New York, NY, Nov. 25, 2025 (GLOBE NEWSWIRE) — PhoneX Holdings, Inc. (“PhoneX” or the “Company”) (OTC Pink: PXHI) today announced that it has appointed Vijay Ganapathy to the Board of Directors, effective November 20, 2025. Mr. Ganapathy succeeds Scott Tepfer, who has resigned from his positions as a director and Executive Vice President of the Company.
Mr. Ganapathy currently serves as the Company’s Chief Innovation Officer and previously served as Chief Technology Officer for over 13 years. Mr. Tepfer will remain with We Sell Cellular LLC (“We Sell Cellular”) following Itochu Corporation’s $47.7 million purchase from the Company of a controlling interest in We Sell Cellular earlier this year.
Adoption of Long-Term Cash Bonus Incentive Plan
The Board of Directors has approved and adopted a comprehensive Long-Term Cash Bonus Incentive Plan (the “Plan”), establishing a performance-based cash bonus program designed to align employee and service-provider incentives with long-term shareholder value creation.
The Plan provides for bonus payments only upon the achievement of measurable value-creation events, including major corporate transactions and shareholder distributions. A copy of the Plan will be posted on the Company’s disclosure page on the OTC Markets website: https://www.otcmarkets.com/stock/PXHI/disclosure.
Under the Plan, eligible participants (“Participants”) may be selected by the Plan Administrator to receive Cash Bonus Award Payments. These awards are not guaranteed and become payable only if the Company completes a qualifying “Transaction”—including a dividend distribution, merger, consolidation, or sale of assets or stock—that results in aggregate distributions to shareholders (“Total Distributions”) exceeding pre-established Distribution Thresholds. Total Distributions do not include the special dividend the Company paid earlier this year.
As of the date of this press release, the cash bonus awards granted to Participants represent approximately 5% of Total Distributions at lower transaction thresholds and increase in a progressive manner, with Participants receiving up to 15% of Total Distributions in extraordinary outcomes.
About PhoneX Holdings, Inc.
PhoneX Holdings, Inc. is a technology company powering the global wholesale trade of pre-owned mobile devices. Its industry-leading SaaS platform helps carriers, manufacturers, and distributors manage inventory, optimize sales, and expand customer networks. By driving efficiency, transparency, and scale, PhoneX enables partners to maximize value in the secondary mobile device market.
Contact
Jayme White
PhoneX Holdings, Inc.
Tel: (336) 408-9637
Email: jayme@phonexinc.com