MOSCOW--(BUSINESS WIRE)--
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.
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For further information, please visit www.sitronics.com or contact:
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Corporate Communications Irina Lanina Vice President Tel: +7 495 225 0030 |
Investor Relations Olga Ovchinnikova Head of Investor Relations Tel: +7 495 225 00 30
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JSC SITRONCIS (LSE: SITR), one of the leading suppliers of solutions in the field of telecommunications, information technologies and microelectronics in Russia and CIS. SITRONICS services more than 3 500 customers. The company has representative offices and branches in 32 countries worldwide, exports to more than 60 countries. The total number of employees of the company is around 9000 persons. The main companies of SITRONCIS are located in the following regions: Prague (Czech Republic) and Athens (Greece) – Telecommunication Solutions, Kiev (Ukraine) – Information Technologies, Zelenograd, Moscow (Russia) – Microelectronic Solutions. The website of the company: www.sitronics.ru
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 JSC “SITRONICS” and its operations.