Draft:Caravelle International Group
Submission declined on 28 March 2024 by Jamiebuba (talk).
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| Submission declined on 28 March 2024 by 331dot (talk). This draft's references do not show that the subject qualifies for a Wikipedia article. In summary, the draft needs multiple published sources that are: Declined by 331dot 60 days ago.
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Comment: Press releases are not considered reliable sources.Please remove them and see WP:SIGCOV. Jamiebuba (talk) 20:53, 28 March 2024 (UTC)
- Comment: This just summarizes the routine activities of the company, instead it should primarily summarize what independent reliable sources with significant coverage- coverage that goes beyond merely telling what the company does- have chosen on their own to say about the company, showing how it meets the special Wikipedia definition of a notable company. 331dot (talk) 10:19, 28 March 2024 (UTC)
| Company type | Publicly listed company |
|---|---|
| Industry | Shipping |
| Headquarters | Singapore |
Area served | Worldwide |
Key people |
|
| Services |
|
| Website | http://www.caravelleglobal.com/ |
Caravelle International Group (Nasdaq: CACO), formerly a bulk shipping company based in Singapore, has transitioned into a marine transportation technology company.[1][2]
Operating routes to 50 countries and servicing over 100 ports annually, the company boasts a substantial shipping capacity exceeding 6 million tons per year.[3]
The company operates in two key sectors: its traditional international shipping operations, managed by the Topsheen Companies. And its Co-tech business is operated under Singapore Garden Technology Pte. Ltd.[4]
Its innovative wood drying service utilizes patented CO-Tech technology, leveraging heat from ship exhaust to dry wood during transit, reducing costs and carbon emissions. This service has the potential to make Caravelle the world's first carbon-neutral shipping company.[5][6]
History[edit]
On December 19, 2022, Caravelle International Group finalized a merger agreement with a special purpose acquisition company (SPAC), Pacifico Acquisition, to transition into a publicly traded entity. The deal, valued at approximately $527 million, marked a significant milestone in the company's history.[1]
On March 2, 2023, Caravelle International Group revealed a partnership with a U.S. corporation to manufacture wood products in Gabon, Africa, for export to the United States. The government of Gabon granted the partnership 165 acres of land for a lumber mill location.[7]
On April 26, 2023, Caravelle International Group's CEO, Dr. Guohua Zhang, sold Penxing Gabon SARL to Caravelle for a nominal amount of $1. This transaction included the acquisition of sawmill and laminate wood flooring factories valued at $30 million.[2]
On May 25, 2023, Caravelle International Group announced it has signed a supply agreement with South African company Best Polystyrene, valued at $25 million. Under the agreement, Caravelle will deliver 50,000 cubic meters of wood to South Africa.[3]
At the 2024 Davos Forum in Switzerland, held from January 15th to 19th, Caravelle's Chairman and CEO, Dr. Guohua Zhang was invited by the World Economic Forum. Caravelle was also praised as a model of Sino-French cooperation.[8]
Caravelle International Group announced on January 5, 2024, that it has entered into a securities purchase agreement with two institutional investors to issue and sell $1.5 million of securities. This serves as an advance payment for the initial tranche of a private placement of up to $6.8 million, which closed on January 10, 2024.[4]
On March 4, 2024, Caravelle announced a significant milestone in innovation by launching its wood drying ship, a transformative project costing $2.8 million for renovation. The wood drying system is expected to be fully operational within the next three months.[5]
References[edit]
- ^ a b Dharma, RanjithKumar (2022-04-07). "Caravelle to go public in $527m SPAC deal with Pacifico". Ship Technology. Retrieved 2024-03-28.
- ^ a b Adams, Larry (April 28, 2023). "CEO sells $30 million sawmill and laminate wood flooring factories for $1". Woodworking Network.
- ^ a b MarketScreener (2023-05-25). "Caravelle International Group Signs $25 Million Supply Agreement to Deliver 50,000 Cubic Meters of Wood to South Africa -May 25, 2023 at 09:30 am EDT | MarketScreener". www.marketscreener.com. Retrieved 2024-03-28.
- ^ a b "Caravelle International (CACO) Announces Up to $6.8M Private Placement". StreetInsider.com. Retrieved 2024-03-28.
- ^ a b Group, Caravelle International. "Caravelle International Group Announces Major Milestone in Innovation: The Launch of Wood Drying Ship". www.prnewswire.com. Retrieved 2024-03-28.
- ^ Caravelle. "First carbon-neutral ocean technology company Caravelle to list on Nasdaq via SPAC". www.prnewswire.com. Retrieved 2024-03-28.
- ^ Adams, Larry (March 3, 2023). "U.S. firm to export wood products from Gabon, Africa, to U.S." Woodworking Network.
- ^ "Caravelle, a model of Sino-French co-operation, was praised by many media at the Davos Summit 2024 | Placera". www.placera.se. Retrieved 2024-03-28.
- in-depth (not just brief mentions about the subject or routine announcements)
- reliable
- secondary
- strictly independent of the subject
Make sure you add references that meet all four of these criteria before resubmitting. Learn about mistakes to avoid when addressing this issue. If no additional references exist, the subject is not suitable for Wikipedia.