News

BORIS VOLPE APPOINTED VICE PRESIDENT OF JSC SITRONICS

MOSCOW, Russia – February 5, 2010 – 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 Dr. Boris Volpe has been appointed vice president for marketing and business development at JSC SITRONICS.

Before joining SITRONICS Dr. Volpe was Chief Operating Officer, Software Group at IBM East Europe/Asia.

SITRONICS president Sergey Aslanian commented: “Boris Volpe is well known on the IT market in Russia and Eastern Europe as one of the most efficient business development managers. His main tasks are to strengthen the company’s existing positions and promote portfolio solutions and services into new geographic and industrial markets. I am confident that Boris will fully utilize the opportunities now offered by the growing market for information and communication technologies.”

Curriculum vitae

Dr. Boris Volpe

Vice president for Marketing and Business Development, JSC SITRONICS.

Boris Volpe was born in Barnaul, Russia in 1965. In 1988 he graduated from the Altai Polytechnic Institute with honors degree in mechanical engineering. In 1992 he completed post-graduate study at the Institute of Structural Macrokinetics of the Russian Academy of Sciences, and in 1998 he was rewarded a Doctoral degree by the Institute of Strength Physics and Materials Science of the Siberian branch of the Russian Academy of Sciences. Mr. Volpe holds doctorate degree in technical sciences. In 2003 he received an MBA degree from the Open University Business School, and in 2006 he studied at INSEAD.

In 1995-1997 he worked as regional manager for Mars LLC in Novosibirsk. From 1998 to 2001 he was regional director for sales and marketing with the Russian subsidiaries of RJR and JTI Intl.. From 2001 to 2004 he worked in retail business development at Alfa Bank. In 2004 he headed marketing department of the SAP representative office in the CIS, and in 2006 he was appointed as Chief Operation Officer at SAP CIS. Starting from August 2009 he worked as Chief operating Officer, SW Group at IBM East Europe/Asia.

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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’ 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$ 625.4 million for the nine months ended September 30, 2009 and had total assets of US$ 1,736.9million 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.

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.