Caravelle International Group Begins Trading on NASDAQ Under the Ticker CACO

NEW YORK,Dec. 19,2022 -- Caravelle International Group ("Caravelle"),a global ocean technology company,today announced that the company has begun trading on the NASDAQ under the ticker symbol CACO following the successful completion of the business combination with Pacifico Acquisition Corp.

"I am thrilled to begin trading on the NASDAQ and welcome all of our new investors," said Dr. Guohua Zhang,Chief Executive Officer of Caravelle. "We have a strong legacy as a growing and profitable shipping company."

"Making our story even more exciting,we have developed proprietary technology enabling us to use the ship's engine heat to dry lumber during transport," continued Dr. Zhang. "We believe that it will make us the world's first carbon neutral shipping company. Importantly for shareholders,we see large profit potential as we open new revenue sources from charging for the wood drying,selling a by-product of the wood drying process and from selling carbon tax credits."

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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