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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content:https://www.prnewswire.com/news-releases/caravelle-international-group-signs-25-million-supply-agreement-to-deliver-50-000-cubic-meters-of-wood-to-south-africa-301834675.html
SOURCE Caravelle International Group