CanAsia Financial Inc.
TSX VENTURE : CNA

August 18, 2011 17:23 ET

CanAsia Financial Inc. to Appoint Sterling Group as a Franchaisee to Distribute Hyundai Mobile Phones in the Philippines

CALGARY, ALBERTA--(Marketwire - Aug. 18, 2011) - CanAsia Financial Inc. (the "Company") (TSX VENTURE:CNA) announces that Mondeo Development Group Ltd. ("Mondeo"), a wholly-owned subsidiary of the Company, has appointed the Sterling Group of the Philippines ("Sterling") as a franchisee to distribute Hyundai mobile phones for the Philippine markets on a non-exclusive basis.

Sterling has agreed to establish two new Hyundai mobile flag-ship stores in Metro Manila and a number of retail outlets in selected Sterling's retail stores country-wide.

"We believe Sterling will bring us not only an established retail channel in the Philippines, but also more than 60 years of seasoned retail experience and valuable local expertise in the country. We are excited about the opportunity and looking forward to a mutually rewarding partnership with Sterling." Commented Jacky Cheng, President of the Company.

Mondeo will continue to build partnerships to market the Hyundai mobile products through other franchised retailers, sub-distributors, telecom companies and service providers in the Philippines.

About Sterling Group

Sterling is an established retail business in the Philippines, with over 60 years of retail experience and more than 25 retail outlets. It owns and operates the chain stores of Mart One Supermarket, M1 department Stores, Expression Stationeries and Internet Cafes in the Philippines. It has also been in the business of sale and service of mobile phones and other consumer products for a number of years. Sterling is privately owned by the Lim's family of Manila. (www.sterlingpaper.com)

About CanAsia

CanAsia is an Alberta registered company listed on the TSXV. It owns 100% of Mondeo Development Group Ltd., a company registered in the British Virgin Islands; and 100% of Pacific Optical Technologies (Shenzhen) Co. Ltd. ("Pacific"). Pacific engages in the business of original designing, manufacturing (ODM) and distributing Hyundai mobile phones for the Philippine markets, as well as ODM and supplying mobile camera modules to leading mobile phones and computer makers in China. It is one of the six independent mobile camera module manufacturers in China producing high resolution camera modules higher than 3 million pixels. Pacific has an in-house Class-100 Clean Room facility which are state of the art Chip on Board and Chip of Flex technological applications. CanAsia has offices in Canada, Hong Kong, China and the Philippines, with a total staff of approximately 135. (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 financial conditions, performance, results, strategy and objectives, including the establishment of flag-ship stores in the Philippines. 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.

Neither the 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.

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