The Bank of Moscow provides financing for license and technology
transfer to SITRONICS-Nano
SITRONICS (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, announces that the Bank of Moscow and
SITRONICS-Nano signed an agreement for issuance of an unsecured
irrevocable letter of credit (L.C.) with post-financing in favor of
STMicroelectronics for license and technology transfer to SITRONICS-Nano
in the amount of EUR 27 million. The L.C. rate is EURIBOR+5%, term of
contract is 3 years with potential extension for another 3 years.
SITRONICS and Mikron act as L.C. guarantors.
SITRONICS-Nano is a joint venture, created in October 2009 in the
cooperation with RUSNANO, to establish the full-scale 90 nm microchip
production on 200 mm wafers at Mikron’ facility.
STMicroelectronics, a leader of the European semiconductor industry, is
technological partner of this joint project. The total volume of the
project financing amounts to RUB 16.5 billion. RUSNANO has already
provided RUB 6.5 billion, while SITRONICS has invested an equal amount
in the form of hi-tech equipment of Mikron, the key project executor.
For further information, please visit www.sitronics.com
JSC SITRONCIS (LSE: SITR), one of the leading suppliers of solutions in
the field of telecommunications, information technologies and
microelectronics in Russia and CIS. SITRONICS services more than 3 500
customers. The company has representative offices and branches in 32
countries worldwide, exports to more than 60 countries. The total number
of employees of the company is around 9000 persons. The main companies
of SITRONCIS are located in the following regions: Prague (Czech
Republic) and Athens (Greece) – Telecommunication Solutions, Kiev
(Ukraine) – Information Technologies, Zelenograd, Moscow (Russia) –
Microelectronic Solutions. The website of the company: www.sitronics.ru
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 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 JSC
“SITRONICS” and its operations.