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SITRONICS board of directors elects new chairman

SITRONICS announced that Yuval Almog, Non-Executive Director of SITRONICS’ Board of Directors and Chairman of Coral Group, was elected Chairman of SITRONICS’ Board of Directors at a Board meeting held on April 28, 2009.

Denis Muratov, who served as Chairman of SITRONICS’ Board of Directors since June 2007, was elected Deputy Chairman of the Board of Directors.

Leonid Melamed, President and Chief Executive Officer of Sistema, commented: “Yuval Almog is a highly experienced professional with a strong track record in managing international high-tech companies. His expertise has enabled a number of technology companies to secure leading positions in the market. We are confident that SITRONICS will benefit from Mr. Almog’s clear understanding of the industry development mechanisms, and his ability to see and make the most of new business opportunities.”

Yuval Almog, the newly elected Chairman of the Board of Directors of SITRONICS, added: “The ability of hi-tech companies to build and maintain competitive positions in the market place is driven by their ability to develop innovative products and services enabling superior cost benefits to its customers. SITRONICS is a unique platform with global reach, diversified offering and market leadership opportunities. The Group has all the necessary tools at its disposal to become a major global hi-tech company.”

Yuval Almog was born in 1950. Mr. Almog served as Non-Executive Director of SITRONICS’ Board of Directors since January 2007. Yuval Almog is Chairman of Coral Group, a venture capital firm focused on technology companies. He is also a member of the Board of Directors of CeLight, InfoGin and Red Bend Software. Since 1986, Yuval Almog has been engaged in venture investments, after co-founding Zoran Corp., a digital signal processing company in Silicon Valley. Prior to that, he held a number of positions at Raychem Corporation. Mr. Almog was as the lead investor in Advanced Fibre Communications, Cerus, Macromedia, Magnet Communications, Optical Solutions and vizrt (Frankfurt Prime Standard and Oslo Main List). Mr. Almog graduated from the University of Alabama with a Bachelor's Degree in Computer Science and Economics and a Bachelor's Degree in Mathematics, and from the Massachusetts Institute of Technology with a Master's Degree in Management.

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