6th Dec 2011 09:25
SISTEMA SIGNS COOPERATION AGREEMENT WITH OJSC RTI AND THE SKOLKOVO FOUNDATION
Moscow, Russia - December 6, 2011 - Sistema JSFC ("Sistema") (LSE: SSA), the largest diversified public financial corporation in Russia and the CIS, today announces that it has signed a cooperation agreement with OJSC RTI and the not-for-profit Foundation for Development of the Centre of Research and Commercialising of New Technologies (the "Skolkovo Foundation").
The agreement, which is not legally binding on the participants, is intended to promote long-term strategic cooperation between Sistema and the Skolkovo project, facilitating the further development of Sistema's high-tech assets.
In accordance with the agreement, RTI, Sistema's subsidiary specializing in innovative and high-tech sectors, will participate in a development programme for the Skolkovo project to implement joint high-tech initiatives. In particular, the parties to the agreement anticipate that by 2015 an RTI R&D unit will be established in Skolkovo with a budget of up to RUB 1 billion. RTI will also participate in the formation of a fund for the benefit of Skolkovo Institute of Science and Technology (SIST).
The parties of the agreement also plan to create an RTI corporate venture capital fund with a budget of up to RUB 1 billion to invest in start-up companies which have been designated as Skolkovo Participants during 2012-2015. Skolkovo Participants will also be able to utilise the facilities and infrastructure of Sarov, Sistema's technology park, on favourable terms.
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For further information, please visit www.sistema.com or contact:
| Investor Relations Evgeniy Chuikov Tel.: +7 (495) 692 1100 | Public Relations Vsevolod Sementsov Tel.:+7 (495) 730 1705 |
Sistema is the largest diversified public financial corporation in Russia and the CIS, which invests in and is a major shareholder of companies serving over 100 million customers in the sectors of telecommunications, high technology, oil and energy, radars and aerospace, banking, retail, mass-media, tourism and healthcare services. Founded in 1993, the company reported revenues of US$ 9.0 billion for the second quarter of 2011, and total assets of US$ 46.6 billion as at June 30, 2011. Sistema's global depository receipts are listed under the symbol "SSA" on the London Stock Exchange. Sistema's ordinary shares are listed under the symbol "AFKS" on the RTS Stock Exchange, under the symbol "AFKC" on the MICEX Stock Exchange, and under the symbol "SIST" on the Moscow Stock Exchange (MSE). Sistema was ranked number 342 in the 2010 edition of the Fortune Global 500 list.
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. In addition, there is no assurance that the new contracts entered into by our subsidiaries referenced above will be completed on the terms contained therein or at all. 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.
This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares or other securities of Sistema JSFC and/or any of its subsidiaries and affiliated companies, nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding the shares or securities of JSFC Sistema and/or any of its subsidiaries and affiliated companies.
Copyright Business Wire 2011
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