NEW YORK, Dec. 16, 2022 (GLOBE NEWSWIRE) -- Pacifico Acquisition Corp. (NASDAQ:PAFOU, "Pacifico, " or the "Company"))), a special purpose acquisition company, and Caravelle Group Co., Ltd ("Caravelle"), a global ocean technology company, today announced the completion of their previously announced business combination (the "Business Combination"). The Business Combination was approved by Pacifico's shareholders on November 30, 2022. Upon completion of the Business Combination, Caravelle International Group, the combined company, will be a publicly traded entity. The combined company's ordinary shares are expected to commence trading on the Nasdaq Capital Market under the symbol "CACO" on December 19, 2022.

Edward Cong Wang, Chief Executive Officer of Pacifico commented, "We are excited to complete the Business Combination between Pacifico and Caravelle. We are confident that, post Business Combination, Caravelle is well positioned to bring new growth opportunities to the industry and generate more value for shareholders."

Dr. Guohua Zhang, Chief Executive Officer of Caravelle commented, "The successful closing of our Business Combination with Pacifico not only validates Caravelle's strong value proposition to our customers and shareholders, but also marks an important milestone in our corporate development. In addition, it should serve as a springboard to accelerate the growth of both our company and our industry for global shipping business. Being a publicly-traded company, we plan to leverage our expanded resources, technology advancement, brand equity, and operations know-how, to capitalize on new growth opportunities and deliver lasting shareholder value."

Loeb & Loeb LLP served as a legal advisor to Pacifico. Pryor Cashman LLP and Maples and Calder (Hong Kong) LLP served as legal advisors to Caravelle. Chardan Capital Markets LLC ("Chardan") served as an M&A and financial advisor to Pacifico. Lucosky Brookman LLP served as a legal advisor to Chardan.

About Pacifico Acquisition Corp.

Pacifico Acquisition Corp. is a Delaware corporation incorporated as a blank check company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The Company's efforts to identify a prospective target business will not be limited to a particular industry, although the Company intends to focus on operating businesses in and around the new energy, biotech, and education industries in Asia (excluding China).

About Caravelle Group Co., Ltd

Caravelle is a global ocean technology company. Its business comprises of two sectors: the traditional business in international shipping, operated by the Topsheen Companies (Topsheen Shipping Group Corporation (Samoa) and its subsidiaries) and the new CO-Tech business under Singapore Garden Technology Pte. Ltd. As the traditional business, Caravelle's international shipping business has generated all revenues. The CO-Tech business is a new development building upon the existing shipping business. It enables wood desiccation during the maritime shipping process, with full utilization of the shipping time, space, and the waste heat of exhaust gas from the shipping vessels. Caravelle's CO-Tech industry has no historical operations and has not generated revenue. Caravelle is headquartered in Singapore.

Forward Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, including the successful consummation of the Company's initial public offering, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Contact:

Caravelle International Group

60 Paya Lebar Road

#06-17 Paya Lebar Square

Singapore 409051

(65) 8304 8372

Attention: Tracy Xia

Email: Tracyxia@caravelleglobal.com.cn

Pacifico Acquisition Corp. and Caravelle Group Co., Ltd Announce Closing of Business Combination