CanAsia Announces Director and Officer Appointments

CALGARY, ALBERTA--(Marketwire - Aug. 9, 2012) - CanAsia Financial Inc. ("CanAsia" or the "Company") (TSX VENTURE:CNA) announces that pursuant to its Annual General and Special Meeting (the "Meeting") held on August 8, 2012, the shareholders of the Company have elected James G. Louie and Jacob Sung Kyung Kim to the Board of Directors. The Board of Directors now consists of James G. Louie, Dr. Woo Young Kim, Jacob Sung Kyung Kim, Jacky Chak Sun Cheng, and Yihong (Nancy) Huang.

Jay Leung and Barry Pearson who were Directors previously, did not stand for re-election. The Board of Directors wishes to thank Mr. Leung and Mr. Pearson for their services to the Company and wishes them every success in their future endeavors.

CanAsia also announces that following the Meeting, the Board of Directors appointed the following officers: Jacky Cheng as President, Dr. Woo Young Kim as Chief Executive Officer and Chief Technology Officer, Jacob Kim as Chief Financial Officer and Corporate Secretary and James G. Louie as the Chairman of the Board of Directors.

In addition, the Company announces that the Board of Directors has approved the granting of stock options to purchase 250,000 common shares to an officer of the Company, subject to regulatory and TSX Venture Exchange approval. The options were issued with an exercise price of $0.13 per share, vest as to one-third (1/3) on each of December 31, 2012, December 31, 2013 and December 31, 2014 and have a five year term.

About CanAsia

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

Advisory

This news release may contain certain forward-looking information and statements. 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.