CanAsia Financial Inc.
TSX VENTURE : CNA.P

November 18, 2010 17:28 ET

CanAsia Financial Inc. Clarifies Previous Press Release Regarding Advances to Former Target Company

CALGARY, ALBERTA--(Marketwire - Nov. 18, 2010) - At the request of the TSX Venture Exchange (the "TSXV") CanAsia Financial Inc. (the "Company" or "CanAsia") (TSX VENTURE:CNA.P) would like to clarify certain information in its press release issued on May 20, 2009 (the "Prior Release"). The Prior Release disclosed that, pursuant to an agreement in principle dated May 12, 2009, the Company paid a $25,000 non-refundable deposit as a portion of the consideration for a proposed Qualifying Transaction with Classet Holdings Inc. ("Classet"). The Company did not disclose in this Prior Release that an additional $25,000 non-refundable deposit was paid to Classet pursuant to an agreement in principle with Classet dated March 20, 2009 that was subsequently terminated. Therefore, the Company paid an aggregate of $50,000 in non-refundable deposits to Classet, which is in contravention of TSXV Policy 2.4.

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. For further information regarding the Company please see SEDAR at www.sedar.com.

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 S.W.
    Calgary, Alberta T3H 2Y8