Moscow, Russia - January 24, 2008 - JSC SITRONICS ("SITRONICS" or "The Company") (LSE: SITR), a leading provider of telecommunications, IT and microelectronic solutions in Russia and the CIS, today announced the decisions made at the Extraordinary General Meeting of its shareholders ("EGM") held on January 24, 2008. The shareholders approved the termination of powers of the Company's Board of Directors and the election of a new Board of Directors comprising the following 11 members:

• Anton Abugov - Non-Executive Director, SITRONICS; First Vice President, Head of Strategy and Development, Sistema
• Yuval Almog - Non-Executive Director, SITRONICS; Senior Managing Director, Coral Capital Management
• Sergey Aslanyan - Director, SITRONICS; President and Chief Executive Officer, SITRONICS
• Igor Busarov - Non-Executive Director, SITRONICS
• Dmitry Gaev - Non-Executive Director, SITRONICS; Head of the Moscow Subway
• Alexander Goncharuk - Non-Executive Director, SITRONICS; President, Sistema
• Socrates P. Kokkalis - Non-Executive Director, SITRONICS; Chairman and CEO, Intracom Holdings
• Rudi Lamprecht - Independent Director, SITRONICS
• Nikolay Mikhailov - Non-Executive Director, SITRONICS
• Denis Muratov - Non-Executive Director, SITRONICS; Vice President, Head of Innovations and Venture Projects, Sistema
• Evgeny Utkin - Non-Executive Director, SITRONICS

Rudi Lamprecht has joined the Board as an Independent Director. Mr. Lamprecht was born in October, 1948. He was appointed Executive Advisor to the CEO of Siemens AG in 2008. Since 2004, he has served as a Member of the Corporate Executive Committee of Siemens AG. In 2000 he was appointed President of Siemens' Information and Communication Mobile Group and Member of the company's Managing Board. From 1996 to 2000, he served as Head of the European Region of Siemens Nixdorf Informationssysteme AG (SNI), Member of SNI's Executive Management and President of the Private Communication Systems Group. From 1993 to 1995, Mr. Lamprecht was President of European Operations at Tektronix International AG. He held various positions at Hewlett-Packard in Germany, Europe (Geneva) and U.S. (Palo Alto) from 1972 to 1993. Mr. Lamprecht holds degrees from Massachusetts Institute of Technology (MIT), Stanford and the European Institute for Business Administration (INSEAD).

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 32 countries and exports its products and services to more than 60 countries. SITRONICS has over 10,000 employees of whom approximately 4,500 are involved in research and development.

SITRONICS' key Telecommunication Solutions operations are based in Prague, Czech Republic and Athens, Greece and Moscow, Russia, while the company's IT Solutions and Microelectronic Solutions divisions are based in Kiev, Ukraine and Zelenograd, Russia, respectively.

SITRONICS generated revenues of US$ 1,014.6 million for the nine months ended September 30, 2007 and had total assets of US$ 1.78 billion at the end of the period. SITRONICS is majority-owned by Sistema, which is the largest diversified holding company in Russia and CIS.

SITRONICS has developed strategic alliances in its home markets with Cisco Systems, STMicroelectronics, Infineon and Giesecke & Devrient in relation to certain products and services. SITRONICS has vendor relationships with Siemens, Ericsson, Motorola, ORACLE, Intel, Sun Microsystems and Microsoft. Key customers include Sistema group companies, such as MTS, Comstar UTS and MTT, and also OTE, Cosmote, Vodafone, Ericsson and TCL.