OREANDA-NEWS. March 9, 2011. SITRONICS (LSE: SITR), a leading provider of telecommunications, IT and microelectronic solutions in Russia and the CIS, with a growing presence in other EEMEA emerging markets, announces that the Bank of Moscow and SITRONICS-Nano signed an agreement for issuance of an unsecured irrevocable letter of credit (L.C.) with post-financing in favor of STMicroelectronics for license and technology transfer to SITRONICS-Nano in the amount of EUR 27 million. The L.C. rate is EURIBOR+5%, term of contract is 3 years with potential extension for another 3 years. SITRONICS and Mikron act as L.C. guarantors.

SITRONICS-Nano is a joint venture, created in October 2009 in the cooperation with RUSNANO, to establish the full-scale 90 nm microchip production on 200 mm wafers at Mikron’ facility. STMicroelectronics, a leader of the European semiconductor industry, is technological partner of this joint project. The total volume of the project financing amounts to RUB 16.5 billion. RUSNANO has already provided RUB 6.5 billion, while SITRONICS has invested an equal amount in the form of hi-tech equipment of Mikron, the key project executor.