SITRONICS and INTRACOM HOLDINGS Confirm Co-Operation Plans.MOSCOW, Russia & ATHENS, Greece -- Concern SITRONICS, the technology arm of Sistema (LSE LSE - Language Sensitive Editor :SSA (Serial Storage Architecture) A fault tolerant peripheral interface from IBM that transfers data at 80 and 160 Mbytes/sec. SSA uses SCSI commands, allowing existing software to drive SSA peripherals, which are typically disk drives. ), and INTRACOM INTRACOM International Conference on Traditional and Complementary Medicine HOLDINGS (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :INTRK) today announced that the companies have reached a non-binding agreement in principal for the acquisition by Concern SITRONICS of a 51% stake in INTRACOM TELECOM for approximately EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 120 million. Completion of this transaction is subject to a number of conditions, such as completion of Concern SITRONICS' financial and legal due diligence, negotiation of a share purchase agreement and a shareholders' agreement and obtaining the necessary corporate and governmental approvals. INTRACOM TELECOM is a fully owned subsidiary of INTRACOM HOLDINGS providing complete telecommunications solutions and services in the EEMEA (Eastern Europe, Middle East and Africa) region. INTRACOM TELECOM possesses and manufactures a portfolio of products in the areas of broadband fixed and wireless access and transmission systems as well as content delivery systems (IPTV, triple-play). Concern SITRONICS would seek to integrate the company into its Infocommunications Division, whose primary focus is currently on switching equipment, billing systems and NGN (Next Generation Networks) An umbrella term for mixed voice and data networks running over the IP protocol. See IP Multimedia Subsystem. , and realize potential synergies from the company's complementary product lines, system integration capabilities and customer base. For further information, please visit www.sistema.com, www.koncern.ru, www.intracom.com. About SISTEMA Sistema is the largest private sector consumer services company in Russia and the CIS Cis (sĭs), same as Kish (1.) (1) (CompuServe Information Service) See CompuServe. (2) (Card Information S , with over 50 million customers. Sistema develops and manages market-leading businesses in selected service-based industries, including telecommunications, technology, insurance, banking, real estate, retail and media. Founded in 1993, the company reported revenues of US$ 5.4 billion for the first nine months of 2005, and total assets of US$ 12.1 billion as at September 30, 2005. Sistema's shares are listed under the symbol "SSA" on the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. , under the symbol "AFKS" on the Russian Trading System Russian Trading System (RTS) An electronic system in Russia, like the Nasdaq system on which the majority of Russian equities trading is conducted. (RTS (Request To Send) An RS-232 signal sent from the transmitting station to the receiving station requesting permission to transmit. Contrast with CTS. 1. (operating system) RTS - run-time system. 2. ), and under the symbol "SIST" on the Moscow Stock Exchange (MSE). About CONCERN SITRONICS Concern SITRONICS, headquartered in Moscow, Russia is the technology arm of Sistema active in four core segments: Telecom equipment manufacturing & software development (Infocommunication Technologies), Information Technologies, Microelectronic Components, Consumer Electronics About INTRACOM HOLDINGS INTRACOM was founded in 1977, listed on the Athens Stock Exchange Athens Stock Exchange Greece's only major securities market. Greek language only. Athens Stock Exchange (ASE) Greece's principal stock exchange. since 1990 and included in the FTSE/ASE-20 LargeCap index. On December 2005, INTRACOM has been reorganized, creating INTRACOM HOLDINGS, one of the largest Greek multinational Groups investing in telecommunications, e-government, banking and enterprise, defence electronic systems and constructions. The Group's most important subsidiaries are: INTRACOM TELECOM, INTRACOM DEFENSE ELECTRONICS, INTRACOM IT SERVICES, INTRAKAT and H.O.L. INTRACOM HOLDINGS, as a Group, has 5.450 employees, exports in 60 countries and operates subsidiaries in 16 countries. 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 Sistema. 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. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We do not intend 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, as well as many other risks specifically related to Sistema and its operations. |
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