CanAsia Financial Inc. to Supply Hyundai Mobile Phones

CALGARY, ALBERTA--(Marketwire - Aug. 3, 2011) - Jay Leung, Chairman of CanAsia Financial Inc. ("CanAsia" or the "Company") (TSX VENTURE:CNA) announces that Mondeo Development Group Ltd. ("Mondeo"), a wholly-owned subsidiary of CanAsia, has been selected by Hyundai Corporation of Korea to produce and distribute Hyundai mobile phones for the Philippine markets on an exclusive basis.

Hyundai Corporation ("Hyundai") has licensed Mondeo exclusively to design, manufacture and distribute Hyundai mobile phones for the Philippine markets. Hyundai will assist and support Mondeo in the overall operation from product development, quality control to advertising promotions. Mondeo expects to ship one hundred and twenty thousand mobile phones in the next twelve months.

"Backed by the Hyundai brand, quality and expertise, we will focus on developing innovative and affordable products for our targeted consumers. In particular, we will produce mobile products ranged from traditional feature phones to specialty phones, from hi-tech smartphones to state of the art tablet phones. The Philippines is a market place of 78 million young and vibrant mobile phone users. The number of mobile users in the Philippines has grown at an average rate of 15% per year in the past 5 years. It is one of the fastest growing markets in Asia and an important platform for our future expansion in the Asia Pacific region." Mr. Leung commented.

The Company will continue to seek and develop revolutionary mobile technologies, market expertise and capital to support its growth.

About Hyundai Corporation

Hyundai Corporation is one of Korea's leading companies involving in a wide range of businesses including steel, heavy machinery, ships, automobiles, electronics and basic commodities. It is also working with select partners to bring Hyundai-branded electronics and other consumer products to households worldwide, and has seen remarkable growth in the sale of mobile phones, digital cameras and home audio/video systems. Hyundai Corporation has many years of experience in global trade, solid financing capabilities, and unparalleled regional and local expertise through its network worldwide. (www.hyundaicorp.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 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 is required for 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 sales of cell phones and financial conditions, performance, results, strategy and objectives. 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.