DR. PHONE FIX ENTERS INTO AN AGREEMENT TO EXPAND INTO ATLANTIC CANADA THROUGH STRATEGIC ACQUISITION
/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
EDMONTON, AB, Oct. 22, 2025 /CNW/ - Dr. Phone Fix Canada Corporation ("Dr. Phone Fix" or the "Company") (TSXV: DPF) is pleased to announce that it has entered into a definitive Asset Purchase Agreement ("Definitive Agreement") to acquire substantially all of the business assets of Geebo Device Repair Inc. ("Geebo"), a leading mobile-device repair chain operating multiple retail service locations across the Nova Scotia region.
"This transaction marks Dr. Phone Fix's strategic entry into Atlantic Canada, advancing our national expansion strategy and strengthening our position as a Canadian leader in consumer electronics device care and resale," said Piyush Sawhney, Founder and Chief Executive Officer of Dr. Phone Fix.
Pursuant to the Definitive Agreement, Dr. Phone Fix will acquire substantially all of the assets of Geebo (the "Transaction"), which span across six operating stores and include leases that provide options for future expansion, for a base purchase price of $1,350,000, subject to customary adjustments, plus an amount equal to the value of saleable inventory at closing. The purchase price will be satisfied through a combination of $600,000 in cash, a vendor take–back promissory note in the principal amount of $250,000, and common shares of the Company issued to the seller (the "Consideration Shares"). The Company will issue (i) Consideration Shares having an aggregate value of $500,000 and (ii) additional Consideration Shares equal to the closing value of purchased saleable inventory net of the cash attributed to such inventory. The number of Consideration Shares issuable will be determined using the greater of (a) the 21–day volume–weighted average trading price of the Company's common shares on the TSX Venture Exchange (the "TSXV") as of the last trading day prior to the execution of the Definitive Agreement, and (b) the minimum price permitted under TSXV policies. All Consideration Shares will be held in escrow and released in accordance with the terms of a customary escrow agreement.
Mr. Sawhney added, "This acquisition marks a significant milestone in Dr. Phone Fix's ongoing expansion and strengthens our position as a coast-to-coast service provider. Establishing a strong East Coast platform immediately extends our geographic reach, creates operational synergies, and connects us with a loyal regional customer base. It also enhances our OEM-certified repair capabilities, deepens insurance-partner relationships, and reinforces our commitment to sustainable device-care practices. With this transaction, we are building the foundation for scalable national growth and moving closer to our goal of expanding from approximately 35 corporate locations to more than 70 stores nationwide within the next 12 to 18 months."
Following closing of the Transaction, Geebo's team and management are expected to remain in place to ensure operational continuity and maintain the high level of service customers have come to expect.
Dr. Phone Fix remains focused on expanding its network of corporate-owned stores across major provinces while pursuing further partnerships and acquisitions, advancing its vision of becoming Canada's leading coast-to-coast device-care and circular-economy brand.
The Transaction, which is an arm's length transaction, will be subject to customary adjustments and closing conditions, including the approval of the TSXV. There can be no assurance that the Transaction will be completed as proposed, or at all.
A copy of the Definitive Agreement will be filed under the Company's SEDAR+ profile at www.sedarplus.ca.
About Dr. Phone Fix
Dr. Phone Fix is an award-winning, eco-friendly, and customer-centric leader in Canada's cell phone and electronics repair and pre-owned resale industry. Founded in 2019, Dr. Phone Fix operates 35 corporately owned retail locations across Canada, offering fast and reliable device repairs, certified pre-owned devices, and a wide range of accessories. The Company maintains strong relationships with OEMs and certified suppliers to ensure high-quality service and product offerings.
NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Cautionary Statement Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable securities laws. Forward-looking information can be identified by words such as: "intend", "believe", "estimate", "expect", "may", "will" and similar references to future periods. Forward looking information includes but is not limited to the successful closing of the Transaction and the receipt of the approval of the TSXV.. Although the Company believes that, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risk that the future plans of the Company may differ from those that currently are contemplated, the risk that the Company does not close the Transaction and the risk that the Company does not receive the TSXV's approval of the Transaction. The forward-looking statements contained in this news release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.
SOURCE Dr. Phone Fix