Caravelle International Group Issues CEO Letter to Employees and Shareholders

Discusses Recent Corporate Developments and Commitment to Sustainability and Transparency 

SINGAPORE, Jan 28, 2024 /PRNewswire/ -- Caravelle International Group (NASDAQ: HTCO) ("Caravelle" or the "Company"), a global ocean shipping technology company, today released a letter to shareholders from its CEO, Mr. Shixuan He.

Dear employees and shareholders,

As the recently appointed CEO of Caravelle, I am pleased to take this opportunity to inform you of the significant steps we have recently taken to strengthen our corporate governance and the strategic initiatives we have taken to further expand our business, which reflect our continued commitment to improve transparency and communication with investors and drive long-term value for our stakeholders.

During 2024, we made significant progress in enhancing our corporate governance infrastructure, as well as put in place strategic initiatives to expand our business. We have made a commitment to strengthen our regulatory compliance and financial reporting. Specifically:

Strengthening Corporate Governance

We recently announced changes to our board of directors and executive management team, whose members are focused on improving our company's information disclosure practices and corporate governance. As part of this commitment, during our Annual General Meeting held on January 3, 2025, we updated our shareholders on the latest developments, underscoring our commitment to open and transparent communication.

The new management team of Caravelle International Group has a diversified background, additionally, the new senior management has had extensive experience in collaborating with major global enterprises. We believe that our seasoned management team provides our company with a comprehensive perspective and rich experience, enabling us to effectively advance our sustainable technology development in the complex global market.

Strategic Integration and Investment

We are currently integrating resources from world-renowned enterprises to elevate our growth potentials. We are continuously exploring investing opportunities in new business ventures by leveraging our access to the best resources globally. A couple of pivotal steps in this direction are its recent initiatives to explore the opportunity of developing a global shipping OCC ("Onboard Carbon Capture") decarbonization system and partnerships with one or more global-leading Web3-based carbon asset management platforms. These initiatives highlight the Company's proactive approach and its commitment to innovation. We will provide additional details on these initiatives shortly.

Commitment to Sustainability and Digitalization

Caravelle's new focus on developing an OCC system for the shipping industry and investment in web3-based carbon asset management platforms underscores its dedication to sustainability and digital transformation. With that, we are positioning Caravelle to become a leader in the maritime industry's transition towards more sustainable and environmentally friendly practices.

Financial Reporting

As a foreign private issuer listed on the Nasdaq Stock Market , Caravelle reports its financial results on a semi-annual basis.  With a fiscal year ending October 31, Caravelle expects to file its Annual Report on Form 20-F for fiscal year 2024 on or before February 28, 2025. As part of its commitment towards improving transparency and providing greater visibility into its business, the Company is also working towards providing key business and financial metrics on a timely basis.

Looking Ahead

We believe that the steps we have recently taken signal our strong commitment towards improved corporate governance, sustainability, innovation, and growth; all designed to support our long-term revenue and profit growth. 

On behalf of our board of directors and management team, I would like to thank you for your continued interest and trust in Caravelle. Although we are proud of our accomplishments to date, we acknowledge that there is still much work to be done.  We are committed to this effort and appreciate your ongoing support.

Thank you.

Mr. Shixuan He
CEO

About Caravelle International Group

Caravelle is a global ocean technology company with businesses in international shipping and marine carbon neutrality. The company is committed to improving shipping efficiency through innovative technologies and promoting sustainable development in the industry.

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, 2023. 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.

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SOURCE Caravelle International Group