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JSC Sitronics (SITR)

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Thursday 23 August, 2007

JSC Sitronics

EGM Statement

JSC Sitronics
                  

                   SITRONICS SETS DATE OF EGM OF SHAREHOLDERS

MOSCOW, Russia - August 23, 2007 - JSC SITRONICS ('Sitronics' or 'The Company')
(LSE: SITR), a leading provider of telecommunications, IT and microelectronic
solutions in Russia and the CIS, with a growing presence in other EEMEA emerging
markets, today announced that the Board of Directors (the 'Board') has set a
date for an Extraordinary General Meeting of the Company's Shareholders ('EGM')
for October 8, 2007.

The Board recommended the EGM to approve the participation of Sitronics in 'The
2006 Coral/ Sistema Strategic Fund, Limited Partnership'.

Shareholders as at the record date of August 28, 2007, are eligible to
participate in the EGM by mailing a duly completed proxy form to the Company's
office at the following address: 39/5, 3-ya Tverskaya-Yamskaya Street, Building
1, Moscow, 125047.

Further information with regard to the EGM and other related issues will be
available on the Company's website www.sitronics.com.

                                       ***

For further information, please visit www.sitronics.com or contact:

-0-
*T
  SITRONICS
  Alexey Tischenko, Head of Capital Markets Tel: +7 495 221 4943

  ir@sitronics.com


  Elena Sanarova, Public Relations
  Tel : +7 495 225 0030
  Sanarova@sitronics.com
  Shared Value Limited
  Investor Relations
  Matthew Hooper
  Tel. +44 (0) 20 7321 5010
  sitronics@sharedvalue.net
*T

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 has over
10,000 employees of whom approximately 4,600 are involved in research and
development.

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

For the three months ended March 31, 2007, SITRONICS' revenues were US$ 310
million. As of 31 March 2007, SITRONICS had total assets of US$ 1.97 billion.
SITRONICS is majority owned by Sistema, 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, Arcelor Mittal (formerly Mittal Steel) 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.