UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): December 11, 2002
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Baltek Corporation
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(Exact Name of Registrant as Specified in its Charter)
Delaware
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(State or Other Jurisdiction
of Incorporation)
2-44764 13-2646117
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(Commission File Number) (IRS Employer Identification No.)
10 Fairway Court, Northvale, New Jersey 06747
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, (201) 767-1400
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
INFORMATION TO BE INCLUDED IN THE REPORT
ITEM 5 OTHER EVENTS.
On December 16, 2002, Baltek Corporation (the "Company") issued a press
release announcing it had signed an agreement to sell its shrimp operation in
Ecuador. The agreement provides that the selling price is $1.4 million payable
in $250,000 cash by the closing and a two year note for $1,150,000, payable in
four equal semi-annual installments. At the purchaser's option, the purchase
price will be adjusted to $1,000,000 if it pays such amount in cash by February
6, 2003. The transaction is expected to close by January 31, 2003, subject to
normal closing conditions, and will, in addition, require the Company to revise
its existing loan agreements with its U.S. and Ecuadorian banks.
The Company previously announced a charge to earnings of $6 million to
reduce the assets underlying the shrimp operation to their estimated fair value.
The Company now estimates that it will be required to record an additional
non-cash charge to earnings between $2 million and $3 million to reflect the
sale.
The press release is attached hereto as Exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) EXHIBITS: Exhibit
Number Exhibit Title
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99.1 Press Release dated December 16, 2002.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BALTEK CORPORATION
Date: December 16, 2002,
By: /s/ Ronald Tassello, Chief Financial Officer
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Ronald Tassello
Chief Financial Officer