28.03.2008    SITRONICS ACQUIRES 36% STAKE IN KVAZAR-MICRO

MOSCOW, Russia - March 28, 2008 - JSC SITRONICS, a leading provider of telecommunications, IT and microelectronic solutions in Russia and the CIS, today announced that it has acquired a 36% stake in Kvazar-Micro from Melrose Holding Company for US$ 116.9 million. The acquisition was financed by a combination of cash and SITRONICS' stock. As a result of the transaction, SITRONICS owns an 87% stake in Kvazar-Micro and Melrose Holding Company - 3.07% stake in SITRONICS As previously announced Kvazar-Micro plans to acquire the remaining 13% of its shares from Melrose Holding Company within two years.

***

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

Alexey Tischenko
Capital Markets, Director
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

Founded in 1990, Kvazar-Micro is SITRONICS' Information Technology Solutions division. The Company is one of the leading providers of IT products and services in Russia, the CIS and Eastern Europe, with representative offices in Ukraine and Russia. Kvazar-Micro's sales offices are based in Kazakhstan, Hungary, the Czech Republic, Lithuania, Cyprus, United Arab Emirates and Netherlands.

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.