CanAsia Financial Inc. Announces Closing of Private Placement

CALGARY, ALBERTA--(Marketwire - March 31, 2011) - CanAsia Financial Inc. ("CanAsia" or the "Company") (TSX VENTURE:CNA) is pleased to announce that the Company has closed the non-brokered private placement as reported on February 4, 2011. The Company issued 2,764,000 Common Shares at a price of $0.15 per share for gross proceeds of $414,600. The Common Shares have a four-month hold period from the closing date of the Offering.

About CanAsia

CanAsia is engaged in the designing, manufacturing and distributing optical modules to mobile device makers in China. Currently there are two predominant digital camera sensor technologies: Charge-coupled Devices (CCD) and Complementary Metal–oxide–semiconductors (CMOS). Within CMOS sensor type, there are three main types of construction: (a) Chip Support Package (CSP), (b) Chip on Board (COB) and (c) Chip on Flex (COF). COF is the latest generation using flexible substrate. CanAsia focuses its business in COB and COF, and it has an in-house Class-100 Clean Room facility which is required for COB and COF production. 

CanAsia has established relationships with key mobile phone manufacturers and suppliers in China. CanAsia sells directly to its customers and has not appointed distributors or agents anywhere.