CALGARY, ALBERTA -- (Marketwire) -- 04/01/13 -- CanAsia Financial Inc. ("CanAsia" or the "Company") (TSX VENTURE: CNA) announces it has entered into an arm's length transaction to sell 100% of its wholly owned subsidiary, Pacific Optical Technologies Ltd. ("POT"), which operates in Hong Kong, to Tenacious Treasure Limited ("Tenacious"), a private company, with offices in Hong Kong for an aggregate purchase price of CDN$350,000 (the "Transaction"). POT engaged in the manufacture of optical modules (cameras) to leading mobile phone and computer makers in China. Tenacious will assume all outstanding third party debts and liabilities of POT and Pacific Optical Technologies (Shenzhen) Ltd., a directly and indirectly owned subsidiary of POT.
The net proceeds from the Transaction will be added to the working capital of the Company for business development. The proposed Transaction is expected to constitute a Reviewable Transaction of the Company as defined in Policy 5.3 of the TSX Venture Exchange ("TSXV") Corporate Finance Manual and subject to the written consent of 50.1% of the shareholders of the Company.
There will be no finder's fees paid in connection the Transaction. The completion of the Transaction is subject to the approval of the TSXV, disinterested shareholders of the Company and all other necessary regulatory approval. The Transaction will be an arm's length transaction as the directors, officers and principal shareholders of the Company currently have no interest in Tenacious.
CanAsia is Alberta based 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 the development of unique new business opportunities in the Pacific Rim countries. The Company is located in Calgary, Alberta of Canada. (www.canasiafinancial.com)
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. 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.
The TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) does not accept responsibility for the adequacy or the accuracy of this release.
CanAsia Financial Inc.
James G. Louie
Chief Executive Officer
Most Popular Stories
- Twitter Coming to Phones Without Internet
- NASA Fellowships, Scholarships Bring Diversity to Workforce
- Dish Network Leads 2013 Top 50 Advertisers List
- Entravision Initiates Quarterly Cash Dividend
- Networks Vie for U.S. Hispanic TV Viewers
- Ad Counts Rise in 2013 for Hispanic Magazines
- Warner Bros. Unleashes 'Hobbit: Desolation of Smaug' Merchandise
- Shanghai Smog Forces Factory Shutdowns
- How to Arm Yourself Against CryptoLocker Virus
- Amanda Bynes Enrolls in California's FIDM