Globavend Holdings Announces Memorandum of Understanding to Acquire Top Logistics,

A strategic acquisition to strengthen the company’s business presence in Australia

PERTH, AUSTRALIA, May 29, 2024 (GLOBE NEWSWIRE) — Globavend Holdings Limited (Nasdaq: GVH) (“Business” Or “Globevend“), an emerging e-commerce logistics provider, today announced that it has entered into a non-binding memorandum of understanding (“MOU”) in order to make an equity investment in Top Logistics Australia Pty Ltd (“The best logistics“), a key provider of comprehensive logistics solutions in Australia. Pursuant to the Agreement, the Company will make an equity investment in Top Logistics upon the satisfaction and/or waiver of certain conditions precedent, which will be set forth in the definitive agreement, which is subject to further and ongoing discussions and due diligence.

Top Logistics is a Sydney-based logistics provider with a very strong presence in Australia, with over 15,000 square meters of warehouse space in Sydney, Melbourne and Brisbane. It specializes in sea and air transport, import, customs clearance, cargo deconsolidation, packaging and picking, transport and logistics, and warehousing services.

Wai Yiu Yau, CEO of Globavend, said: “The proposed transaction is consistent with Globavend’s strategy to strengthen its business presence and expansion in Australia. According to the 2024 Australian Post eCommerce Industry Report, 8 in 10 Australian households shopped online in 2023 and 9.5 million Australian households received a parcel in 2023. Australians spent 63.6 billion in 2023 AUD (approximately $42.4 billion) for online shopping. Given Top Logistics’ presence in the market, we believe that the proposed acquisition will further improve our business performance and help us grow in the future.”

About Globavend Holdings Limited

Globavend Holdings Limited is an emerging e-commerce logistics provider offering end-to-end logistics solutions in Hong Kong, Australia and New Zealand. The Company’s clients are primarily corporate clients, e-commerce merchants or e-commerce platform operators conducting business-to-consumer (B2C) transactions. As an e-commerce logistics service provider, the Company provides integrated cross-border logistics services from Hong Kong to Australia and New Zealand, where it provides customers with an end-to-end solution, from pre-transit parcel drop to parcel consolidation, air freight forwarding, customs clearance, transportation and in-transit parcel delivery .

Forward-looking statements

This press release contains certain forward-looking statements, including statements regarding the Company’s proposed transaction and the future potential of the Company. Words such as “will”, “future”, “expects”, “believes” and “intends” or similar expressions are intended to identify forward-looking statements. Forward-looking statements involve inherent uncertainties in predicting future results and conditions, and there can be no assurance that the proposed transaction discussed above will be completed on the terms described or will achieve the contemplated objectives. These and other risks and uncertainties are disclosed in our annual report on Form 20-F. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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Informations about company:

Globevend Holdings Limited
Wai Yiu Yau, President and CEO
[email protected] 61 08 6141 3263