CanAsia Financial Inc.
TSX VENTURE : CNA.P

January 21, 2010 13:31 ET

CanAsia Financial Inc. Agreement in Principle With Classet Holdings Inc. Terminated

CALGARY, ALBERTA--(Marketwire - Jan. 21, 2010) - CanAsia Financial Inc. (the "Company" or "CanAsia") (TSX VENTURE:CNA.P) announced that the agreement in principle with Classet Holdings Inc. ("Classet") to purchase all of the issued and outstanding securities of its wholly-owned subsidiary Classet Co. Ltd. has been terminated effective January 20, 2010 as the parties were unable to resolve certain conditions under the Agreement in Principle necessary to proceed with the transaction. Accordingly, CanAsia will withdraw its non-offering preliminary prospectus previously filed with regulatory authorities to qualify the proposed transaction with Classet under the rules of the TSX Venture Exchange's (the "Exchange") Policy 2.4 - Capital Pool Companies.

CanAsia will continue to actively identify and evaluate assets or businesses suitable for a Qualifying Transaction.

About CanAsia Financial Inc.

The Company is a CPC within the meaning of the policies of the Exchange. The Company commenced operations when it completed its initial public offering; however it currently has no assets other than cash.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • CanAsia Financial Inc.
    James G. Louie
    President and Chief Executive Officer
    (403) 870-7383
    (403) 242-7479 (FAX)
    or
    CanAsia Financial Inc.
    243 Sienna Hills Drive SW
    Calgary, Alberta T3H 2Y8