Caravelle Lays the Groundwork for Innovative Business in Mixed Transportation and Drying Wood by Signing a MoU with the Government of Gabon

SINGAPORE, April 25, 2024 /PRNewswire/ -- Caravelle International Group (Nasdaq:CACO), a leading global marine technology group of companies, today announced that it has signed a Memorandum of Understanding (MoU) with the Ministry of Water and Forestry of Gabon on the development of a critical timber processing and marketing technology for the transportation, processing and sale of timber. This initiative is another important step in preparation for the drying of timber on the same carrier as the transportation of manganese ore.

Under the Memorandum of Understanding, Caravelle will acquire the rights to recover merchantable timber from the Libreville 2 construction site in Gabon, an area of 48,160 hectares. The area contains a variety of commercially valuable species including Mahogany, Ovengo, Antonia, Kwa, Birringa, Wenge and Giambi, which are highly sought after by the market due to their unique characteristics and wide range of applications. Under the agreement, Caravelle will be responsible for developing, transporting, processing, and marketing the commercially viable timber in the selected area and ensuring that all activities are in compliance with the Gabonese Republic's forest exploitation and timber marketing regulations, which are expected to yield 10 million cubic meters of timber within two years.

Caravelle's representative,* Dr. OBIANG ESSONO Fabrice,* said: "This partnership with the Gabonese government is a key step in the strategic development of our group. Through this memorandum of understanding, we will not only be able to optimize the use of our timber resources, but also bring economic benefits to local communities, while supporting the Gabonese government in its drive for sustainable development and sound management of forest resources." Gabon's Minister of Water and Forestry, Brigadier *General Maurice NTOSSUI ALLOGO,* expressed his support for the partnership and emphasized the importance of the rational use of forest resources: "We are pleased to be working with Caravelle to promote the sustainable use of timber resources. This will not only help protect our natural environment, but will also contribute to local economic development." The MoU also includes detailed provisions on waste utilization, social fund contribution, and revenue distribution, ensuring transparency and fairness in the project. In addition, the two parties have agreed on matters such as coordination of activities, on-site tasks, and dispute resolution. This new initiative by Caravelle is expected to further consolidate its leadership position in the global timber trade and transportation drying business, and provide higher quality products and services to its customers. As the cooperation continues, it is expected to bring more innovation and development opportunities for the forestry industry in Gabon.

*About Caravelle International Group*

Caravelle is a global ocean technology company. Its business comprises of two sectors: the international shipping, operated by the Topsheen Companies (Topsheen Shipping Group Corporation (Samoa) and its subsidiaries) and the new timber drying business under Singapore Garden Technology Pte. Ltd. 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. 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.

*Contact
*Caravelle International Group
60 Paya Lebar Road
#05-47 Paya Lebar Square
Singapore 409051
Email: info@caravelleglobal.com.cn