NEW YORK, Sept. 27, 2023 (GLOBE NEWSWIRE) -- Modulex Modular Buildings Plc ("Modulex"), a UK-based, globally focused "ConstrucTech" manufacturer of modular buildings today announced that it has filed a registration statement on Form S-4 (the "Registration Statement") with the U.S. Securities and Exchange Commission ("SEC") on September 27, 2023 relating to its previously announced proposed business combination (the "Business Combination") with PHP Ventures Acquisition Corp. (NASDAQ: PPHP) a publicly traded special purpose acquisition company ("PHP"). The Registration Statement contains a preliminary proxy statement/prospectus in connection with the Business Combination.
Modulex is a cutting-edge, UK-headquartered "ConstrucTech" company offering Carbon Net Zero certified, advanced 3D volumetric steel modular buildings embedded with EmergingTech such as AI, Blockchain and IoT, and Modular Buildings 2.0, which allows for fast optimized design in minutes, traceable quality assurance, live monitoring utilizing IoT, and certified carbon net zero buildings. The application of Modulex's technology shortens design and construction time, provides high quality construction, lowers construction and maintenance costs, and meets the highest building standards. Modulex building structures are extremely airtight and ensure energy efficiency and they are fully mortgageable.
Modulex is currently building the world's largest steel modular buildings factory in India, a MegaFactory to supply into the UK, EU, US, and Indian market. The MegaFactory will feature a 40-acre manufacturing facility 280 km from Mumbai, functioning as a manufacturing cluster producing fully fitted steel modular buildings, bathroom pods, doors, and windows and will be ISO 9000, 14000, 31000 and 26000 certified and fully ESG compliant, will harvest rain to recycle water, and the site is equipped with solar panels and organic farm food for the workers. With an initial annual capacity of 300,000 square meters (scalable to 1.2 mil. sq. m.) to enable volume to the supply chain to directly impact the shortage of affordable housing and other infrastructure requirements.
On December 8, 2022, PHP entered into a definitive agreement for a business combination with Modulex (the "Business Combination Agreement"). The combined company is expected to be listed on the Nasdaq upon completion of the transaction. The transaction is subject to approval by PHP's stockholders, the Registration Statement being declared effective by the SEC, and other customary closing conditions.