28 June 2012
MOSCOW, Russia - June 28, 2012 - JSC SITRONICS (SITRONICS
or the Company) (LSE: SITR), the leading provider of
telecommunications, information technology and
microelectronic solutions in Russia and the CIS, today
announces the decisions made by its Annual General
Shareholders' Meeting ("AGM") on June 28, 2012.
The AGM approved SITRONICS' annual report and annual
accounting statements for 2011, including the profit and
loss statement. The shareholders approved the
recommendation of the Board of Directors not to pay an
annual dividend for the twelve months ended December 31,
The AGM decreased the number of the Board of Directors'
members from 11 to 9, and elected the members of
SITRONICS' Board of Directors as follows:
The shareholders elected the members of SITRONICS' Audit
Commission as follows:
In addition, the shareholders approved the related party
transactions, which may be implemented by SITRONICS in
Paliy & Sons was appointed as the Company's Russian
Accounting Standards auditor for 2012.
At the statutory Board of Directors' meeting following
the AGM, the Board of Directors appointed Sergey Boev as
For further information, please visit www.sitronics.com
SITRONICS is the 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
30 countries and exports its products and services to
more than 60 countries.
SITRONICS' key Telecommunication Solutions operations are
based in Moscow (Russia), 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$ 1,475.1 million for
the full year of 2011 and had US$ 1,863.2 million of
assets at the year end. SITRONICS is majority owned by
OJSC RTI, which is the subsidiary of Sistema, the largest
public diversified corporation in Russia and the CIS.
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
"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