CanAsia Financial Inc.
TSX VENTURE : CNA

CanAsia Financial Inc.

February 10, 2014 11:41 ET

CanAsia Provides Update With Respect to Acquisition of Global Neuro Technologies Inc.

CALGARY, ALBERTA--(Marketwired - Feb. 10, 2014) - CanAsia Financial Inc. ("CanAsia" or the "Company") (TSX VENTURE:CNA) announces that further to its press release dated October 9, 2013, whereby the Company announced it will acquire all of the outstanding shares of Global Neuro Technologies Inc. ("GNT") by issuing to the shareholders of GNT a total of 714,285,714 units of CanAsia (the "Units") at a deemed value of $0.07 per Unit for an aggregate consideration of CDN$50 million (the "Proposed Acquisition"), the Company has paid to GNT a deposit of $500,000 (the "Deposit").

GNT, together with GNT Pharma Co. Ltd. ("GNTP") (a South Korean company), AmKor Pharma Co. Ltd. (a Delaware company) ("AmKor"), GNT Holdings Co. Ltd. (a South Korean company) ("GNTH"), the parent company of GNTP, AmKor, and the GNT group of companies (together the "GNT Group"), and Dr. Byoung Joo Gwag, have provided an undertaking to refund the Deposit if the Proposed Acquisition is not completed by June 30, 2014. The Deposit will be fully refundable to CanAsia if the Proposed Acquisition cannot be completed on or before June 30, 2014 or GNT terminates the Proposed Acquisition at any time.

The Company announces that it is proceeding with the Proposed Acquisition and is in continuing discussions with potential financiers and sponsors.

The Company will issue a future press release or press releases setting out the financial statements for GNT, details of financing arrangements and information on the directors and officers of the Company continuing after the completion of the Proposed Acquisition.

The trading of the common shares of the Company was halted and, pursuant to the rules of the TSX Venture Exchange (the "Exchange"), the halt in trading is expected to continue until the completion of the Proposed Acquisition and the minimum listing requirements of the Exchange are met or such earlier time as may be allowed by the Exchange. Sponsorship pursuant to rules of the Exchange may be required. The Company has not yet engaged a sponsor.

Completion of the Proposed Acquisition is subject to a number of conditions, including Exchange acceptance and disinterested shareholder approval. The Proposed Acquisition cannot close until the required Exchange and shareholder approval is obtained. There can be no assurance that the Proposed Acquisition will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular to be prepared in connection with the Proposed Acquisition, any information released or received with respect to the Proposed Acquisition may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.

The TSX Venture Exchange has in no way passed upon the merits of the Proposed Acquisition and has neither approved nor disapproved the contents of this press release.

About CanAsia

CanAsia is Alberta based company listed on the TSX Venture Exchange. It is engaged in the business of developing unique new business opportunities in the Pacific Rim countries. The Company is located in Calgary, Alberta of Canada.

Advisory

This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to the Proposed Acquisition including the Company's ability to obtain financing and the necessary approvals, including regulatory approvals. Statements containing the words: 'believes', 'intends', 'expects', 'plans', 'seeks' and 'anticipates' and any other words of similar meaning are forward-looking. All statements included herein involve various risks and uncertainties because they relate to future events and circumstances beyond the Company's control. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in CanAsia's disclosure documents on the SEDAR website at www.sedar.com. Any forward-looking statements are made as of the date of this press release and CanAsia does not undertake to update any forward-looking information except in accordance with applicable securities laws.

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.

Contact Information

  • CanAsia Financial Inc.
    James G. Louie
    Chief Executive Officer
    (403) 870-7383
    louiejd@shaw.ca