Tags: Sergey Aslanyan, SITRONICS

SITRONICS Announces Appointment of New President

JSC SITRONICS (“Sitronics” or “The Company”) (LSE: SITR), a leading provider of telecommunications, IT and microelectronic solutions in Russia and the CIS, with a growing presence in other EEMEA emerging markets, today announced the appointment of Sergey Aslanyan as President and Chief Executive Officer, with immediate effect. Mr. Aslanyan previously held the position of Vice President for Network and Information Technology at Mobile TeleSystems OJSC.

Denis Muratov, Chairman of the Board of Directors of SITRONICS, commented: “This new appointment reflects SITRONICS position as a leading domestic and international technology solutions provider. We have successfully expanded our operations, both geographically into new markets and through the introduction of new products and services, in order to provide highly competitive solutions to an ever growing blue-chip customer base. Sergey Aslanyan is a highly experienced professional with a successful track record. His appointment is intended to enable us to build even more effective relationships with our various stakeholders, to streamline and further expand our businesses, and to maximise the opportunities created by SITRONICS’ market positions.”

Sergey Aslanyan added: “This is a great opportunity to work with a highly professional team to realize the Company’s significant potential. SITRONICS has all the necessary resources to offer highly competitive and customised technological solutions and, thereby, to consolidate its leading position in the Russian technology industry and expand its operations internationally.”

Sergey Aslanyan has served as Vice President for Network and Information Technology at Mobile TeleSystems OJSC (“MTS”) since July 2006, prior to which he was MTS Vice President for Information Technology from December 2003. Mr. Aslanyan worked as Deputy Director of Information Technologies at “TNK-BP Management” (formerly OJSC Tyumenskaya Oil Company) between 2001 and 2003, having been a Consultant at PriceWaterhouseCoopers from 1997 until 2001. Mr. Aslanyan graduated from Lomonosov Moscow State University with a degree in mathematics, and is a member of the Russian Advisory Committee of the Intel Corporation.

For further information, please visit www.sitronics.com

SITRONICS is a leading provider of telecommunication solutions, including software, equipment and systems integration, IT solutions and microelectronic solutions in Russia and the Commonwealth of Independent States with a strong presence in Central and Eastern Europe and a growing presence in the Middle East and Africa.

SITRONICS serves over 3,500 clients, maintains offices in 32 countries and exports its products and services to more than 60 countries. SITRONICS has over 10,000 employees of whom approximately 4,500 are involved in research and development.

SITRONICS’ key Telecommunication Solutions operations are based in Prague, Czech Republic and Athens, Greece and Moscow, Russia, while the company’s IT Solutions and Microelectronic Solutions divisions are based in Kiev, Ukraine and Zelenograd, Russia, respectively.

For the six months ended June 30, 2007, SITRONICS’ revenues were US$ 638.3 million. As of 30 June 2007, SITRONICS had total assets of US$ 1.7 billion. SITRONICS is majority owned by Sistema, the largest diversified holding company in Russia and CIS.

SITRONICS has developed strategic alliances in its home markets with Cisco Systems, STMicroelectronics, Infineon and Giesecke & Devrient in relation to certain products and services. SITRONICS has vendor relationships with Siemens, Ericsson, Motorola, ORACLE, Intel, Sun Microsystems and Microsoft. Key customers include Sistema group companies, such as MTS, Comstar UTS and MTT, and also OTE, Cosmote, Vodafone, Ericsson and TCL.

Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of SITRONICS. You can identify forward-looking statements by terms such as “expect,” “believe,” “anticipate,” “estimate,” “intend,” “will,” “could,” “may” or “might” the negative of such terms or other similar expressions. These statements are only predictions and actual events or results may differ materially. We do not intend to or undertake any obligation to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with operating in Russia, rapid technological and market change in our industries, and other factors specifically related to SITRONICS and its operations.

This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares or other securities of SITRONICS, nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding the securities of SITRONICS.

Contacts

SITRONICS
Alexander Goldin, IR Director
Tel: +7 495 225 0030
ir {at} sitronics(.)com
or
Elena Sanarova, Public Relations
Tel: +7 495 225 0030
Sanarova {at} sitronics(.)com
or
Shared Value Limited
Investor Relations
Larisa Kogut-Millings
Tel: +44 (0) 20 7321 5010
sitronics {at} sharedvalue(.)net