SITRONICS Signs Framework Agreement with Etisalat
JSC Sitronics
SITRONICS SIGNS FRAMEWORK AGREEMENT WITH ETISALAT
MOSCOW, Russia – November 10, 2009 – 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 its Greek subsidiary, INTRACOM TELECOM, which is a part
of business segment SITRONICS Telecommunication Solutions, has signed a
framework agreement with the UAE based Etisalat to supply point-to-point
(INTRALINK) and point-to-multipoint (WiBAS) radio equipment. Etisalat is
a world-class telecommunication
services provider, operating in 17 countries across Asia,
the Middle
East and Africa. The contract to supply point-to-point (INTRALINK)
and point-to-multipoint (WiBAS) radio equipment can be mutually renewed
in one year.
INTRACOM TELECOM has been innovating in the wireless access and
transmission field for over 15 years, having successfully developed and
deployed point-to-point and point-to-multipoint systems with numerous
operators in Europe, Middle East, America, Asia and the CIS. The
company has strategically focused and is investing heavily on the
continuous evolution of its wireless product lines. In the growing shift
to broadband, IP based converged networks, INTRACOM TELECOM is
incorporating the latest standards and state-of-the-art technologies in
order to deliver cost effective wireless solutions that address the new
requirements of its customers.
Sergey Aslanian, President and Chief Executive Officer of SITRONICS,
commented: “The Middle Eastern, African and Asian telecommunication
markets are among the fastest growing in the world, and local operators
are investing in network expansion. We view this agreement as the
foundation of a fruitful cooperation and are confident that Etisalat
will benefit significantly from the technical excellence of our widely
deployed product line.”
Fadhil Ansari, Executive Vice President of Engineering at Etisalat,
added: “Wireless broadband is a strategically important technology in
the Middle East and Africa. Besides the backhauling of 2G, 3G and WiMAX
base stations, the systems can provide high-speed connectivity to
customers located in areas where it is not possible either to deploy or
to maintain fibert. Through managing our network infrastructure and
investing in the latest technologies, we will be able to provide a
seamless experience to our customers who should be able to access the
internet conveniently across any device that they choose.”
For further information, please visit www.sitronics.com
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SITRONICS serves over 3,500 clients, maintains offices in 32
countries and exports its products and services to more than 60
countries. 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.
INTRACOM TELECOM is a leading developer and producer of
telecommunication systems, as well as provider of integrated solutions
and professional services to fixed and mobile operators in the EEMEA
region. Over 100 customers in more than 50 countries choose INTRACOM
TELECOM for its state-of-the-art products and solutions. INTRACOM
TELECOM has 2,500 employees, operates subsidiaries in 16 countries and
is amongst the largest European companies leading in R&D investments.
Since June 2006, INTRACOM TELECOM has been controlled by JSC SITRONICS
(Russia) with 51%. JSC SITRONICS is the technology subsidiary of JSFC
SISTEMA, the largest consumer services company in Central and Eastern
Europe. INTRACOM HOLDINGS Group (Greece) retains a 49% stake.
Etisalat is one of the largest telecommunications companies in
the world and the largest operator in the Arab world headquartered in
the UAE (as per FT500 March 31, 2009). Etisalat operates in 17 countries
across Asia, the Middle East and Africa, servicing over 80 million
customers out of a total population that exceeds 1.7 billion people.
Etisalat is a major investor in Thuraya, one of the world’s leading
satellite geo-mobile communication systems covering approximately two
thirds of the planet’s surface.
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.
