MOSCOW--(BUSINESS WIRE)--
FOR IMMEDIATE RELEASE September 6, 2011
SITRONICS acquires 7% of JSC UEC
MOSCOW, Russia – September 6, 2011 – JSC SITRONICS (SITRONICS) (LSE: SITR), a leading provider of telecommunications, information technology and microelectronic solutions in Russia and the CIS, today announces its participation in the additional share issue of JSC Universal Electronic Card (UEC), the federal organization authorized to issue universal electronic cards for Russian citizens.
The total issue will amount to RUB 800 million. It is expected that following the additional share issue, SITRONICS will own a 7% minority stake in UEC for a total amount of RUB 63 million.
As an investor in UEC, SITRONICS will be involved in establishing the technology protocols and specifications for universal electronic cards, which will be issued to every Russian citizen since January 1, 2014.
The placement of the additional share issue is subject to the execution of binding documentation and the satisfaction of all conditions precedent, as well as meeting the requirements of regulators.
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For further information, please visit www.sitronics.com or contact:
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Irina Lanina Corporate Communications
Tel: +7 495 225 0030 |
Olga Ovchinnikova Investor Relations Director
Tel: +7 495 225 00 30 |
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 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$ 1,166.9 million in 2010 and had US$ 2,013.3 million of assets at the end of the year. 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 "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.