Dr. Phone Fix signs deal to acquire Geebo Device Repair

Mr. Piyush Sawhney reports DR. PHONE FIX ENTERS INTO AN AGREEMENT TO EXPAND INTO ATLANTIC CANADA THROUGH STRATEGIC ACQUISITION Dr. Phone Fix Canada Corp. has entered into a definitive asset purchase agreement to acquire substantially all of the business assets of Geebo Device Repair Inc., 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, which span across six operating stores and include leases that provide options for future expansion, for a base purchase price of $1.35-million, 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 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 as of the last trading day prior to the execution of the definitive agreement; and (b) the minimum price permitted under TSX-V 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 [original equipment manufacturer] 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 TSX-V. 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. About Dr. Phone Fix Canada Corp. Dr. Phone Fix is an award-winning, eco-friendly and customer-centric leader in Canada's cellphone and electronics repair and preowned resale industry. Founded in 2019, Dr. Phone Fix operates 35 corporately owned retail locations across Canada, offering fast and reliable device repairs, certified preowned 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. We seek Safe Harbor.