SINGAPORE, May 3, 2023 /PRNewswire/ -- Caravelle International Group (Nasdaq:CACO), a global ocean technology company, today announced that it has signed a lease for a prime location at 275 5th Avenue, Manhattan, New York, 10016. The company plans to open a state-of-the-art showroom to display its range of high-quality laminate flooring and other wood products imported from Gabon, West Africa.
Caravelle's entry into the lucrative US market comes with a significant cost advantage, thanks to the African Growth & Opportunity Act, which allows duty-free import of its products into the country. The company is currently in discussion with large retailers of flooring and home improvement products and will host meetings at the new showroom to showcase its offerings.
The opening of the Manhattan showroom not only solidifies Caravelle's presence in the US market but also highlights the sizeable opportunity presented by the company's partnership with a U.S. corporation to manufacture wood products in Gabon. The venture is estimated to generate $200 million in annual revenue within several years, as previously announced.
Caravelle's CEO, Dr. Guohua Zhang, commented, "The opening of our New York showroom is an exciting step forward for Caravelle. We're thrilled to showcase our premium laminate flooring and wood products to potential retail partners and customers in the heart of Manhattan. The lease terms for the showroom are favorable, and we believe this strategic investment will greatly contribute to our growth in the US market."
Caravelle International Group remains committed to expanding its business operations, leveraging innovative technology, and strategic partnerships to drive sustainable growth and profitability.
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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.
