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Thursday, June 14, 2007

SITRONICS TS Establishes New Subsidiary in Pakistan

Moscow, Prague - 14th June 2007 - JSC SITRONICS, (LSE: SITR), a leading provider of telecommunications, IT and microelectronic solutions in Russia and the Commonwealth of Independent States, with a growing presence in Central and Eastern Europe, the Middle East and Africa, today announced the establishment of its new subsidiary "SITRONICS Telecom Solutions Pakistan Co. Limited" in Lahore, Pakistan.

The telecommunication sector in Pakistan is experiencing rapid development, fueled by the strong economic growth, in both fixed and mobile services, attracting also increasing interest of international groups. As a result, mobile services approached 50 million subscribers in late 2006, more than double from the beginning of the year, while a targeted 7% fixed teledensity for 2010, from the curent 3,5%, shows healthy growth potential and ample room for expansion, especially in the rural areas where 70% of the country's population resides.

"SITRONICS, through its subsidiaries already operating throughout the Middle East, has been steadfastly fulfilling its vision towards becoming the preferred End-to-End Solution Partner in the region. Strategic co-operations for large-scale turn-key projects such as ITC's IP Core / WiMAX network in Saudi Arabia and Syria's Wireless Rural Network for over 140K STE subscribers exemplify our company's expertise and broad ICT product and solution portfolio," said Igor Hulak, STS President. "In order to best serve the growing needs in Pakistan for wireless and wireline Access Networks, IP Network Solutions, Operation and Business Support Systems, and outsourcing services, the company has decided to invest in the establishment of a local company."

Ahmad Sayed, General Manager of STS PAK, quote: "The Pakistan telecommunications sector is increasingly becoming a very significant market for investment both in terms of local operations as well as expansion of local interests to regional markets. Within this framework, STS through the new subsidiary in Lahore will address Pakistan as a high priority strategic market."