Exhibit
99 (16)








For
Further Information:





Howard
N. Feist


Chief
Financial Officer


(781)
237-6655








AMERICAN
BILTRITE REPORTS 2008 RESULTS








WELLESLEY
HILLS, MA, MARCH 30, 2009 - American Biltrite Inc. (NYSE Amex: ABL) reported its
results for 2008 today.  Net sales for the year ended December 31,
2008 were $375.1 million, down 10.8% from $420.7 million for
2007.  The net loss for the year ended December 31, 2008 was $29.1
million or $8.44 per share (basic and diluted) compared with a net loss of $2.0
million or $0.58 per share (basic and diluted) for 2007.





American
Biltrite’s consolidated results include the results of its 55% owned subsidiary
Congoleum Corporation, which is in Chapter 11 bankruptcy reorganization
proceedings.  Congoleum comprises American Biltrite's Flooring
products segment.  Under the terms of the pending proposed plan of
reorganization for Congoleum, American Biltrite's ownership interest in
Congoleum would be eliminated.  Accordingly, American Biltrite
believes its financial results excluding Congoleum to be a more meaningful
presentation to investors.





Excluding
the results of Congoleum, American Biltrite’s net sales for the year ended
December 31, 2008 were $202.4 million, down 6.5% from $216.5 million for 2007,
and its net loss for the year ended December 31, 2008 was $14.5 million compared
with a net loss of $1.3 million for 2007.  The 2008 loss was primarily
caused by a $12.9 million non-cash impairment charge to write down the value of
intangible assets of the jewelry segment and the Company’s investment in its
Central American operation (Hulera Sula).





Roger
S. Marcus, Chairman of the Board, commented, "Economic conditions were very
difficult in 2008, and we expect they will remain so in 2009.  Our
overall sales decrease of 6.5% from 2007 to 2008 was less severe than might have
been expected given the markets we serve, which we believe reflects steps we
have taken with pricing and products, but results at all our operations have
suffered from the downturn.  Sales decreased in 2008 from 2007 at the
Tape division, and its margins were hurt by the lower volume as well as high raw
material costs, resulting in a greater loss in 2008 than 2007.  A weak
retail environment, coupled with a shift in emphasis by mass merchandisers from
fashion to necessities, resulted in a decline in sales at K&M from 2007, and
that division also incurred a loss in 2008.  Results at our Canadian
division improved despite the economy, with the operation turning profitable in
2008 on a modest sales increase.  Notwithstanding the Company’s
disappointing operating results, we were able to reduce our debt by $3.4 million
during 2008.  We have instituted additional cost and working capital
reduction measures in 2009 to help manage through this challenging
period.”








Mr.
Marcus continued by saying “Based upon economic, credit market and other
conditions, we decided to change our banking arrangements.  I am
pleased to report that we are working on a new, three year credit facility that
should provide up to $38 million in revolving and term debt, which we believe
should be more than adequate for the foreseeable future.  Our existing
facility expires September 30, 2009, and while we were in compliance with that
agreement at December 31, 2008, we felt it was prudent to seek an alternative
funding source that would provide us with more covenant
flexibility.  We therefore have elected to pursue a refinancing of our
credit facility and related term loan.  Because our existing facility
expires before the end of 2009, and our new facility is not yet in place, our
accountants have advised us that they must include a “going concern” explanatory
paragraph in their audit opinion on our 2008 financial statements.”








Warning regarding forward
looking statements and risks





The
above news release contains certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, that involve
risks, uncertainties and assumptions. These forward-looking statements are based
on American Biltrite's expectations, as of the date of this release, of future
events. American Biltrite undertakes no obligation to update any of these
forward looking statements. Although American Biltrite believes that its
expectations are based on reasonable assumptions, within the bounds of its
knowledge of its business and experience, there can be no assurance that actual
results will not differ materially from expectations. Readers are cautioned not
to place undue reliance on any forward-looking statements. Actual results could
differ significantly as a result of various factors.  For example, the
above news release may imply that American Biltrite will enter into a new three
year credit facility with a new lender on satisfactory terms, including that the
facility would provide American Biltrite with sufficient funding.  In
fact, the negotiations with this lender are in the early stages and may not
result in agreement for a new credit facility and the terms of any new credit
facility American Biltrite may enter into have not been
determined.  In addition, American Biltrite may fail to obtain a
waiver from its current lenders that adequately addresses the financial
covenants American Biltrite expects it would not comply with for the period
ended March 31, 2009 and subsequent periods or allows American Biltrite to
continue to borrow under that facility during any waiver period or
otherwise.  If an event of default were to occur, the lenders could
cease to make borrowings available under the credit facility and require
American Biltrite to repay all amounts outstanding under the credit
agreement.  If American Biltrite were unable to repay those amounts
due, the lenders could have their rights over the collateral (most of American
Biltrite’s and its subsidiaries’ (excluding Congoleum) assets, as applicable)
exercised, which would likely have a material adverse effect on American
Biltrite’s business, results of operations or financial
condition.  Although American Biltrite expects to obtain a waiver and
alternative financing on satisfactory terms, if it were unable to do so, it may
not be able to continue as a going concern.  Further, the statements
in the above news release that American Biltrite reduced its debt in 2008 by
$3.8 million may imply that American Biltrite will be able to further reduce its
debt or maintain reduced debt levels, neither of which may be
realized.  In addition, the additional cost and working capital
reductions American Biltrite has implemented may not be successful or sustained
and any benefits





American
Biltrite has realized from the steps it has taken with its pricing and products
may not be sustainable. Additionally, the above news release may imply that the
pending proposed plan of reorganization for Congoleum will be confirmed and
become effective.  In fact, the bankruptcy court has issued an order
dismissing Congoleum’s bankruptcy case, which order the bankruptcy court
subsequently stayed pending a final non-appealable decision affirming the order
of dismissal.  The appeal of the order of dismissal remains pending at
the United States District Court for the District of New Jersey.  If
the appeal were denied, Congoleum’s chapter 11 case could be dismissed,
resulting in Congoleum no longer benefiting from the protection from creditor
claims currently afforded to it by the chapter 11 case and the United States
Bankruptcy Code.  Further, as indicated in the bankruptcy court’s
opinion pursuant to which it issued its order of dismissal, Congoleum’s ability
to refile another bankruptcy petition may be limited, which could result in
Congoleum having to attempt to conduct its business and operations outside of
the protections of the Bankruptcy Code, including attempting to defend against,
satisfy or defray its creditor claims, such as its substantial asbestos
liabilities and its senior notes, and continued litigation against its insurers
to attempt to obtain insurance coverage for Congoleum’s asbestos liabilities.
Even if the appeal is granted, any plan of reorganization for Congoleum would be
subject to numerous conditions, approvals and other requirements, including the
receipt of necessary creditor, claimant and court approvals.  It is
unknown how American Biltrite’s claims against and arrangements with Congoleum
will ultimately be treated under any plan of reorganization or
otherwise.  In addition, in view of American Biltrite's relationships
with Congoleum, American Biltrite could be affected by Congoleum's negotiations
regarding its pursuit of a plan or reorganization, and there can be no assurance
as to what that impact, positive or negative, might be. In any event, the
failure of Congoleum to obtain confirmation and consummation of a Chapter 11
plan of reorganization would have a material adverse effect on Congoleum's
business, results of operations or financial condition and could have a material
adverse effect on American Biltrite's business, results of operations or
financial condition.  Other factors which may cause actual results to
differ from American Biltrite's expectations include those set forth in American
Biltrite's Annual Report on Form 10-K for the year ended December 31, 2008 and
subsequent filings with the Securities and Exchange Commission.








AMERICAN
BILTRITE INC.





CONSOLIDATED
RESULTS FOR THE THREE MONTHS (UNAUDITED) AND YEARS ENDED


DECEMBER
31, 2008 AND 2007


($000,
except share and per share amounts)





Three
      Months Ended
                  December
      31,
                
                
                Year
      Ended
                  December
      31,2008
                
                
                2007
                
                
                2008
                
                
                2007Net
      sales
                
                $
                80,746
                
                
                $
                97,733
                
                
                $
                375,093
                
                
                $
                420,725Cost
      of products sold
                
                
                66,901
                
                
                
                73,321
                
                
                
                292,501
                
                
                
                312,814Selling,
      general & administrative expenses
                
                
                21,479
                
                
                
                23,435
                
                
                
                88,713
                
                
                
                95,289Impairment
      charges
                
                
                12,899
                
                
                
                –
                
                
                
                12,899
                
                
                
                –Asbestos-related
      reorganization charges
                
                
                –
                
                
                
                41,315
                
                
                
                11,491
                
                
                
                41,315Loss
      from operations
                
                
                (20,533
                )
                
                
                (40,338
                )
                
                
                (30,511
                )
                
                
                (28,693
                )Bond
      interest reversal
                
                
                –
                
                
                
                38,056
                
                
                
                –
                
                
                
                29,603Other
      expense, net
                
                
                (1,056
                )
                
                
                (308
                )
                
                
                (2,166
                )
                
                
                (2,178
                )(Benefit
      from) provision for income taxes
                
                
                (1,896
                )
                
                
                527
                
                
                
                (2,445
                )
                
                
                680Noncontrolling
      interest
                
                
                107
                
                
                
                47
                
                
                
                157
                
                
                
                (57
                )Loss
      from continuing operations
                
                
                (19,586
                )
                
                
                (3,070
                )
                
                
                (30,075
                )
                
                
                (2,005
                )Discontinued
      operation
                
                
                –
                
                
                
                –
                
                
                
                1,025
                
                
                
                –Net
      loss
                
                $
                (19,586
                )
                
                $
                (3,070
                )
                
                $
                (29,050
                )
                
                $
                (2,005
                )Basic
      earnings per share:Loss
      per common share from continuing operations
                
                $
                (5.69
                )
                
                $
                (0.89
                )
                
                $
                (8.74
                )
                
                $
                (0.58
                )Discontinued
      operation
                
                
                –
                
                
                
                –
                
                
                
                0.30
                
                
                
                –Net
      loss per share
                
                $
                (5.69
                )
                
                $
                (0.89
                )
                
                $
                (8.44
                )
                
                $
                (0.58
                )Diluted
      earnings per share:Loss
      per common share from continuing operations
                
                $
                (5.69
                )
                
                $
                (0.89
                )
                
                $
                (8.74
                )
                
                $
                (0.58
                )Discontinued
      operation
                
                
                –
                
                
                
                –
                
                
                
                0.30
                
                
                
                –Net
      loss per share
                
                $
                (5.69
                )
                
                $
                (0.89
                )
                
                $
                (8.44
                )
                
                $
                (0.58
                )Weighted
      average number of common and equivalent shares outstandingBasic
                
                
                3,441,551
                
                
                
                3,441,551
                
                
                
                3,441,551
                
                
                
                3,441,551Diluted
                
                
                3,441,551
                
                
                
                3,441,551
                
                
                
                3,441,551
                
                
                
                3,441,551





AMERICAN
BILTRITE INC.





CONSOLIDATED
RESULTS FOR THE THREE MONTHS (UNAUDITED) AND YEARS ENDED


DECEMBER
31, 2008 AND 2007


BY
SEGMENT


($000)








Three
      Months Ended
                  December
      31,
                
                
                Year
      Ended
                  December
      31,2008
                
                
                2007
                
                
                2008
                
                
                2007Revenues
      from external customersFlooring
      products (Congoleum)
                
                $
                31,696
                
                
                $
                43,818
                
                
                $
                172,644
                
                
                $
                204,262Tape
      products
                
                
                19,800
                
                
                
                24,072
                
                
                
                90,120
                
                
                
                97,895Jewelry
                
                
                16,367
                
                
                
                16,356
                
                
                
                55,410
                
                
                
                63,114Canadian
      division
                
                
                12,883
                
                
                
                13,487
                
                
                
                56,919
                
                
                
                55,454Total
      revenues from external customers
                
                $
                80,746
                
                
                $
                97,733
                
                
                $
                375,093
                
                
                $
                420,725Segment
      (loss) profit before taxesFlooring
      products (Congoleum)
                
                $
                (8,052
                )
                
                $
                (689
                )
                
                $
                (16,389
                )
                
                $
                1,022Tape
      products
                
                
                (1,763
                )
                
                
                (168
                )
                
                
                (3,869
                )
                
                
                (1,135
                )Jewelry
                
                
                (1,466
                )
                
                
                485
                
                
                
                (3,102
                )
                
                
                1,508Canadian
      division
                
                
                645
                
                
                
                (917
                )
                
                
                1,581
                
                
                
                (1,099
                )Corporate
      expense
                
                
                (10,953
                )
                
                
                (1,301
                )
                
                
                (10,898
                )
                
                
                (1,564
                )Total
      loss
                
                $
                (21,589
                )
                
                $
                (2,590
                )
                
                $
                (32,677
                )
                
                $
                (1,268
                )





During the fourth quarter of 2008, the
Company recorded non-cash impairment charges for the write off of goodwill,
other intangible assets and the Company’s investment in its Central American
operations, Hulera Sula.  The total impairment charge was $12.9
million.  During the third quarter of 2008, Congoleum recorded a
charge of $11.5 million to increase its reserve for estimated bankruptcy related
expenses.





During the fourth quarter of 2007,
Congoleum recorded an adjustment to reverse bond interest previously
accrued.  The adjustment resulted in a decrease in the fourth quarter
and 2007 loss before taxes of $38.1 million and $29.6 million,
respectively.  During the same period, the Flooring products segment
also recorded adjustments to write off legal fee recoveries ($14.9 million) and
to increase its reserves for estimated bankruptcy related expenses ($26.4
million), which increased the loss before taxes in the fourth quarter and
2007.  These adjustments resulted in a deferred tax liability of $1.7
million, which was included in the provision recorded in the fourth quarter of
2007.