR>
R.U.C. No.&nbsp;0990531919001</B></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2><BR>
For </FONT><FONT SIZE=2><B>CONLORANCE INVESTMETS [sic]&nbsp;INC.</B></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2><BR>
[signature]<BR></FONT> <FONT SIZE=2><B>ATTY. JUSTO ANDR&Eacute;S ANDRADE MAC&Iacute;AS<BR>
C.C. No.&nbsp;120136935-0<BR>
V.C. No.&nbsp;88-0001</B></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
</TR>
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<P ALIGN="CENTER"><FONT SIZE=2>9</FONT></P>

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<TYPE>EX-10.14
<SEQUENCE>7
<FILENAME>a2105538zex-10_14.htm
<DESCRIPTION>EXHIBIT 10.14
<TEXT>
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<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="page_kh2969_1_1"> </A> </FONT> <FONT SIZE=2><B>Exhibit 10.14  </B></FONT></P>

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<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><B>TRANSFER OF MORTGAGE RIGHTS AND SUBSTITUTION OF CREDITOR, EXECUTED BY THE COMPANIES CONLORANCE INVESTMENTS&nbsp;INC., BALMANTA S.A. AND MARINES C.A.</B></FONT></TD>
</TR>
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<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><B>AMOUNT: UNDETERMINED.</B></FONT></TD>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the City of Guayaquil, Capital of the Province of Guayas, Republic of Ecuador, today, of the year two thousand three, before me, </FONT><FONT SIZE=2><B>DR. PIERO GASTON AYCART
VINCENZINI, Principal Notary THIRTY</B></FONT><FONT SIZE=2> of this Canton, there appear the party of the first part, the British Virgin Islands company CONLORANCE INVESTMENTS&nbsp;INC., duly
represented by its Special Representative in Ecuador, Attorney Justo Andr&eacute;s Andrade Mac&iacute;as, an Ecuadorian; and the party of the second part, the company BALMANTA S.A.
represented by Eng. Jos&eacute; Alberto Sandoval Mu&ntilde;oz, in his capacity as General Manager and Legal Representative, and; the party of the second part, the company MARINES C.A.,
represented by Mr.&nbsp;R&eacute;cher Hern&aacute;n Vivanco C&oacute;rdova, in his capacity of General Manager and Legal Representative. All the deponents are of legal age,
executives, domiciled in this city of Guayaquil, competent to bind themselves and contract, known to me, I certify. Being well informed of the object and outcome of this instrument of Transfer of
Mortgage Rights and Substitution of Creditor, as indicated; and, with ample and complete freedom to execute it, they submit to me the draft with the following content: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MR.
NOTARY: In the register of public instruments kept by you, please insert an instrument containing this transfer of mortgage rights and substitution of creditor, governed by the
following clauses: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONE:
THE PARTIES.- The following appear to execute this public instrument: the party of the first part, the company CONLORANCE INVESTMENTS&nbsp;INC. (hereinafter "THE CREDITOR"), duly
represented by Attorney Justo Andrade Mac&iacute;as, as arises from the power of attorney recorded, which is enclosed herewith; the party of the second part, the company BALMANTA S.A., duly
represented by Eng. Jos&eacute; Sandoval Mu&ntilde;oz, as arises from the appointment recorded, which is enclosed herewith. Finally, there appears the company MARINES C.A. (hereinafter
"THE MORTGAGE GUARANTOR"), duly represented by Mr.&nbsp;R&eacute;cher Vivanco C&oacute;rdova, as arises from the appointment recorded, which is enclosed herewith. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TWO:
RECITALS.- THE MORTGAGE GUARANTOR and THE CREDITOR executed a public instrument of first open mortgage on several real estate properties of THE MORTGAGE GUARANTOR, on day of the
month of , two thousand three, before Notary Thirty of Guayaquil, which is duly recorded in the Register of Property of the cantons of Guayaquil, Santa Elena and Dur&aacute;n, dated the day of
the month of , the day of the month of , and the day of the month of , two thousand three, enclosed with this public instrument. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THREE:
TRANSFER OF MORTGAGE RIGHTS AND SUBSTITUTION OF CREDITOR.- Based on the above recitals, CONLORANCE INVESTMENTS&nbsp;INC., assigns and transfers to BALMANTA S.A., which accepts,
without any restriction, the assignment and transfer of all rights of CONLORANCE INVESTMENTS&nbsp;INC. as CREDITOR, on the first open mortgage referred to in the previous clause. Thus, as of the
recording of this instrument in the corresponding Registers of Property, BALMANTA S.A. will be the CREDITOR of the MORTGAGE GUARANTOR with all the rights and under the same conditions existing until
now for CONLORANCE INVESTMENTS&nbsp;INC. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOUR:
DECLARATIONS OF THE MORTGAGE GUARANTOR.- THE MORTGAGE GUARANTOR, in this same public instrument, declares that it has been duly informed of the transfer of mortgage rights and
substitution of creditor from CONLORANCE INVESTMENTS&nbsp;INC. to BALMANTA S.A., and that it accepts it in full, pursuant to article one thousand eight hundred sixty-nine </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>1</FONT></P>

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<P><FONT SIZE=2>
of the Civil Code, and therefore it waives any claim in connection with the contents of this instrument. In addition, it ratifies in all its parts the public instrument of first open mortgage
described in clause two of this instrument, including, without limitation thereto, the provisions concerning the voluntary prohibition to sell enforced on the mortgaged assets. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIVE:
REGISTRATION FORMALITIES.- Notary Thirty of Guayaquil and the Registrars of Property of Guayaquil, Santa Elena and Dur&aacute;n must enter a note in the margin of the
mortgage instrument and in the corresponding registrations indicating that they carried out this transfer of mortgage rights and substitution of mortgagee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Notary,
please incorporate the stylistic clauses required for the full effectiveness and validity of this public instrument. (illegible signature) ATTORNEY JACOB CUEVA
GONZ&Aacute;LEZ. License Number nine thousand seven hundred fifty-six. Up to here the draft and its deponents. Consequently, the deponents confirm the content of the draft
reproduced herein, which is elevated to Public Instrument so that it may produce all legal effects. All documents required by law are enclosed with this registration. After this instrument was read
from beginning to end by me, the Notary, in a clear and loud voice, to the deponents Who approve it in all and every one of its parts; they affirm, confirm and sign it in the same act with me, the
Notary, who certifies. </FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2>For </FONT><FONT SIZE=2><B>CONLORANCE INVESTMENTS&nbsp;INC.</B></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2><BR>
[signature]<BR></FONT> <FONT SIZE=2><B>ATTY. JUSTO ANDR&Eacute;S ANDRADE MAC&Iacute;AS<BR>
C.C. No.&nbsp;120136935-0<BR>
V.C. No.&nbsp;88-0001</B></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2><BR>
for </FONT><FONT SIZE=2><B>BALMANTA, S.A.</B></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2><BR>
[signature]<BR></FONT> <FONT SIZE=2><B>ENG. JOS&Eacute; ALBERTO SANDOVAL MU&Ntilde;OZ<BR>
C.C. No.<BR>
V.C. No.<BR>
R.U.C. No.</B></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2><BR>
For </FONT><FONT SIZE=2><B>MARINES C.A.</B></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2><BR>
[signature]<BR></FONT> <FONT SIZE=2><B>MR. R&Eacute;CHER HERN&Aacute;N VIVANCO C&Oacute;RDOVA<BR>
C.C. No.<BR>
V.C. No.<BR>
R.U.C. No.</B></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>8
<FILENAME>a2105538zex-99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit 99.1  </B></FONT></P>

<P ALIGN="CENTER"><BR><FONT SIZE=2><B>BALTEK CORPORATION AND SUBSIDIARIES  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B> UNAUDITED PRO FORMA STATEMENT OF OPERATIONS<BR>
FOR THE YEAR ENDED DECEMBER 31, 2001<BR>  </B></FONT><FONT SIZE=2><I>(Dollars in thousands, except per share data)  </I></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=3 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Historical as<BR>
Reported</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Adjustments (a)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Pro Forma</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>NET SALES</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>78,068</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>20,197</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>57,871</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2><BR>
COST OF PRODUCTS SOLD</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
59,709</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
21,520</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
38,189</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>SELLING, GENERAL AND ADMINISTRATIVE EXPENSES</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>15,085</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>737</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>14,348</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="48%"><FONT SIZE=2>Operating income</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>3,274</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(2,060</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>5,334</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2><BR>
OTHER INCOME (EXPENSE):</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Interest expense</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(1,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(162</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(838</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Foreign exchange gain (loss)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>53</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>53</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Interest income</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>7</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Other, net</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(11</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(11</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="48%"><FONT SIZE=2>Total</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(951</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(162</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(789</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2><BR>
INCOME BEFORE TAXES</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2,323</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
(2,222</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4,545</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>INCOME TAX PROVISION/(BENEFIT)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>741</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(709</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>1,450</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2><BR>
NET INCOME</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1,582</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
(1,513</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
3,095</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2><BR>
BASIC AND DILUTED EARNINGS PER COMMON SHARE</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
0.64</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
(0.61</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1.25</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>WEIGHTED AVERAGE SHARES OUTSTANDING</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>2,468,472</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>2,468,472</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>2,468,472</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>See
notes to unaudited pro forma financial statements. </FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=1,EFW="2105538",CP="BALTEK CORP.",DN="7",CHK=868168,FOLIO='blank',FILE='DISK015:[03NYC9.03NYC2969]KI2969A.;4',USER='OALBERT',CD='14-MAR-2003;12:56' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><BR><FONT SIZE=2><B>BALTEK CORPORATION AND SUBSIDIARIES  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B> UNAUDITED PRO FORMA BALANCE SHEET<BR>
SEPTEMBER 30, 2002<BR>  </B></FONT><FONT SIZE=2><I>(Dollars in Thousands, except per share data)  </I></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Historical as<BR>
Reported</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Adjustments (b)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Pro Forma</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2><B>ASSETS</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><BR><FONT SIZE=2><B>Current Assets:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="52%"><FONT SIZE=2>Cash and cash equivalents</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>1,932</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>250</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>2,182</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="52%"><FONT SIZE=2>Accounts receivable, net</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>8,021</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>8,021</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="52%"><FONT SIZE=2>Inventories</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>19,741</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>19,741</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="52%"><FONT SIZE=2>Prepaid expenses</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>275</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>275</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="52%"><FONT SIZE=2>Other</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>2,725</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>2,725</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="52%"><FONT SIZE=2>Assets of discontinued operations offered for sale</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>2,010</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(2,010</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="52%"><FONT SIZE=2>Total current assets</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>34,704</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(1,760</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>32,944</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Property, plant and equipment, net</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>5,843</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>5,843</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Timber and timberlands</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>10,537</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>10,537</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Other assets</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>922</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>922</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="52%"><BR><FONT SIZE=2><B>Total Assets</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
52,006</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
(1,760</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
50,246</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><BR><FONT SIZE=2><B>LIABILITIES</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2><B>Current Liabilities:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="52%"><FONT SIZE=2>Notes payable</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>8,800</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>8,800</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="52%"><FONT SIZE=2>Accounts payable</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>2,375</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>2,375</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="52%"><FONT SIZE=2>Income tax payable</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>438</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>438</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="52%"><FONT SIZE=2>Accrued salaries, wages and bonuses payable</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>861</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>861</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="52%"><FONT SIZE=2>Accrued expenses and other liabilities</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>2,499</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>2,499</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="52%"><FONT SIZE=2>Current portion of long term debt</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>304</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>304</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="52%"><FONT SIZE=2>Liabilities of discontinued operations offered for sale</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>84</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(84</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="52%"><FONT SIZE=2><B>Total current liabilities</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>15,361</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(84</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>15,277</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2><BR>
Long-term debt</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1,056</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1,056</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Union employee termination benefits</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>255</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>255</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="52%"><FONT SIZE=2><B>Total Liabilities</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>16,672</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(84</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>16,588</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><BR><FONT SIZE=2><B>STOCKHOLDERS' EQUITY</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Preferred stock, $1.00 par; 5,000,000 shares authorized and unissued</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Common stock, $1.00 par; 10,000,000 shares authorized, 2,523,261 issued</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>2,523</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>2,523</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Additional paid-in capital</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>2,157</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>2,157</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Retained earnings</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>31,728</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(1,676</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>30,052</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Accumulated other comprehensive loss</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(99</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>(99</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Treasury stock, at cost: 132,878 shares at September 30, 2002</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(975</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>(975</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="52%"><FONT SIZE=2><B>Total Stockholders' Equity</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>35,334</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(1,676</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>33,658</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="52%"><FONT SIZE=2><B>Total Liabilities and Stockholders' Equity</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>52,006</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>(1,760</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>50,246</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>See
notes to unaudited pro forma financial statements. </FONT></P>

<HR NOSHADE>
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<P><FONT SIZE=2>Notes
to Unaudited Pro Forma Financial Statements </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>1)</FONT></DT><DD><FONT SIZE=2>The
unaudited pro forma financial statements reflect the following: </FONT></DD></DL>
<UL>

<P><FONT SIZE=2>(a)&nbsp;These
adjustments eliminate the financial results of the shrimp business for the year ended December&nbsp;31, 2001 in order to reflect the results of continuing operations of the Company. </FONT></P>


<P><FONT SIZE=2>(b)&nbsp;These
adjustments reflect the application of $250,000 in cash received by the Company from the purchasers, as well as the estimated loss upon disposal of the assets and changes in net
assets through the date of sale. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>2)</FONT></DT><DD><FONT SIZE=2>The
estimated loss was calculated assuming the proceeds received to date are the only cash proceeds received by the Company. As described in Item 2, the purchaser has the option of
paying an additional $750,000 in cash by March&nbsp;14, 2003 or paying $1,150,000 in four equal semi-annual installments. If the purchaser makes any additional cash payments, the loss
would be reduced by the amount of the payment. </FONT></DD></DL>
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