SITRONICS Extraordinary Shareholder Meeting Elects New Board of Directors

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). *** For further information, please visit www.sitronics.com 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. 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 similar 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. This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares or other securities of SITRONICS, nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding the securities of SITRONICS.