Caravelle International Group Announces Interim Unaudited Financial Results for Period Ended April 30, 2024

HONG KONG,Oct. 31,2024 -- Caravelle International Group (Nasdaq: HTCO),a global ocean technology company,today announced its Condensed Interim Unaudited financial results for the period ended April 30,2024.

During the reported period,Caravelle achieved revenue of approximately $35 million with income from operation of approximately $150,000,which is a significant improvement compared to an operational loss of $7 million for the same period in the financial year of 2023.

Mr. Hanxi Chang,CEO of Caravelle,stated,"In 2024,through optimizing our business structure and enhancing operational efficiency,we successfully turned around operational losses despite continued weak demand in the freight sector. As governments,particularly in the EU,further strengthen their commitment and regulations to reduce carbon emissions in the shipping industry,we believe that the market value for addressing these emissions will approach $10 billion over the next five years. The new directors and officers are in discussions with leading companies in the fields of carbon capture,usage and storage (CCUS) to explore collaboration on the application of the technology on ships.

Drawing on our years of experience and extensive network in the shipping industry,we are confident in our ability to become a leading provider and operator of on-board carbon capture (OCC) solutions. We are committed to pioneering innovative and viable methods for reducing greenhouse gas emissions while creating long-term value for our shareholders."

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. 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,including its Annual Report on Form 20-F for the fiscal year ended October 31,2022. 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.