Caravelle signs three-year procurement contract with Bestwood Joiner

Caravelle announced that the Company, through its Singapore Garden Technology subsidiary, has signed a 3-year procurement contract with Bestwood Joinery worth $60M. According to the terms of the procurement contract, Caravelle will source 120,000 cubic meters of various species of lumber from Indonesia, transport the lumber to Bestwood Joinery in Cape Town, South Africa, and dry the wood in transit using Caravelle’s revolutionary CO-Tech technology using only recycled heat from the ship’s engine.