JSC SITRONICS (SITRONICS or the “Group”) (LSE:SITR), a leading provider of telecommunications, information technology and microelectronic solutions in Russia and the CIS, with a growing presence in other EEMEA emerging markets, today announced the decisions made at the Extraordinary General Meeting of its shareholders (“EGM”) held on March 24, 2009.

The shareholders approved the termination of powers of the Company’s Board of Directors and the election of a new Board of Directors comprising the following 11 members:

• Anton Abugov – Non-Executive Director, SITRONICS; First Vice President, Head of Strategy and Development Functional Division, Sistema;
• Yuval Almog – Non-Executive Director, SITRONICS; Senior Managing Director, Coral Capital Management;
• Sergey Aslanian – Director, SITRONICS; President and Chief Executive Officer, SITRONICS;
• Sergey Boyev – Non-Executive Director, SITRONICS; Vice President and Head of “High Technologies and Industry” Operating Unit, Sistema;
• Alexey Buyanov – Non-Executive Director, SITRONICS; Senior Vice President, Head of Financial Functional Division, Sistema;
• Dmitry Gaev – Non-Executive Director, SITRONICS; Head of the Moscow Subway;
• David Khidasheli – Independent Non-Executive Director, SITRONICS; Senior Vice President of the World Technology University (WTU) UNESCO;
• Nikhad Khurem – Director, SITRONICS; First Vice-President, Head of “Development of New Products and Technologies” Division, SITRONICS;
• Denis Muratov – Non-Executive Director, Chairman of the Board of Directors, SITRONICS;
• Kirill Poltevskiy – Non-Executive Director, SITRONICS; Head of Strategy Department of “High Technologies and Industry” Operating Unit, Sistema;
• Evgeny Utkin – Non-Executive Director, SITRONICS; Chairman of the Supervisory Board, SITRONICS IT B.V.

In addition, the EGM approved interested party transaction with regards to SITRONICS’ corporate guarantee to support a part of the credit facility provided to INTRACOM S.A. TELECOM SOLUTIONS by National Bank of Greece S.A in December 2005.

At the statutory Board meeting following the EGM, the SITRONICS’ Board of Directors re-elected Denis Muratov as Chairman of the Board of Directors.

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 11,000 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, while the company’s IT Solutions and Microelectronic Solutions divisions are based in Kiev, Ukraine and Zelenograd, Russia respectively.

SITRONICS generated revenues of US$ 1,388.6 million for the nine months ended September 30, 2008 and had total assets of US$ 2,213.4 billion at the end of the period. SITRONICS is majority owned by Sistema, the largest public diversified corporation in Russia and the CIS, which manages fast growing companies operating in the consumer services sector.

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, Arcelor Mittal (formerly Mittal Steel) 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 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.