SINGAPORE, April 25,
2024 /PRNewswire/ -- Caravelle International Group
(Nasdaq:CACO), a leading global marine technology group of
companies, today announced that it has signed a Memorandum of
Understanding (MoU) with the
Ministry of Water and Forestry of Gabon on the development of a critical timber
processing and marketing technology for the transportation,
processing and sale of timber. This initiative is another important
step in preparation for the drying of timber on the same carrier as
the transportation of manganese ore.
Under the Memorandum of Understanding, Caravelle will acquire
the rights to recover merchantable timber from the Libreville 2 construction site in Gabon, an area of 48,160 hectares. The area
contains a variety of commercially valuable species including
Mahogany, Ovengo, Antonia, Kwa, Birringa, Wenge and Giambi, which
are highly sought after by the market due to their unique
characteristics and wide range of applications. Under the
agreement, Caravelle will be responsible for developing,
transporting, processing, and marketing the commercially viable
timber in the selected area and ensuring that all activities are in
compliance with the Gabonese Republic's forest exploitation and
timber marketing regulations, which are expected to yield 10
million cubic meters of timber within two years.
Caravelle's representative, Dr. OBIANG ESSONO
Fabrice, said: "This partnership with the Gabonese
government is a key step in the strategic development of our group.
Through this memorandum of understanding, we will not only be able
to optimize the use of our timber resources, but also bring
economic benefits to local communities, while supporting the
Gabonese government in its drive for sustainable development and
sound management of forest resources." Gabon's Minister of Water and Forestry,
Brigadier General Maurice NTOSSUI ALLOGO, expressed his
support for the partnership and emphasized the importance of the
rational use of forest resources: "We are pleased to be working
with Caravelle to promote the sustainable use of timber resources.
This will not only help protect our natural environment, but will
also contribute to local economic development." The
MoU also includes detailed provisions on waste
utilization, social fund contribution, and revenue distribution,
ensuring transparency and fairness in the project. In addition, the
two parties have agreed on matters such as coordination of
activities, on-site tasks, and dispute resolution. This new
initiative by Caravelle is expected to further consolidate its
leadership position in the global timber trade and transportation
drying business, and provide higher quality products and services
to its customers. As the cooperation continues, it is expected to
bring more innovation and development opportunities for the
forestry industry in Gabon.
About Caravelle International Group
Caravelle is a global ocean technology company. Its business
comprises of two sectors: the international shipping, operated by
the Topsheen Companies (Topsheen Shipping Group Corporation
(Samoa) and its subsidiaries) and
the new timber drying business under Singapore Garden Technology
Pte. Ltd. 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. 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.
Contact
Caravelle International Group
60 Paya Lebar Road
#05-47 Paya Lebar Square
Singapore 409051
Email: info@caravelleglobal.com.cn
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SOURCE Caravelle International Group