29.02.2008    SITRONICS ANNOUNCES APPOINTMENT OF NEW PRESIDENT OF KVAZAR-MICRO

MOSCOW, Russia - February 29, 2008 - JSC SITRONICS ("SITRONICS" or "The Company") (LSE: SITR), a leading provider of telecommunications, IT and microelectronic solutions in Russia and the CIS, today announced the appointment of Vladimir Yasinsky as President of Kvazar-Micro. Mr. Yasinsky has succeeded Maxim Ageev who held the position from February 2006.

Sergey Aslanyan, President and Chief Executive Officer of SITRONICS, commented: "Vladimir spent the majority of his professional career with SITRONICS and Kvazar-Micro. Therefore, he has an invaluable insight into the Company as well as key competencies of other divisions of SITRONICS. Vladimir's appointment reflects our desire to increase the level of interaction between our business divisions and focus on obtaining maximum synergies in developing joint sales, service and R&D solutions."

Mr. Yasinsky was born in 1972, in Kiev, Ukraine. From 2006 to 2007, he served as First Vice President of SITRONICS and member of the Management Board of Kvazar-Micro where he oversaw the strategic development of the Company. From 1994 to 2006, Mr. Yasinsky held a number of positions at Kvazar-Micro, including Vice President of Finance from 2004 to 2006. Prior to that, he was a Sales manager and Director of Business Development at the Company. He is a graduate of Moscow Physics and Technology Institute and studied at finance at Amsterdam Institute of Finance, the Netherlands.

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For further information, please visit www.sitronics.com or contact:

Alexey Tischenko
Head of Capital Markets
Tel: +7 495 221 4943
ir@sitronics.com

Shared Value Limited
Investor Relations
Larisa Kogut-Millings
Tel: +44 (0) 20 7321 5037
sitronics@sharedvalue.net

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.

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.

SITRONICS generated revenues of US$ 1,014.6 million for the nine months ended September 30, 2007 and had total assets of US$ 1.78 billion at the end of the period. SITRONICS is majority-owned by Sistema, which is 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.