11.12.2007    SITRONICS APPOINTS NEW MEMBERS TO MANAGEMENT BOARD

MOSCOW, Russia - December 11, 2007 - JSC SITRONICS ("SITRONICS" or "The Company") (LSE: SITR), a leading provider of telecommunications, IT and microelectronic solutions in Russia and the CIS, today announced that its Board of Directors approved the appointment of three new members to the Company's Management Board as follows:

 

• Alexander Krasovsky, Vice President for Sales and Marketing
• Mikhail Minkovsky, Chief Technology Officer
• Sergey Urezchenko, President of Kvant, General Director of Elaks

Alexander Krasovsky joined the Company as Vice President for Sales and Marketing on November 23, 2007. He previously served as Vice President for Business Development at BAC/StepLogic.

Mikhail Minkovsky was appointed Chief Technology Officer on November 14, 2007. Prior to Sitronics, Mr. Minkovsky held a number of senior IT management positions in several leading companies in the US and Russia.

Sergey Urezchenko was appointed President of Kvant and General Director of Elaks on November 30, 2007. He previously served as General Director of Airports of the South.

The Management Board now comprises eleven members and is chaired by SITRONICS President and Chief Executive Officer, Sergey Aslanyan.

Sergey Aslanyan commented: "The new members of the Management Board are highly experienced professionals with sucessful track records in IT, telecommunications and electronics. All three have joined the Company recently. Their promotion to the Management Board is in line with our previously stated intention to strengthen the SITRONICS' management team."

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

Bree Schuette Tel: + 7 495 225 0030 Tel. + 7 916 550 1253 ir@sitronics.com schuette@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.

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