CanAsia Financial Inc.
TSX VENTURE : CNA

May 25, 2011 16:05 ET

CanAsia Financial Inc. to Become an Official Supplier to Foxconn Group

CALGARY, ALBERTA--(Marketwire - May 25, 2011) - CanAsia Financial Inc. ("CanAsia" or the "Company") (TSX VENTURE:CNA) is pleased to announce that the Company has been appointed an official supplier to supply camera modules to Foxconn Group of Taiwan. These camera modules will be used for production of a world leading brand mobile phone. We anticipate this business transaction will increase our sales significantly in the next 12 months.

About Foxconn Group

Foxconn is the largest and fastest growing multinational that provides joint-design, joint-development, manufacturing, assembly and after-sales services for global Computer, Communication and Consumer-electronics ("3C") leaders. Foxconn manufactures i-phones, i-pads, Motorola and Acer phones among other brand names products. With nearly US$60 billion of consolidated revenue in year 2010, Foxconn is the World's No. 1 Manufacturing Services Provider for 3C industry, with about 1 million workers worldwide.

The Company is also pleased to announce that Dr. Woo Young Kim and Ms. Nancy Yihong Huang have been elected to its Board of Directors during the Company's Annual General Meeting held on May 10th, 2011. Currently the Board of Directors includes Mr. Jay Leung, Mr. Jacky Chak Sun Cheng, Mr. Barry Pearson, Dr. Woo Young Kim and Ms. Nancy Yihong Huang.

Dr. Woo Young Kim: Dr. Kim is a professor with the School of Green Energy & Semiconductors at Hoseo University (Korea), where he has been employed since 2005. He is also an adjunct professor with the Department of Engineering Physics at McMaster University (Canada) in 2011. Prior to this, he was the Chief Technology Officer of Hyundai LCD Inc. a major Korean display company from 2005 to 2006, and CTO of Luxell Technologies Inc. from 2002 to 2005. Luxell is a Canadian company that specializes in the research and development of flat panel display enhancing technologies used in many different consumer, aerospace, and defense solutions. Between 2000 and 2002, Dr. Kim was a Project Manager for Hyundai LCD Inc. in the OLED Business Division. Hyundai LCD is a leading manufacturer in display components for mobile electronic devices. Dr. Kim obtained his Ph.D. from Purdue University (USA) in 1995. He also holds a Masters of Science from Murray-State University (USA), which was granted in 1990. Dr. Kim brings more than 10 years of hi-tech manufacturing expertise to the Company.

Nancy Yihong Huang: Ms. Huang is currently the Chief Financial Officer ("CFO") of Xiamen Songyu Container Terminal Co., Ltd (XSCT), an Equity Joint Venture container terminal between A.P. Moller - Maersk Group and Xiamen Port Group since 2005. Previously, she worked as a senior accountant in People's Bank of China (PBOC) - Xiamen Branch since July 1989. In March 1991, she joined Sea-Land Service Inc., the number one U.S. shipping carrier under CSX Corporation as the Finance and Administration Manager of the Southeast China Region. From 1999 to 2005, she was the Fujian Region Finance Manager and the regional trainer of Asia for Maersk Line. Maersk is the world's largest container shipping line after acquiring Sea-Land Service Inc. from CSX Corporation. Ms. Huang has experience with international accounting and audit practices and standards, as well as knowledge in finance issues in China. Ms. Huang holds a Bachelor of Science degree majoring in Business Administration from Fudan University (Shanghai, China), which was granted in 1989. She is currently an M.B.A. Candidate with the Xiamen University Graduate School of Management (Xiamen, Fujian, Peoples Republic of China). Ms. Huang brings more than 20 years of accounting and international finance expertise to the Company.

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. It is one of the six independent camera module manufacturers in China producing high resolution camera modules higher than 3 million pixels.

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.

The TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) does not accept responsibility for the adequacy or the accuracy of this release.

Contact Information

  • CanAsia
    Barry Pearson
    Director
    (403) 295-9118