Caravelle International Group Announces 3-Year Procurement Contract with Bestwood Joinery Worth $60 Million

• 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: [email protected]

SOURCE Caravelle International Group