OREANDA-NEWS. On 12 May 2008 JSC SITRONICS, a leading provider of telecommunications, IT and microelectronic solutions in Russia and the CIS, announced that Dmitry Ivanov, who 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.