The CEO of a company that plans to ship wood from Africa to the United States and use a patent-pending CO-Tech system to dry the lumber in route has sold his sawmill and laminate wood flooring facilities, valued at $30 million, for $1.

Caravelle International Group, a global ocean technology company, announced that the Company's CEO Dr. Guohua Zhang has sold Penxing Gabon SARL to Caravelle. 

Penxing Gabon SARL owns and operates a sawmill and laminate wood flooring manufacturing facilities in Gabon, Africa, capable of producing 100,000 cubic meters of sawn timber and 2.5 million square meters of wood flooring per year. Penxing also owns the logging rights to 340,000 hectares of forest land in Gabon. A recent appraisal of Penxing Gabon SARL valued the company at $30 million.

This acquisition completes the supply chain for the Company's recently announced expansion into exporting wood products directly to the U.S. market, with added cost savings from drying the wood in-transit using the Company's revolutionary Co-Tech solution and the duty-free status granted under The African Growth and Opportunity Act making the market opportunity even more attractive. When operating at full capacity, the Company estimates that the Penxing manufacturing facilities could produce $150 million worth of laminating flooring and other wood products which would generate $30 million in profit.

"It gives me great pleasure to announce the gifting of my $30 million company to Caravelle. This decision was made as a symbol of my commitment to building value for all shareholders myself included as the largest and majority shareholder, and to ensure the long-term success of our company," said Dr. Guohua Zhang, Chief Executive Officer of Caravelle. "Penxing Gabon SARL is much more valuable as a part of Caravelle than it was on its own as it vertically integrates the Company all the way from timber harvesting to the sale of finished laminate flooring and wood products in the United States, Asia and Europe. This is a multi-billion market opportunity and as a vertically integrated company we will capture much more profit."