MOSCOW--(BUSINESS WIRE)--JSC SITRONICS (“SITRONICS” or “The Company”) (LSE: SITR.L), a leading provider of telecommunications, IT and microelectronic solutions in Russia and the CIS, today announced that Dmitry Ivanov, who has served as Chief Financial Officer, is leaving the Company to pursue an opportunity in another industry sector.
Sergey Aslanian, President and Chief Executive Officer of SITRONICS, commented: “Dmitry has delivered on all the targets set by the Company and reported on SITRONICS’ financial results for the full year 2007. He now plans to continue his career in a different industry. We would like to thank Dmitry for his contribution to the Company’s development and wish him every success in his future career.”
SITRONICS announced its new strategy in the first quarter of 2008 and took a number of significant steps towards its further development, including changes in its business model, the centralization of the principal management functions and the optimization of its product portfolio.
Sergey Aslanian, President and Chief Executive Officer of SITRONICS, commented: “The new management team has to implement ambitious tasks, in order to transform SITRONICS into a well-structured company with high levels of internal synergy. We have high scientific, technical and production potential. We maintain well-established relations with our customers and partners. We are well positioned to exploit new opportunities in the fast-growing Middle Eastern, African, South-East Asian and Indian markets, as well as in our vertical markets. The new management team is well-equipped to achieve the goals set by our shareholders. Our goals are achievable and we will continually measure and evaluate our progress. We remain focused on delivering on our strategy and achieving our strategic targets in 2008.”
Maxim Zhukov, Deputy Chief Financial Officer and Director of the Budgeting Department at SITRONICS, has been appointed as acting Chief Financial Officer. A long term successor to Mr. Ivanov will be appointed in due course and a short list of candidates is currently being considered for the position.
For further information, please visit www.sitronics.com
SITRONICS (LSE: SITR.L) 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), 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 is majority-owned by Sistema (61.3%), which is the largest diversified holding company in Russia and the CIS. SITRONICS’ shares are listed under the symbol “SITR” on the London Stock Exchange, the Russian Trading System (RTS), and the Moscow Stock Exchange (MSE).
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, as well as 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.
Irina Lanina
Vice-President
Corporate Communications
Tel:
+7 495 225 0030
lanina@sitronics.com
or
Shared
Value Limited
Investor Relations
Larisa Kogut-Millings
Tel:
+44 (0) 20 7321 5037
sitronics@sharedvalue.net
or
Sergei
Filipov
Head of Press Service
Tel: +7 495 225 0030
filippov@sitronics.com
