JSC SITRONICS Establishes Subsidiary in Armenia
JSC Sitronics
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 that it has established a new
subsidiary called CJSC SITRONICS ARMENIA in Yerevan in Armenia.
The subsidiary has been created in order to centralize the management of
the CJSC Mars plant and three scientific research institutes, and the
management of a free economic zone, which is being created on these
sites. The assets are owned by the Russian Federal Agency for State
Property Management (Rosimushchestvo), and have been managed by
SITRONICS since 2008.
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For further information, please visit www.sitronics.com
or contact:
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Corporate Communications
Irina Lanina
Vice PresidentVice President
Tel: +7 495 225 0030Tel: +7 495 225 0030
lanina@sitronics.com
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Shared Value Limited
Anastasia GorokhovaAnastasia Gorokhova
Investor Relations
Tel: +44 (0) 20 7321 5010
sitronics@sharedvalue.net
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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 around 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, while the company’s IT
Solutions and Microelectronics divisions are based in Kiev, Ukraine and
Zelenograd, Russia respectively.
SITRONICS generated revenues of US$ 404.0 million for the six months
ended June 30, 2009 and had total assets of US$ 1,844.8 million 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.
