Caravelle, a model of Sino-French co-operation, was praised by many media at the Davos Summit 2024

-- Wood drying ship spark in FoF (Fund of Funds) Forum at Davos

SINGAPORE, Jan. 25, 2024 /PRNewswire/ -- Invited by the World Economic Forum, Caravelle's Chairman and CEO, Dr Guohua Zhang, and the company's independent director, Dr. Alon Rozen, Dean of the Business School of École des Ponts ParisTech, participated in the 2024 Davos Forum in Switzerland and delivered public speeches in the Davos Global FoF Forum. The two global growth drivers in the spotlight at Davos are undoubtedly the Green Energy Revolution and Artificial Intelligence, which are also key investment directions for the Global Funds. Caravelle, as a leader in marine carbon neutral technology, is practising the transformation of the wood drying scenario through green and low carbon technologies, while creating significant economic benefits in the process of marine transportation. Caravelle's business model and sustainable integration development was praised and reported by many media in attendance.

Dr. Rozen said at the Davos FoF Summit that he has been focusing on how innovative business models can transform traditional industries for many years, and that he and Dr Zhang Guohua started to discuss the project of "Ocean Carbon Neutral" wood drying vessel five years ago. Dr. Rozen believes that while the world is focusing on breakthrough technologies, we need to consider the value brought by a business model that can be implemented on the ground, and Caravelle is a perfect case with both technology and commercial feasibility, and at the same time, France is one of the initiators of the "Paris Agreement", which coincides with the foothold of ocean carbon-neutral projects such as Caravelle. Caravelle is a perfect example of an ocean-going carbon-neutral project that is both technically and commercially viable. He said that after five years of deep involvement in the joint efforts of Chinese and French research institutions, Dr. Rozen has also witnessed the landing of the joint R&D project of Caravelle's wood drying vessel and its listing on Nasdaq.

The year 2024 will mark the 60th anniversary of the establishment of bilateral diplomatic relations between France and China. As two major global powers, France and China have assumed the key roles of leaders and practitioners in the field of green and sustainable development. The cooperation between China and France in the field of carbon neutrality is also getting closer. Caravelle, as a representative company of carbon neutrality in the global seagoing sector, has set up research and development centres in France and China to accelerate the two-way acceleration of the French technology in scientific research and the Chinese market, and to benefit the innovation results to Asia and Europe through the carrier like shipping, to drive the decarbonisation process of the shipping industry, and to create more predictable returns. Caravelle's contribution to ocean carbon neutrality was also featured in People's Daily, a Chinese media outlet participating in the 2024 Davos Forum in Switzerland.

At the end of the meeting, Mr. Zhang Guohua, Chairman of Caravelle Board of Directors, and Dr. Rozen discussed with the representatives of global mother fund institutions how to contribute to the sustainable development of marine resources through the power of global capital, and how to deeply exploit the working scenarios in ocean shipping, which was unanimously praised and recognised by the guests present.

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.