Caravelle International Group (Nasdaq:CACO), a global ocean technology company, today announced that it has signed a lease for a prime location at 275 5th Avenue, Manhattan, New York, 10016. The company plans to open a state-of-the-art showroom to display its range of high-quality laminate flooring and other wood products imported from Gabon, West Africa.

Caravelle's entry into the lucrative US market comes with a significant cost advantage, thanks to the African Growth & Opportunity Act, which allows duty-free import of its products into the country. The company is currently in discussion with large retailers of flooring and home improvement products and will host meetings at the new showroom to showcase its offerings.

The opening of the Manhattan showroom not only solidifies Caravelle's presence in the US market but also highlights the sizeable opportunity presented by the company's partnership with a U.S. corporation to manufacture wood products in Gabon. The venture is estimated to generate $200 million in annual revenue within several years, as previously announced.

"The opening of our New York showroom is an exciting step forward for Caravelle. We're thrilled to showcase our premium laminate flooring and wood products to potential retail partners and customers in the heart of Manhattan," said Caravelle's CEO, Dr. Guohua Zhang. "The lease terms for the showroom are favorable, and we believe this strategic investment will greatly contribute to our growth in the US market."

Caravelle International Group remains committed to expanding its business operations, leveraging innovative technology, and strategic partnerships to drive sustainable growth and profitability.