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
