CALGARY, ALBERTA -- (Marketwire) -- 12/04/12 -- CanAsia Financial Inc. ("CanAsia" or the "Company") (TSX VENTURE:CNA) announces the appointment of James G. Louie as President and Chief Executive Officer of the Company. Mr. Louie is a Director of the Company.

The Company also announces the resignations of Dr. Woo-Young Kim as Chief Executive Officer and Director, and Jacky Cheng as President of the Company. The Board of Directors of the Company wishes to thank Dr. Kim and Mr. Cheng for their services to the Company and wishes them success in their future endeavors.

About CanAsia

CanAsia is an Alberta registered company listed on the TSX Venture Exchange. 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 and Shenzhen China. (www.canasiafinancial.com)

Forward-looking statements:

This press release may contain forward-looking statements about certain of CanAsia'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 CanAsia's control. As a result, CanAsia'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, CanAsia 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.