Caravelle International Group Announces Termination of Agreement with CUEX Metal AG

Rhea-AI Summary

Caravelle International Group (Nasdaq: HTCO) announced the mutual termination of its Ore Sourcing Agreement with CUEX Metal AG. The agreement, which was originally disclosed on April 18, 2024, has been ended with no further obligations for the Company.

Positive

• No remaining financial obligations from the terminated agreement

Negative

• Loss of potential business opportunity in ore sourcing
• Termination of a strategic partnership that could have generated revenue

News Market Reaction

-5.71%

1 alert

-5.71% News Effect

On the day this news was published, HTCO declined 5.71%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

SINGAPORE, Oct. 24, 2024 /PRNewswire/ -- Caravelle International Group ("the Company", Nasdaq: HTCO), a global ocean technology company, today announced the termination of its Ore Sourcing Agreement with CUEX Metal AG. This agreement, initially disclosed on the Company's website on April 18, 2024, was terminated upon the parties' mutual agreement. The Company does not have any further obligations under the agreement.

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.

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SOURCE Caravelle International Group

FAQ

When did Caravelle International Group (HTCO) terminate its agreement with CUEX Metal AG?

Caravelle International Group announced the termination of its Ore Sourcing Agreement with CUEX Metal AG on October 24, 2024.

What was the original date of the HTCO-CUEX Metal AG agreement?

The Ore Sourcing Agreement was initially disclosed on April 18, 2024.

Does HTCO have any remaining obligations under the terminated CUEX Metal AG agreement?

No, the Company has no further obligations under the terminated agreement.