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JSC SITRONICS (SITRONICS or the "Group") (LSE:SITR), a leading provider of telecommunications, information technology and microelectronic solutions in Russia and the CIS, with a growing presence in other EEMEA emerging markets, announced that it today signed the investment agreement to launch full-scale 90 nanometre microchip production in cooperation with the Russian Corporation of Nanotechnologies ("RUSNANO"), Sistema and "NIIME and Mikron", which is part of the SITRONICS Microelectronics business division. The signing ceremony took place during a visit by Prime Minister Vladimir Putin to the "NIIME and Mikron" facility in Zelenograd, Russia.
The total investment in the project is expected to amount to RUR 16.5 billion, of which RUSNANO will invest RUR 6.5 billion. SITRONICS will invest an equal amount in the form of the hi-tech equipment to be provided by "NIIME and Mikron". In a long-term perspective, the project will also involve debt financing. The investments will be made in the form of contributions to the charter capital of the joint venture between RUSNANO and "NIIME and Mikron".
The new facilities will be built on the basis of the existing "NIIME and Mikron" facilities in Zelenograd and will include research and design centers and microelectronic production capacity. STMicroelectronics, one of the world's leading developers of semiconductor solutions and a long-term partner of SITRONICS, is the technology partner for the project.
The range of products to be produced at the facility will target a number of developing industrial sectors including Digital TV, GLONASS/ GPS navigation systems, industrial automation systems, automative electronics and high security smart cards.
Anatoly Chubais, Chief Executive Officer of RUSNANO, commented: "The launch of the 90 nanometre microchip production project is of considerable strategic importance for Russia. Nanoelectronic production in Russia plays an invaluable role in the development of the Russian high-tech sector and the country's overall technological security."
Gennady Krasnikov, General Director of "NIIME and Mikron", added: "Each new generation of technology enhances chip performance and reduces power consumption levels. The introduction of the 90 nanometre microchip technology will enable us to enter new markets while maintaining market leading positions for our 180 nanometre products".
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 SITRONICS and its operations.
About JSC SITRONICS
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 around 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, while the company’s IT Solutions and Microelectronics divisions are based in Kiev, Ukraine and Zelenograd, Russia respectively.
SITRONICS generated revenues of US$ 404.0 million for the six months ended June 30, 2009 and had total assets of US$ 1,844.8 million at the end of the period. SITRONICS is majority owned by Sistema, the largest public diversified corporation in Russia and the CIS, which manages fast growing companies operating in the consumer services sector.
The Russian Corporation of Nanotechnologies (RUSNANO) was established in 2007 by the Federal law ¹ 139-FZ to enable Government policy in the field of Nanotechnology.
To accomplish this task, RUSNANO co-invests in nanotechnology industry projects that have high commercial potential or social benefit. Early-stage investment by RUSNANO lowers the risk of its investment partners from the private sector.
RUSNANO participates in building nanotechnology infrastructure, which includes the nanotechnology centers of excellence, business incubators and early stage investment funds. RUSNANO provides scientific and educational programs that are required for its investment projects to succeed, and also supports the popularization of nanoscience and nanotechnology. RUSNANO selects promising spheres for investment based on longer-term foresight created by the leading Russian and world experts.
To assist the Russian nanotechnology industry advance to the global market and strengthening of its international links, RUSNANO develops partnerships with the leading nanotechnology centers in the world and organizes the annual Nanotechnology International Forum in Russia.
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