OREANDA-NEWS. November 24, 2010. JSC SITRONICS (SITRONICS or the Company) (LSE: SITR), a leading provider of telecommunications, information technology and microelectronic solutions in Russia and the CIS, with a growing presence in other EEMEA emerging markets, announced its participation in the additional share issue of JSC Intellect Telecom, Sistema Group’s research and development innovation centre.

The total issue will amount to RUB 968.6 million, JSC Concern RTI Systems and JSC MGTS are the other participants in the additional share issue. It is expected that following the additional share issue, SITRONICS will own a 24.95% in JSC Intellect Telecom for a total cash consideration of RUB 242 million.

The transactions were made in accordance with the business strategy of SITRONICS to develop the Company’s R&D activities.

The placement of the additional share issue is expected to be completed during the first quarter of 2011 and is subject to the execution of binding documentation and the satisfaction of all conditions precedent, as well as meeting the requirements of regulators.