NEWS RELEASE

                                                           For Immediate Release

For Further Information Contact:

                  Stephen M. Merrick                       Alan R. Refkin
                  Executive Vice President                 Thornhill Capital LLC
                  CTI Industries Corporation               (217) 546-2968
                  (847) 382-1000


               CTI INDUSTRIES CORPORATION ANNOUNCES ACQUISITION OF
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                       MAJORITY INTEREST IN PTF INDUSTRIAS
                       -----------------------------------


BARRINGTON,  ILLINOIS,  November 16, 1999 -- CTI Industries  Corporation (NASDAQ
Small Cap-CTIBD), an international  manufacturer and marketer of mylar and latex
balloons and specialty, laminated and printed films, today announced that it has
acquired  additional  shares of capital stock of PTF  Industrias,  S.A. de C.V.,
Guadalajara,   Mexico,   a  manufacturer  of  latex   balloons,   and  now  owns
approximately  72% of the outstanding  capital stock of PTF. The transaction was
concluded  through  an  agreement  with a  principal  shareholder  of PTF and by
approval of the PTF  shareholders at a shareholder  meeting held on November 12,
1999. In the transaction,  the company contributed to the capital of PTF certain
outstanding  indebtedness  of PTF to the company in the amount of  approximately
$975,000  and certain  equipment  valued in total at  approximately  $745,000 in
exchange  for  capital  stock of PTF.  In  addition,  the  company has agreed to
purchase shares of stock from some PTF shareholders and has the right to acquire
substantially  all of the  remaining  outstanding  stock  of  PTF  from  another
shareholder.  At the shareholders' meeting, PTF's name was changed to CTI Mexico
S.A. de C.V.

Howard Schwan,  President of the company,  stated:  "We believe the  transaction
will  be  very  beneficial  to  our  company,  enabling  us to  consolidate  and
coordinate all of our operations."

"PTF's financial  results will now be consolidated  with ours" he said,  "better
reflecting our overall sales and results and our margins."

"Moreover, the transaction comes at a particularly good time as PTF and CTI have
just  concluded an  arrangement  to supply  latex  balloons to a major US retail
chain"

CTI  Industries  Corporation,   based  in  suburban  Chicago,  manufactures  and
distributes  mylar balloons and latex balloons  throughout the United States and
in over 30 other countries,  and manufactures  printed,  specialty and laminated
films for packaging and other  commercial  uses. CTI's common stock is traded on
the NASDAQ Small Cap Market under the symbol CTIBD.

This press release may contain forward-looking  statements within the meaning of
Section 17A of the  Securities  Act and Section 21E of the  Securities  Exchange
Act.  Actual  results  could  differ  materially  from  those  projected  in the
forward-looking  statements,  which involve a number of risks and uncertainties,
including  (i) the  risks  of  generating  and  maintaining  sales  in a  highly
competitive  market,  (ii) the  ability of the Company to enter into or maintain
contracts  or  relationships   with  customers,   distributors,   licensors  and
suppliers,  (iii) manufacturing  risks, as well as other risks and uncertainties
reported by the Company in its SEC filings,  and such statements  should also be
considered in conjunction with cautionary  statements contained in the Company's
most recent filing with the Securities and Exchange Commission on Form 10-KSB.