CARAVELLE INTERNATIONAL GROUP SIGNS $25 MILLION SUPPLY AGREEMENT TO DELIVER 50,000 CUBIC METERS OF WOOD TO SOUTH AFRICA

SINGAPORE, May 25, 2023 /PR Newswire/ -- Caravelle International Group (Nasdaq: CACO), a global ocean technology company, today announced it has signed a supply agreement with South African company Best Polystyrene. Over the next two years, Caravelle will supply 50,000 cubic meters of wood from its processing facility in Gabon, West Africa, with an estimated revenue of $25 million.

Caravelle will ship the wood products from Gabon, and in line with its innovative practices, will use its proprietary CO-Tech system to dry the wood in transit, offering significant cost savings and reducing lead times. The wood will then be delivered directly to Best Polystyrene in South Africa.

Yang Liu, CEO of Best Polystyrene, commented on the agreement, "Our decision to partner with Caravelle for our wood sourcing was a strategic one. Their significant cost advantage, resulting from sourcing wood from Gabon and drying it in transit, not only cuts down on costs but also reduces lead times. This allows us to better serve our customers by offering quality products in a timely manner."

Dr. Guohua Zhang, CEO of Caravelle International Group, expressed his enthusiasm about the agreement, stating, "This partnership with Best Polystyrene highlights our commitment to providing high-quality, cost-effective products and services globally. We look forward to working closely with Best Polystyrene over the next two years."

Caravelle International Group continues to reinforce its commitment to innovative, efficient, and sustainable practices in all its operations.

About Caravelle International Group

Caravelle is a global ocean technology company. Its business comprises of two sectors: the traditional business in international shipping, operated by the Topsheen Companies (Topsheen Shipping Group Corporation (Samoa) and its subsidiaries) and the new CO-Tech business under Singapore Garden Technology Pte. Ltd.. As the traditional business, Caravelle's international shipping business has generated all revenues. The CO-Tech business is a new development building upon the existing shipping business. It enables wood desiccation during the maritime shipping process, with full utilization of the shipping time, space, and the waste heat of exhaust gas from the shipping vessels. Caravelle's CO-Tech industry has no historical operations and has not generated revenue. Caravelle is headquartered in Singapore.

Forward Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, including the successful consummation of the Company's initial public offering, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

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SOURCE Caravelle International Group