CanAsia Announces Private Placement

CanAsia Financial Inc. ("CanAsia" or the "Company") (TSX VENTURE:CNA) announces
that it plans to complete a non-brokered private placement of up to 10,000,000
units (the "Units") of CanAsia at a price of $0.11 per Unit for aggregate gross
proceeds of up to $1,100,000 (the "Offering"). The Units will be comprised of
one (1) common share ("Common Share") of CanAsia and one-half (1/2) of a share
purchase warrant ("Warrant") of CanAsia. Each whole Warrant entitles the holder
thereof to purchase one Common Share for $0.20 per share expiring 24 months from
the date of the closing of the Offering.


CanAsia may pay a commission or finder's fee to qualified non-related parties of
up to 8% of the gross proceeds of the Offering and broker warrants (the "Broker
Warrants") equal to up to 8% of the number of Units sold in the Offering. Each
Broker Warrant will entitle the holder to acquire one Common Share at a price of
$0.11 per Broker Warrant for a period of 12 months from the date of issuance.
Any commission or finder's fee paid or Broker Warrants issued will be in
accordance with applicable securities laws and the policies of the TSX Venture
Exchange Inc. (the "TSXV").


The proceeds of the Offering will be used for general working capital purposes.
Completion of the Offering is subject to regulatory approval including, but not
limited to, the approval of the TSXV. The securities issued will be subject to a
four month hold period from the date of the closing of the Offering.


About CanAsia 

CanAsia is an Alberta registered company listed on the TSXV. It engages in the
business of original design, manufacture and distribution of Hyundai brand
mobile phones for the Philippines and components of mobile camera modules to
leading mobile phone and computer makers in China. CanAsia has offices in
Canada, Hong Kong, China and the Philippines. (www.canasiafinancial.com)


Advisory 

This news release may contain certain forward-looking information and
statements, including without limitation, statements pertaining to the closing
of the offering including the Company's ability to obtain necessary approvals
from the TSX Venture Exchange. 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.