CanAsia Financial Inc.
TSX VENTURE : CNA.P

February 02, 2011 18:36 ET

CanAsia Financial Inc. Announces Issuance of Final Bulletin and Proposed Private Placement

CALGARY, ALBERTA--(Marketwire - Feb. 2, 2011) - CanAsia Financial Inc. ("CanAsia" or the "Company") (TSX VENTURE:CNA.P) is pleased to announce that it has received final approval from the TSX Venture Exchange Inc. ("TSX Venture") pursuant to the issuance of a final bulletin in connection with its previously announced Qualifying Transaction, which was completed on November 25, 2010. As a result, at the opening of market on February 3, 2011, the Company will no longer be considered a Capital Pool Company and the common shares ("Common Shares") of the Company will commence trading on the TSX Venture under the symbol "CNA". The Company is now classified as a Tier 1 "computer and electronic product manufacturing" company.

The Company also announces a non-brokered private placement of up to 4,000,000 Common Shares at a price of $0.15 per share for gross proceeds of up to $600,000 (the "Offering"). The Offering is expected to close on or about February 25, 2011. Completion of the Offering is subject to receipt of all necessary regulatory approvals, including the approval of the TSX Venture. The Common Shares will be subject to a four-month hold period from the closing date of the Offering.

The proceeds of the Offering will be used for due diligence expenses on the Company's recently completed Qualifying Transaction and for general corporate purposes.

About CanAsia

CanAsia is engaged in 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, Chip Support Package (CSP), Chip on Board (COB) and 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 required for COB and COF production. It also has established relationships with key mobile phone manufactures and suppliers in China. CanAsia sells directly to customers and has not appointed distributors or agents anywhere.

The TSX Venture Exchange Inc. 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
    Vice President
    (403) 870-7383
    (403) 295-9170 (FAX)