Caravelle's Chairman of the Board and CEO, Dr. Guohua Zhang, invited to Davos Summit 2024

--Milestone Initiative on Ocean Carbon Neutral Sustainability with Fortune 500 CEOs and ESG Leaders

SINGAPORE, Jan. 24, 2024 /PRNewswire/ -- Dr Guohua Zhang, Chairman and CEO of Caravelle International Group (Nasdaq: CACO) , the world's leading ocean carbon neutral technology company, was invited to Davos Summit 2024 in Switzerland to participate in the Climate Technology and World Sustainability Forum, and had a discussion with a number of Fortune 500 CEOs and ESG leaders on how to better embed social and economic value into the global sustainability framework and jointly advocated that we will work together to promote and support the balanced development of carbon neutral projects in the ocean.

Dr.Zhang Guohua met with Mr. Feike Sijbesma, Philips, Chairman of the Supervisory Board and World Economic Forum (WEF), Member of the Board of Trustees at the Davos Forum. The two industry leaders had an in-depth discussion on the "Wood Drying Ship" project under the concept of "Ocean Carbon Neutrality", and Dr. Zhang  and Mr. Sijbesma discussed the operation mechanism of the project, the "Wood Drying Ship" project, and the "Wood Drying Ship" project. Dr. Zhang and Mr. Sijbesma discussed the operation mechanism, environmental impacts, legal compliance and scientific feasibility of the "Wood Drying Vessel" project, and Mr. Sijbesma showed great interests and attentions in the "Ocean Carbon Neutral" project. Mr. Sijbesma emphasised that he would be looking at this new wave in the current economic system and promoting projects that are not only economically beneficial but also sustainable for the environment. He said that he will take the next step to have a more in-depth project matching with Dr.Zhang, and will make multi-party cooperation and resource integration an important part of the next meeting.

Meanwhile, Copenhagen, Denmark-based Maersk, one of the world's largest shipping companies, is committed to investing in and collaborating with promising companies, and Maersk Growth, an AP-Müller-Maersk external innovation global partner, whose mission of democratisation and decarbonisation coincides with the concepts of the "Wood Drying Ship" project. Mr.Sijbesma said he would actively promote Maersk's collaboration with Wood Drying Ship to support the Wood Drying Ship project's business model and cooperation. The dialogue at the Davos Forum has undoubtedly injected new vitality into the "Wood Drying Ship" project.

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.

SOURCE Caravelle International Group