Caravelle International Group's CEO Sells Company His Sawmill and Laminate Wood Flooring Factories Valued at $30 Million for $1

Acquisition could add $150 million in revenue and $30 million in profit when operating at full-scale

SINGAPORE,April 26,2023 -- Caravelle International Group (Nasdaq: CACO),a global ocean technology company,today announced that the Company's CEO Dr. Guohua Zhang has sold Penxing Gabon SARL to Caravelle for $1.

Penxing Gabon SARL owns and operates a sawmill and laminate wood flooring manufacturing facilities in Gabon,Africa capable of producing 100,000 cubic meters of sawn timber and 2.5 million square meters of wood flooring per year. Penxing also owns the logging rights to 340,000 hectares of forest land in Gabon. A recent appraisal of Penxing Gabon SARL valued the company at $30 million.

This acquisition completes the supply chain for the Company's recently announced expansion into exporting wood products directly to the U.S. market,with added cost savings from drying the wood in-transit using the Company's revolutionary Co-Tech solution and the duty-free status granted under The African Growth and Opportunity Act making the market opportunity even more attractive. When operating at full capacity,the Company estimates that the Penxing manufacturing facilities could produce $150 million worth of laminating flooring and other wood products which would generate $30 million in profit.

"It gives me great pleasure to announce the gifting of my $30 million company to Caravelle. This decision was made as a symbol of my commitment to building value for all shareholders myself included as the largest and majority shareholder,and to ensure the long-term success of our company," said Dr. Guohua Zhang,Chief Executive Officer of Caravelle. "Penxing Gabon SARL is much more valuable as a part of Caravelle than it was on its own as it vertically integrates the Company all the way from timber harvesting to the sale of finished laminate flooring and wood products in the United States,Asia and Europe. This is a multi-billion market opportunity and as a vertically integrated company we will capture much more profit."

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.