SINGAPORE, Oct. 12, 2023 /PRNewswire/ -- Caravelle International Group (Nasdaq: CACO), a trailblazing global ocean technology company, is thrilled to announce the signing of a Bareboat Charter Agreement with Kanda Shipping Co. Ltd. This strategic move is not merely a fleet expansion; it marks the company's drive to retrofit its newly leased bulk transport ship with the transformative Co-Tech wood drying equipment.

With a dedicated $4 million investment for these cutting-edge upgrades, the vessel is set for a comprehensive two-month modification. Once these modifications are complete, it will embark on its first commercial shipping journey, promising a notable uptick in revenue. Additionally, the innovative Co-Tech wood drying model alone presents an opportunity to add a substantial $19 million annually to Caravelle's revenue stream. Remarkably, a significant portion of this is pure profit, as Co-Tech efficiently utilizes heat from the ship's exhaust, ensuring minimal ongoing expenses. Maintenance costs, projected to be exceptionally low, are the only anticipated overheads for this operation.

Caravelle International Group's Chairman shared his thoughts on this groundbreaking initiative, stating, "This venture signals a transformative chapter for Caravelle. The integration of our Co-Tech system is not only a strategic financial move but also showcases our unwavering commitment to innovative and sustainable solutions. Our dual aim of substantial financial growth coupled with an active role in the global battle against climate change showcases the essence of Caravelle's mission."

Caravelle's emphasis on its Co-Tech technology, beyond its evident commercial advantages, accentuates the company's mission of environmental stewardship, merging profitability with a green initiative.

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 announcement contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, including, without limitation, those with respect to the objectives, plans and strategies of the Company set forth herein and those preceded by or that include the words "believe," "expect," "anticipate," "future," "will," "intend," "plan," "estimate" or similar expressions, are "forward-looking statements". Such statements include, but are not limited to risks detailed in the Company's filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 20-F for the fiscal year ended October 31, 2022. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. All information provided in this press release is as of the date of the publication, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.