via InvestorWire -- IBN, a multifaceted communications organization
engaged in connecting public companies to the investment community,
is pleased to announce the release of the latest episode
of The Bell2Bell Podcast as part of its sustained effort to
provide specialized content distribution via widespread syndication
channels.
The Bell2Bell Podcast delivers informative updates and exclusive
interviews with executives operating in fast-moving industries.
Bell2Bell’s latest podcast features Suchit Punnose, Founder &
CEO of Modulex Modular Buildings Plc, a leading ConstrucTech
company harnessing emerging technologies like AI, blockchain and
IoT to efficiently meet burgeoning housing and infrastructure
needs. PHP Ventures Acquisitions Corp. (Nasdaq: PPHPU) (Nasdaq:
PPHP) (Nasdaq: PPHPR) (Nasdaq: PPHPW), a special purpose
acquisition company, entered into a definitive business combination
agreement pursuant to which it would merge with and into Modulex
Modular Buildings Plc, a company registered in England and Wales
with company number 0729166 (the "Target"), and Modulex Merger Sub,
Cayman Islands exempted company and wholly-owned subsidiary of the
Target ("Merger Sub”). Upon the closing of the business
combination, which is expected in the second quarter of 2023, the
combined company expects to remain listed on Nasdaq under the
ticker symbol “MDLX.”
Throughout the interview, Punnose discussed Modulex and how it
is addressing the various issues facing the traditional
construction industry.
“Modulex is about delivering real estate version 2.0. To us,
real estate version 2.0 is carbon-net-zero-certified buildings
which are manufactured, not constructed. They are designed using AI
with blockchain-based quality assurance and IoT-enabled smart
features,” Punnose said. “All of those features encompass to us
what future real estate version 2.0 stands for. It’s very topical
for us to appreciate that; globally, there is a significant
overhang in terms of demand for affordable housing, health care,
student accommodation and various other real estate asset classes
which are required in both developed economies and the global
markets of the future.
“In terms of the genesis of Modulex, we looked at the problems
in the construction industry. Without construction, mankind can’t
progress. We need infrastructure and everything from homes and
hotels to schools. The key issues that we have in the traditional
construction space are related to time and cost overruns, poor
quality and its large carbon footprint. The solution to delivering
the vast amount of buildings required for mankind to progress in
terms of infrastructure, wellbeing and lifestyle is a pivot into
modular buildings. Modular buildings are delivered with high speed
and high quality on a fixed cost and time guarantee, and, with the
relevant carbon-net-zero certification, they address the need of
the hour.”
Punnose then provided some insight into Modulex’s MegaFactory™,
which is currently under construction roughly 175 miles from
Mumbai, India.
“The MegaFactory is a high-capacity manufacturing facility.
We’ve developed a design for a factory on a 40-acre site with plans
to initially develop about half of that land into a manufacturing
cluster consisting of about three sheds with a covered space of
roughly 350,000 square feet, including a main assembly line fed by
an ancillary shed producing bathroom pods and steel structures, as
well as a timber factory producing anything timber that goes inside
the buildings. We have the ability within that 40 acres to add
three more main assembly lines whereby we can start with an initial
production capacity of 3 million ft2, scalable to 12 million square
feet per annum. … It will allow us to produce hotels, hospitals,
care homes, student accommodation, residences, airports – all
different types of real estate – with high speed and high quality
at significant volume.”
Join IBN’s Jonathan Keim and Bell2Bell’s latest guest to learn
more about Modulex’s comparative advantages in its local markets
across India, as well as the company’s recent milestones.
To hear the episode and subscribe for future podcasts,
visit https://podcast.bell2bell.com.
About Modulex
Modulex is a leading ConstrucTech Company harnessing emerging
technologies like Artificial Intelligence, Blockchain &
Internet of Things (IoT) to meet the burgeoning housing and
infrastructure needs at a pace and with optimal cost efficiency.
Modulex is an incubation promoted by Red Ribbon Asset Management
Plc, a Mainstream Impact Investing company, which intends to take
disruptive construction technology to emerging and growth markets
where there is an urgent need for infrastructure such as health
care, offices and affordable housing. For more information, visit
the company’s website at www.Modulex.in.
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re-published: http://ibn.fm/Disclaimer
Forward-Looking Statements
This press release contains statements that constitute
“forward-looking statements,” including with respect to the
proposed Business Combination, within the meaning of the federal
securities laws. Forward-looking statements may include, but are
not limited to, statements with respect to Modulex’s products, the
likelihood of regulatory approval of such products and their
proposed uses; Modulex's growth prospects and Modulex's potential
target markets, as well as the size of those markets; Modulex's
projected financial and operational performance; new product and
service offerings Modulex may introduce in the future; the
potential business combination, including the implied business
value, the expected post-closing ownership structure and the
likelihood and ability of the parties to successfully consummate
the potential transaction; the anticipated effect of the
announcement or pendency of the proposed business combination on
PHP’s or Modulex's business relationships, performance, and
business generally; and other statements regarding PHP’s and
Modulex’s expectations, hopes, beliefs, intentions or strategies
regarding the future.
In addition, any statements that refer to projections, forecasts
or other characterizations of future events or circumstances,
including any underlying assumptions, are forward-looking
statements. The words "anticipate," "believe," "continue," "could,"
"estimate," "expect," "intends," "outlook," "may," "might," "plan,"
"possible," "potential," "predict," "project," "should," "would,"
and similar expressions may identify forward-looking statements,
but the absence of these words does not mean that a statement is
not forward-looking. Forward-looking statements are predictions,
projections and other statements about future events that are based
on current expectations and assumptions and, as a result, are
subject to risks and uncertainties. You should carefully consider
the risks and uncertainties described in the "Risk Factors" section
of any proxy statement relating to the proposed business
combination, which is expected to be filed by PHP with the SEC,
other documents filed by PHP from time to time with SEC, and any
risk factors made available to you in connection with PHP, Modulex
and the transaction. These forward-looking statements involve a
number of risks and uncertainties (some of which are beyond the
control of PHP and Modulex), and other assumptions, which may cause
the actual results or performance to be materially different from
those expressed or implied by these forward-looking statements. No
assurance can be given that the business combination discussed
above will be completed on the terms described, or at all.
Forward-looking statements are subject to numerous conditions, many
of which are beyond the control of PHP, including those set forth
in the Risk Factors section of the Registration Statement and
preliminary proxy statement for the proposed Business Combination.
Copies of these documents are or will be available on the SEC’s
website, www.sec.gov. PHP undertakes no obligation to update these
statements for revisions or changes after the date of this release,
except as required by law.
In addition to factors previously disclosed in PHP’s reports
filed with the SEC and those identified elsewhere in this
communication, the following factors, among others, could cause
actual results and the timing of events to differ materially from
the anticipated results or other expectations expressed in the
forward-looking statements: (i) the risk that the transactions
contemplated by the Business Combination Agreement may not be
completed in a timely manner or at all, which may adversely affect
the price of PHP’s securities; (ii) the risk that the transactions
contemplated by the Business Combination Agreement may not be
completed by PHP’s business combination deadline and the potential
failure to obtain an extension of the business combination deadline
if sought by PHP; (iii) the failure to satisfy the conditions to
the consummation of the transactions contemplated by the Business
Combination Agreement, including the adoption of the Business
Combination Agreement by the stockholders of PHP, the satisfaction
of the minimum cash amount following redemptions by PHP’s public
stockholders, (iv) the receipt of certain governmental and
regulatory approvals; (v) the occurrence of any event, change or
other circumstance that could give rise to the termination of the
Business Combination Agreement; (vi) the potential effect of the
announcement or pendency of the transactions contemplated by the
Business Combination Agreement on Modulex’s business relationships,
performance and business generally; (vii) risks that the
transactions contemplated by the Business Combination Agreement
disrupt current plans and operations of Modulex; (viii) the outcome
of any legal proceedings that may be instituted against Modulex or
PHP related to the Business Combination Agreement or the
transactions contemplated thereby; (ix) the risk that PHP will be
unable to maintain the listing of PHP’s securities on Nasdaq
Capital Market; (x) the risk that the price of PHP’s securities,
including following the Closing, may be volatile due to a variety
of factors, including changes in the competitive and regulated
industries in which Modulex operates, variations in performance
across competitors, changes in laws and regulations affecting
Modulex’s business and changes in the capital structure; (xi) the
inability to implement business plans, forecasts, and other
expectations after the completion of the transactions contemplated
by the Business Combination Agreement, and identify and realize
additional opportunities; (xii) the risk of downturns and the
possibility of rapid change in the highly competitive industry in
which Modulex operates, (xiii) the risk of changes in applicable
law, rules, regulations, regulatory guidance, or social conditions
in the countries in which Modulex’s customers and suppliers operate
in that could adversely impact Modulex’s operations or the SPAC
market generally; (xiv) the risk of supply chain and supply route
challenges, including COVID-19, could result in delays or increased
costs for Modulex and partners deploying their technologies; (xv)
the risk that Modulex may not achieve or sustain profitability;
(xvi) the risk that Modulex will need to raise additional capital
to execute its business plan, which may not be available on
acceptable terms or at all; (xvii) the risk that Modulex
experiences difficulties in managing its growth and expanding
operations; (xviii) the inability to complete a PIPE financing on
attractive terms or at all; (xix) changes in overall economic
conditions that impact spending on Modulex’s products; and (xx)
deterioration in conditions of the building construction industry
or in broader economic conditions.
Actual results, performance or achievements may differ
materially, and potentially adversely, from any projections and
forward-looking statements and the assumptions on which those
forward-looking statements are based. There can be no assurance
that the data contained herein is reflective of future performance
to any degree. You are cautioned not to place undue reliance on
forward-looking statements as a predictor of future performance as
projected financial information and other information are based on
estimates and assumptions that are inherently subject to various
significant risks, uncertainties, and other factors, many of which
are beyond our control. All information set forth herein speaks
only as of the date hereof in the case of information about PHP and
Modulex or the date of such information in the case of information
from persons other than PHP or Modulex, and we disclaim any
intention or obligation to update any forward-looking statements as
a result of developments occurring after the date of this
communication. Forecasts and estimates regarding Modulex’s industry
and end markets are based on sources we believe to be reliable,
however there can be no assurance these forecasts and estimates
will prove accurate in whole or in part. Annualized, pro forma,
projected, and estimated numbers are used for illustrative purposes
only, are not forecasts and may not reflect actual results.
NO OFFER OR SOLICITATION
This press release relates to a proposed Business Combination
between PHP and Modulex and is not a proxy statement or
solicitation of a proxy, consent or authorization with respect to
any securities or in respect of the proposed Business Combination
and shall not constitute an offer to sell or a solicitation of an
offer to buy the securities of PHP or Modulex, nor shall there be
any sale of any such securities in any state or jurisdiction in
which such offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of such
state or jurisdiction. No offering of securities shall be made
except by means of a prospectus meeting the requirements of Section
10 of the Securities Act of 1933, as amended, or an exemption
therefrom.
Corporate Communications
InvestorWire (IW) 8033 Sunset Blvd Suite
1037-IW Los Angeles, CA 90046 310.299.1717 Office
www.investorwire.com Editor@InvestorWire.com
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