CanAsia Financial Inc.: Pacific Mobile Inc. to Ship 20,000 New Hyundai Mobile Phones

CALGARY, ALBERTA--(Marketwire - May 2, 2012) - CanAsia Financial Inc. ("CanAsia" or the "Company") (TSX VENTURE:CNA) announces that its wholly-owned subsidiary, Pacific Mobile Inc. ("Pacific Mobile") has completed its development for two new models of Hyundai mobile phones, H1 and T10. Both of these models are multi- function feature phones tailored for the mid-market consumers in the Philippines. (www.hyundaimobile.asia).

Pacific Mobile has received an initial order for 20,000 units of these new models. The shipments are expected to begin in approximately 2 weeks.

CanAsia will continue to develop new models of Hyundai phones and seek revolutionary mobile technologies, market expertise and capital to support its growth.

About Hyundai Corporation

Hyundai Corporation is one of Korea's leading companies involved in a wide range of businesses including steel, heavy machinery, ships, automobiles, electronics and basic commodities. It is also working with select partners to bring Hyundai-branded electronics and other consumer products to households worldwide and has seen remarkable growth in the sale of mobile phones, digital cameras and home audio/video systems. Hyundai Corporation has many years of experience in global trade, solid financing capabilities and unparalleled regional and local expertise through its network worldwide (www.hyundaicorp.com).

About CanAsia

CanAsia is an Alberta registered company listed on the TSX Venture Exchange. It engages in the business of original design, manufacture and distribution of Hyundai brand mobile phones for the Philippines and components of high resolution mobile camera modules to leading mobile phone and computer makers in China. CanAsia owns an in-house Class-100 Clean Room facility which is required for state of the art Chip on Board and Chip of Flex technological applications. CanAsia has offices in Canada, Hong Kong, China and the Philippines. (www.canasiafinancial.com)

Forward-looking statements:

This press release may contain forward-looking statements about certain of the Company's current plans, goals and expectations relating to future sales of cell phones and financial conditions, performance, results, strategy and objectives. Statements containing the words: 'believes', 'intends', 'expects', 'plans', 'seeks' and 'anticipates' and any other words of similar meaning are forward-looking. All forward-looking statements involve risk and uncertainty because they relate to future events and circumstances beyond the Company's control. As a result, the Company's actual financial condition, performance and results may differ materially from the plans, goals and expectations set out in the forward-looking statements. Any forward-looking statements are made as of the date of this release and, other than as required by applicable securities laws, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in CanAsia's disclosure documents on the SEDAR website at www.sedar.com.