OREANDA-NEWS. June 29, 2011. JSC SITRONICS (SITRONICS or the Company) (LSE: SITR), a leading provider of telecommunications, information technology and microelectronic solutions in Russia and the CIS, today announced the decisions made by its Annual General Shareholders’ Meeting (“AGM”) on June 29, 2011.

The AGM approved SITRONICS’ annual report and annual accounting statements for 2010, 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, 2010.

The AGM also approved the election of the members of SITRONICS’ Board of Directors as follows:

-         Sergey Aslanian

-         Sergey Boev

-         Igor Busarov

-         Igor Kozlov

-         Evgeny Madorsky

-         Kanwal Sibal

-         Sergey Tischenko

-         Vladimir Uvakin

-         Gregor Harter

The shareholders approved the election of the members of SITRONICS’ Audit Committee as follows:

-         Natalia Demeshkina

-         Vasily Platoshin

-         Mikhail Tokun

In addition, the shareholders approved the related party transactions, which may be implemented by SITRONICS in the future.

Paliy & Sons was appointed as the Company’s Russian Accounting Standards auditor for 2011, and Deloitte & Touche CIS was appointed as SITRONICS’ US GAAP auditor for 2011.

At the statutory Board meeting following the AGM, the Board of Directors appointed Sergey Boev as Chairman. The Board also approved SITRONICS’ anti-corruption policy, new versions of the Company’s internal documents, and the related party transactions.