CanAsia Financial Inc. Announces Proposed Private Placement

CanAsia Financial Inc. (the "Company" or "CanAsia") (TSX VENTURE:CNA) announces
a proposed non-brokered private placement of up to 2,000,000 common shares
("Common Shares") at $0.10 per Common Share for gross aggregate proceeds of
$200,000. It is not anticipated that the proposed private placement will result
in a change of control of CanAsia. The Company intends to complete the proposed
private placement prior to the completion of its previously announced qualifying
transaction with Classet Holdings Inc. ("Classet Holdings"). The Common Shares
of the Company are currently halted pending the Company meeting certain
conditions required by the TSX Venture Exchange (the "Exchange") under Policy
2.4 - Capital Pool Companies with respect to the qualifying transaction.


About CanAsia Financial Inc.

The Company is a CPC within the meaning of the policies of the Exchange. The
Company commenced operations when it completed its initial public offering;
however it currently has no assets other than cash. Since the date of listing of
the Company's shares on the Exchange, the Company has identified and evaluated
several businesses and assets with a view to completing a "Qualifying
Transaction" under the Exchange's CPC policies. 


Completion of the transaction is subject to a number of conditions, including
but not limited to, Exchange acceptance and if applicable pursuant to Exchange
Requirements, majority of the minority shareholder approval. Where applicable,
the transaction cannot close until the required shareholder approval is
obtained. There can be no assurance that the transaction will be completed as
proposed or at all.


Investors are cautioned that, except as disclosed in the management information
circular or filing statement to be prepared in connection with the transaction,
any information released or received with respect to the transaction may not be
accurate or complete and should not be relied upon. Trading in the securities of
a capital pool company should be considered highly speculative.


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

CanAsia Financial Inc. (TSXV:CNA)
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