- This deal marks the commercial launch of Caravelle's
revolutionary CO-Tech lumber drying in transit service
SINGAPORE, April 3,
2023 /PRNewswire/ -- Caravelle International Group
(Nasdaq: CACO), a global ocean technology company, today announced
that the Company, through its Singapore Garden Technology
subsidiary, has signed a 3-year procurement contract with Bestwood
Joinery worth $60 million.
According to the terms of the procurement contract, Caravelle
will source 120,000 cubic meters of various species of lumber from
Indonesia, transport the lumber to
Bestwood Joinery in Cape Town, South
Africa, and dry the wood in transit using Caravelle's
revolutionary CO-Tech technology using only recycled heat from the
ship's engine.
Bestwood Joinery is a leading South African manufacturer of
custom hardwood doors and windows and will be using the wood
supplied under this contract to build those products.
"This partnership aligns perfectly with our values," said
Naldema Hardenberg, Chief Executive Officer of Bestwood Joinery.
"With Caravelle's innovative CO-Tech technology, we can continue to
provide our customers with premium quality wood products while also
doing our part to protect the planet for future generations."
"It's inspiring to see companies like Bestwood Joinery
prioritizing sustainability and taking action to reduce their
carbon footprint," said Dr. Guohua
Zhang, Chief Executive Officer of Caravelle. "We are proud
to have them as our first major client for CO-Tech wood drying in
transit, and we look forward to continuing to work together towards
a more sustainable future."
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.
About Bestwood Joinery
The company was established 2002 in Atlantis, Western Cape of
South Africa as manufacturer of
solid Meranti windows, doors and door frames. The company is
currently a BEE Level 4 contributor. During 2004 the company
expanded with multi-Function in mass production of solid front
doors, door frames and windows into local hardware and building
materials, as well as RDP (BNG) housing. Since 2013, the company
are a supplier to the major hardware and building materials outlets
in South Africa.
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.
Contact
Caravelle International Group
60 Paya Lebar Road
#06-17 Paya Lebar Square
Singapore 409051
(65) 8304 8372
Attention: Tracy Xia
Email: ir@cacointernational.com
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SOURCE Caravelle International Group