CanAsia Financial Inc Announces Proposed Sale Of Assets

Monday, 1 Apr 2013 06:00pm EDT 

CanAsia Financial Inc announced that 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 CDN350,000 (the Transaction). POT engaged in the manufacture of optical modules (cameras) to 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. 

Company Quote

3 Oct 2013