August CAC-40 futures were trading at 4,418.50.

The euro was at $1.5701, compared with $1.5811 late on Tuesday.

"The rally is justified," one Paris dealer said, citing lower oil prices and the fact the U.S. earnings season has yielded "not too many bad surprises".

At the same time, "it is too early to claim victory" after the financial crisis, he argued, noting that second-quarter earnings from European banks at the beginning of August will provide a key indication.

Peugeot led the CAC-40 higher, adding 2.95 or 9.23 percent to 34.90, as investors welcomed an above-consensus rise in first-half profits, supported by savings from the CAP 2010 recovery programme, and confirmation of full year targets.

The Paris dealer said the car maker was also boosted by the fall in oil prices, as well as bargain hunting. The stock remains down more than 30 percent in the year to date.

Sales and operating profit were all better than predicted and net profit was well ahead of expectations, Oddo Securities analysts said in a note to clients, maintaining an 'Accumulate' rating and 40 euro target.

Peugeot's results also boosted rival car maker Renault, up 1.75 or 3.12 percent at 57.84, and tyre maker Michelin, 2.13 or 4.62 percent at 48.21.

Auto parts maker Faurecia, which is majority owned by Peugeot, added 2.06 or 8.14 percent at 27.38 as its parent's results added to positive reaction to its own quarterly results on Tuesday.

STMicroelectronics also pleased the markets with its second-quarter results, released late Tuesday, and its shares rose 0.43 or 6.30 percent at 7.19.

The chip maker posted a much narrower second-quarter net loss and met its guidance for gross margin and sequential sales growth.

In a Wednesday morning conference call, chief executive Carlo Borlotti said the company expects to achieve double-digit sales growth this year, despite an anticipated slowing of sector growth in the second half.

Nomura analysts said in a note to clients that STMicro had published "a good set of second-quarter numbers driven by stronger growth in application-specific products", and in the face of "strong currency headwinds".

The local dealer noted that, like Peugeot, STMicro shares have taken a battering this year, and so the quarterly results offered a buying opportunity.

Air France-KLM was another major gainer, rising 0.96 or 6.02 percent to 16.90 on the back of Tuesday's plunge in oil prices.

Financials also enjoyed a strong rally, with Credit Agricole up 1.01 or 7.39 percent at 14.67, Societe Generale up 4.31 or 7.47 percent at 62.00, Dexia up 0.59 or 6.97 percent at 9.05 and Axa up 1.17 or 6.15 percent at 20.20.

Among the rare fallers, Sanofi-Aventis shed 0.86 or 1.83 percent to 46.15 after strong gains in recent sessions.

Outside the CAC-40, wireless communications group Wavecom plunged 0.89 or 16.18 percent at 4.61 after it announced a sharp fall in net profit and sales, citing an uncertain economy, particularly in the U.S.

Spir Communication, meanwhile, dropped 2.80 or 7.11 percent at 36.60 after reporting lower first-half profits, under the impact of the discontinuation of its Adrexo Mail business. tfn.paris@thomson.com mrg/cmr/mrg/am

COPYRIGHT

Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.

MMMM

Ron Black, Wavecom Chief Executive Officer, commented: "Our business continues to be confronted by an uncertain economy, particularly in the US where some markets slowed considerably last quarter. At the same time, while our volumes were strong, the product-mix is transitioning from high-priced/low-margin to low-priced/high-margin products that further impacted revenue quarter-on-quarter. Despite these factors the quarter was profitable, the gross margin as percent of sales improved and we generated cash thanks to our attention to expense control."

As announced in a press release today, Wavecom's board of directors met on July 22, 2008 to activate a share repurchase program.

In millions of euros (Under US GAAP)                   Consolidated
                                                       Group Results
----------------------------------------------------------------------
                                                       Q2    Q1    Q2
                                                      2007  2008  2008
----------------------------------------------------------------------
Revenues                                              56.1  38.1  34.9
----------------------------------------------------------------------
Gross profit                                          24.4  19.6  18.3
----------------------------------------------------------------------
Operating expenses                                    19.6  22.7  18.9
----------------------------------------------------------------------
Operating income/(loss)                                4.8 (3.1) (0.5)
----------------------------------------------------------------------
Net income/(loss)                                      5.0 (2.3)   0.6
----------------------------------------------------------------------
Additional information
----------------------------------------------------------------------
Operating income/(loss)                                4.8 (3.1) (0.5)
----------------------------------------------------------------------
Stock based related expenses:
Research and development                             (0.1) (1.1) (0.5)
Sales and marketing                                  (0.2) (1.8)     -
General and administrative                           (0.4) (1.9) (0.2)
----------------------------------------------------------------------
Amortization expense related to acquisitions         (0.8) (0.9) (1.0)
----------------------------------------------------------------------
Operating income before stock based compensation and
 amortization expense related to acquisitions          6.3   2.6   1.2
----------------------------------------------------------------------

Second Quarter 2008 Highlights:

All figures are unaudited and reported in accordance with U.S. generally accepted accounting principles (U.S. GAAP), unless otherwise noted. Condensed and consolidated financial tables are provided at the end of this release.

Revenues: Revenues for the second quarter 2008 were EUR 34.9 million, declining 38% year-on-year (34% at constant currencies, i.e. using the second quarter 2007 exchange rate for the U.S. dollar to the euro), the continued weak U.S. dollar had a negative impact of approximately EUR 2.3 million. Revenues declined 8% versus first quarter 2008 or 7% at constant currencies. Services revenue accounted for EUR 1.5 million with contribution mainly from Anyware Technologies.

Performances in the regions were mixed: EMEA revenues were flat compared to the previous quarter stopping declines that the region experienced over the last several quarters as our sales efforts are beginning to pay off. The Americas region revenues declined compared to the first quarter 2008 as it continued to face challenges in a difficult macro economic environment with certain sectors, like alarms, having slowed down. Also in the second quarter, the region experienced the end of a project from a large U.S. customer for which new opportunities are being studied. Revenues from the APAC region increased sequentially from the first quarter by 22% as a result of the growing customer base and business activity in recent quarters.

In the second quarter 2008, the breakdown of product revenues by region was as follows: EMEA 56%, Americas 21% and APAC 23%.

Revenues from the top ten customers represented 51% (7 of which were indirect distributor accounts), down compared to the previous quarter which was at 56%.

Backlog: The 12-month product backlog at June 30, 2008 was EUR 30.2 million compared to EUR 37.5 million at March 31, 2008. The decline in backlog is largely coming from the EMEA region as one major customer transitioned away from distribution while new direct orders have not yet been placed. Backlog as of any given date may not be an accurate indicator of sales for any future period.

Gross Margin: For the second quarter 2008 gross profit amounted to EUR 18.3 million, representing 52.5% of sales compared to 51.5% in the first quarter 2008 and 43.4% in the second quarter 2007. The gross margin from products also increased incrementally to 54.7% of sales compared to 52.8% the previous quarter and 46.0% in the second quarter 2007. The high level of gross margin is the result of a product mix skewed to higher margin products during the quarter as well as a favorable downward trend in component prices.

Operating Expenses: Total operating expenses for the second quarter 2008 of EUR 18.9 million declined as compared to the previous quarter of EUR 22.7 million and EUR 19.6 million in Q2 2007. Excluding stock-based related expenses, operating expenses amounted to EUR 18.2 million versus EUR 17.9 million in first quarter 2008 and EUR 18.9 million a year ago. At June 30, 2008, headcount (salaried employees) stood at 493 increasing from 485 at March 31, 2008.

Profit: Operating result for the second quarter 2008 was a loss of EUR 0.5 million, improving from a loss of EUR 3.1 million in the previous quarter. This improvement is mainly due to the fact that last quarter the company decided to cancel a stock option plan which resulted in a significant exceptional change in the first quarter 2008. In the second quarter 2007, Wavecom reported an operating profit of EUR 4.8 million.

The Company reported a net profit of EUR 0.6 million for the second quarter 2008, compared to a net loss of EUR 2.3 million recorded in the previous quarter and a profit of EUR 5.0 million for the same period the year before.

As shown in the above table (on page one), on a non-GAAP basis, excluding stock-based related expenses and expenses related to our acquisitions, the operating income was EUR 1.2 million for the second quarter 2008, compared to EUR 2.6 million for the previous quarter and EUR 6.3 million a year ago.

Balance sheet: Wavecom's cash and marketable securities position increased quarter-on-quarter to EUR 130.8 million at June 30, 2008 from EUR 127.5 million at March 31, 2008. Net cash (cash and marketable securities less convertible bonds) stood at EUR 50.3 million. Inventory decreased incrementally to EUR 4.3 million compared with EUR 4.9 million the previous quarter. DSOs (Days Sales Outstanding) improved to 59 days compared with 67 days the previous quarter.

Chantal Bourgeat, Wavecom CFO, concluded, "Our financial results reflect the overall uncertainties that our customers face in the current economic environment, resulting in slower than anticipated demand. If this environment continues, we expect the second half of 2008 to remain challenging. As such we will continue to focus on operating efficiency and cost control. Over the last quarter we were encouraged by the number of new design wins in each region that should translate into revenues in the quarters to come. There is also indication of increasing stability in automotive and metering, the two segments we believe are likely to drive recovery, although the timeframe is still unclear given the economy."

Business Highlights:

Collaboration with EDMI Limited (Singapore Exchange: EDMI) and Wavecom. The two companies have worked together to help establish the Advanced Metering Infrastructure (AMI) in Australia and New Zealand markets.

Wavecom received four M2M Value Chain Enabler Awards, (M2M United) recognizing the contribution of its technology to innovative M2M solutions in water and wastewater, fleet management and location based services.

World's first Cellular-Satellite hybrid module launched by Wavecom. Wavecom announced a groundbreaking combination of cellular, satellite and GPS technology (select models) on a single device: the Wavecom Q52 Omni Wireless CPU(R).

Machine-to-Machine anti-jamming wireless security Plug-In introduced by Wavecom. As wireless M2M (machine-to-machine) products become more and more sophisticated, the data that they generate are increasingly valuable to the enterprises using it. With the Open AT(R) Security Plug-In, Wavecom launched a software solution which addresses all these concerns.

Tattletale Portable Alarm Systems, Inc. announced it has chosen Wavecom as the single source for cellular wireless technology to enable their pioneering portable alarm systems designed to protect any asset, anywhere in the U.S. or Canada.

Conference Call:

Today at 2:30 p.m. (Paris time) Wavecom management will host a conference call in English reserved for financial professionals commenting on its second quarter 2008 results. To access this call, please use the following numbers: +33 (0)1 70 99 43 00 in France, +44 (0)20 7806 1966 in the U.K. and +1 718 354 1388 in the U.S. Visit the Wavecom corporate website: www.wavecom.com investors section to listen to the conference call commentary webcast (in English).

This call will be followed by a presentation to the financial community in Paris by Wavecom management at 4:00 pm.

Conference call replay available until July 25 by dialing-in to the following numbers: +33 (0)1 71 23 02 48 in France, +44 (0)20 7806 1970 in the UK and +1 718 354 1112 in the US with access code: 7060664#.

Wavecom will announce its third quarter 2008 results on October 22, 2008 at 7:00 a.m. Paris time.

About Wavecom

Wavecom is a worldwide leader in embedded industrial wireless communication solutions for automotive, machine-to-machine and mobile professional applications. Wavecom's solutions include the Open AT(R) software platform encompassing the Wavecom Open AT(R) Operating System, a wide range of Plug-Ins, the Open AT(R) Integrated Development Environment (IDE) along with a market-leading range of Wireless CPUs (Central Processing Units), and an expanding portfolio of services. These complete embedded solutions enable makers of all types of machines to develop a new breed of intelligent wireless applications, without the need of external processors and other ASICs (Application Specific Integrated Circuits) and components.

Founded in 1993 and headquartered in Paris, Wavecom has subsidiaries in Hong Kong (PRC), Research Triangle Park, NC (USA), and Farnborough (UK) and Munich (Germany). Wavecom is publicly traded on Euronext Paris (Eurolist) in France and on the NASDAQ (WVCM) exchange in the U.S.

This press release contains forward-looking statements that relate to the Company's future business performance, operating expenses and financial results and objectives. Such forward-looking statements are based on the current expectations and assumptions of the Company's management only and involve risk and uncertainties. Potential risks and uncertainties include, without limitation, whether the Company will be commercially successful in implementing its strategies, whether there will be continued growth in the vertical markets and demand for the Company's products, the Company's reliance on a single contract manufacturer in China for all production requirements, an unanticipated decrease in orders from one of the Company's principal customers or customer cancellation or scale-down of a major project, changes in foreign currency exchange rates, dependence on third parties, new products or technological developments introduced by competitors, customer and supplier concerns regarding the Company's overall financial position, and risks associated with managing growth. Unfavorable developments in connection with these and other risks and uncertainties described in the Company's reports on file with the Securities and Exchange Commission could cause the Company to fail to achieve the anticipated or targeted performance or results. As a consequence, the Company's actual performance and results may be materially different from those expressed by the forward-looking statements above. Condensed financial tables follow

                             WAVECOM S.A.

      UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
         (in thousands, except for share and per share data)

   Prepared in accordance with U.S. generally accepted accounting
                              principles.


                                             Three months ended
                                       June 30,  March 31,   June 30,
                                         2007       2008       2008

                                      ---------- ---------- ----------
                                         Euro       Euro       Euro
Revenues :
   Product sales                          55,776     36,907     33,401
   Services revenue                          334      1,196      1,499
                                      ---------- ---------- ----------
                                          56,110     38,103     34,900
Cost of revenues :
     Cost of goods sold                   30,139     17,427     15,141
     Cost of services                      1,600      1,054      1,425
                                      ---------- ---------- ----------
                                          31,739     18,481     16,566
                                      ---------- ---------- ----------
Gross profit                              24,371     19,622     18,334
Operating expenses :
   Research and development                8,179      9,724      9,319
   Sales and marketing                     5,740      7,198      5,810
   General and administrative              5,700      5,823      3,733
                                      ---------- ---------- ----------
      Total operating expenses            19,619     22,745     18,862
                                      ---------- ---------- ----------
Operating income (loss)                    4,752    (3,123)      (528)
                                      ---------- ---------- ----------
Interest income and other financial
 income, net                                 420        825        870
Foreign exchange gain (loss), net           (51)       (44)        171
                                      ---------- ---------- ----------
     Total financial income                  369        781      1,041
                                      ---------- ---------- ----------
Income (loss) before income taxes          5,121    (2,342)        513
Income tax expense (benefit)                  91        (7)       (38)
                                      ---------- ---------- ----------
Net income (loss)                          5,030    (2,335)        551
                                      ========== ========== ==========
Basic net income (loss) per share           0.33     (0.15)       0.04
                                      ========== ========== ==========
Diluted net income (loss) per share         0.30     (0.15)       0.04
                                      ========== ========== ==========
Number of shares used for computing :
   - basic                            15,447,796 15,254,603 15,259,641
   - diluted                          16,645,446 15,254,603 18,329,375

                             WAVECOM S.A.

      UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
         (in thousands, except for share and per share data)

   Prepared in accordance with U.S. generally accepted accounting
                              principles.


                                                   Six months ended
                                                  June 30,   June 30,
                                                    2007       2008

                                                 ---------- ----------
                                                    Euro       Euro
Revenues :
   Product sales                                    103,562     70,308
   Services revenue                                     665      2,694
                                                 ---------- ----------
                                                    104,227     73,002
Cost of revenues :
     Cost of goods sold                              56,152     32,568
     Cost of services                                 3,158      2,478
                                                 ---------- ----------
                                                     59,310     35,046
                                                 ---------- ----------
Gross profit                                         44,917     37,956
Operating expenses :
   Research and development                          15,937     19,043
   Sales and marketing                               11,154     13,008
   General and administrative                        11,484      9,557
                                                 ---------- ----------
      Total operating expenses                       38,575     41,608
                                                 ---------- ----------
Operating income (loss)                               6,342    (3,652)
                                                 ---------- ----------
Interest income and other financial income, net         836      1,695
Foreign exchange gain (loss), net                      (98)        127
                                                 ---------- ----------
     Total financial income                             738      1,822
                                                 ---------- ----------
Income (loss) before income taxes                     7,080    (1,830)
Income tax expense (benefit)                            102       (45)
                                                 ---------- ----------
Net income (loss)                                     6,978    (1,785)
                                                 ========== ==========
Basic net income (loss) per share                      0.45     (0.12)
                                                 ========== ==========
Diluted net income (loss) per share                    0.42     (0.12)
                                                 ========== ==========
Number of shares used for computing :
   - basic                                       15,424,475 15,257,142
   - diluted                                     16,515,843 15,257,142

                             WAVECOM S.A.

           UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
                (in thousands, except for share data)

   Prepared in accordance with U.S. generally accepted accounting
                              principles.


                                                  At December At June
                                                      31,        30,
                                                     2007       2008
                                                  ----------- --------
                                                     Euro       Euro
ASSETS

Current assets :
   Cash and cash equivalents                            4,677    3,745
   Marketable securities                              134,610  127,065
   Accounts receivable, net                            29,467   23,050
   Inventory                                            6,032    4,302
   Value added tax recoverable                          1,124      774
   Prepaid expenses and other current assets            3,141    3,648
   Deferred tax assets                                  4,514    4,514
                                                  ----------- --------
      Total current assets                            183,565  167,098
Other assets :
   Long-term investments                                3,731    5,706
   Other assets and Interest in associates              4,517    4,290
   Research tax credit                                  2,049    2,758
   Income tax receivable                               13,083   13,083
   Intangible and tangible assets, net                 16,336   19,911
   Goodwill                                             8,117   16,678
                                                  ----------- --------
      Total assets                                    231,398  229,524
                                                  =========== ========

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities :
   Accounts payable                                    27,612   23,386
   Accrued compensation                                 8,584    5,879
   Current portion of other accrued expenses            3,572    2,872
   Current portion of convertible bonds                   664      701
   Current portion of capitalized lease
    obligations                                           207      275
   Deferred revenue and advances received from
    customers                                             307    1,067
   Deferred tax liabilities                                 -      211
   Other liabilities                                    3,652    5,942
                                                  ----------- --------
      Total current liabilities                        44,598   40,333

Long-term liabilities :
   Long-term portion of other accrued expenses         16,636   15,401
   Long-term portion of convertible bonds              80,500   80,500
   Long-term portion of capitalized lease
    obligations                                           340      304
   Other long-term liabilities                            616      550
                                                  ----------- --------
      Total long-term liabilities                      98,092   96,755

Shareholders' equity :
Shares, euro 1 nominal value, 15,811,381 shares
 authorized, issued and outstanding at
  June 30, 2008 (15,796,591 at December 31, 2007)      15,797   15,811
Additional paid-in capital                            146,052  151,663
Treasury stock at cost (391,649 shares at June
 30, 2008 and 544,322 at December 31, 2007)           (8,823)  (7,541)
Accumulated deficit                                  (62,548) (65,614)
Accumulated other comprehensive income (loss)         (1,770)  (1,883)
                                                  ----------- --------
      Total shareholders' equity                       88,708   92,436
                                                  ----------- --------
      Total liabilities and shareholders' equity      231,398  229,524
                                                  =========== ========

                             WAVECOM S.A.

      UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                            (in thousands)

   Prepared in accordance with U.S. generally accepted accounting
                              principles.



                                                       Three months
                                                       ended June 30,
                                                       2007     2008

                                                      ------- --------
                                                       Euro     Euro
Cash flows from operating activities :
Net income (loss)                                       6,978  (1,785)
Adjustments to reconcile net income (loss) to net
 cash provided (used) by
operating activities:
   Amortization and impairment of intangible and
    tangible assets                                     4,257    4,311
   Amortization of debt issue costs                         -      280
   Share-based compensation                             1,348    5,541
   Loss (gain) on sales and retirement of tangible
    assets                                                  4     (14)
   Disposal of marketable securities, net                   -    7,592
   Deferred tax                                             -     (95)
   Net increase (decrease) in cash from working
    capital items                                     (9,579)      777
                                                      ------- --------
          Net cash provided by operating activities     3,008   16,607
                                                      ------- --------
Cash flows from investing activities :
      Disposal of long-term investments                  (17)  (1,974)
      Purchases of intangible and tangible assets     (2,652)  (4,284)
      Acquisition of certain assets, net of cash
       acquired                                             - (10,750)
      Proceeds from sale of intangible and tangible
       assets                                               -       57
                                                      ------- --------
          Net cash used by investing activities       (2,669) (16,951)
                                                      ------- --------
Cash flows from financing activities :
   Principal payments on capital lease obligations      (147)    (151)
   Proceeds from exercise of stock options and
    founders' warrants                                  1,327       85
                                                      ------- --------
          Net cash provided (used) by financing
           activities                                   1,180     (66)
Effect of exchange rate changes on cash and cash
 equivalents                                            (241)    (522)
                                                      ------- --------
Net increase (decrease) in cash and cash equivalents    1,278    (932)
Cash and cash equivalents, beginning of period         54,776    4,677
                                                      ------- --------
Cash and cash equivalents, end of period               56,054    3,745
                                                      ======= ========

SOURCE: Wavecom S.A.

Wavecom
Lisa Ann Sanders, +33 (0)1 46 29 41 81
Director Communications and Investor Relations
lisaann.sanders@wavecom.com
or
US Investor Relations
Lovallo Communications Group, LLC
John D. Lovallo, +1 203 431 0587
President
johnlovalloirpr@sbcglobal.net

Wavecom's Document de Reference 2007 (Wavecom's Annual Report in French) that was filed with the AMF - Autorite des Marches Financiers (French Stock Market Authority) on April 8, 2008 contains the information required for the program description and therefore article 241-3 of the General Rules of the AMF applies. A synthesis of this description also appears in Item 10 of the Wavecom SEC 20-F filing registered on April 8, 2008.

Wavecom's board of directors met on July 22, 2008 to sub-delegate to the Company's Chief Executive Officer to activate the share repurchase program.

The terms of the share repurchase program as authorized at the Annual Shareholders' meeting are:

Pursuant to the provisions of articles L 225-209 et seq. of the French Code of Commerce,

The board of directors is authorized to repurchase a number of shares representing up to 10% of the Company's capital, namely a maximum of 1,579,659 shares at purchase price per share no greater than 30 euros, excluding expenses and fees, representing a maximum total amount of 47,389,770 euros.

The maximum number of Company shares of which repurchase is authorized as well as the purchase price of the said shares shall be adjusted, if necessary, in order to take account of any division or of any regrouping of the Company shares that might occur during the period of validity of the present authorization.

The present authorization may be used, inter alia, for the purpose

1. of making shares available to an investment services provider in order to stimulate the stock-market value or the liquidity of the shares under a liquidity contract conforming to the ethical charter recognized by the AMF (French Financial Markets Authority),

2. of holding shares enabling it to honor the obligations connected with debt instruments convertible into shares,

3. holding shares that could be delivered to its senior managers and employees as well as to the senior managers and employees of the companies affiliated with it, within the framework of stock option plans, of projects for free allocation of existing shares pursuant to the conditions defined in articles L. 225-197-1 to L. 225-197-3 or of company savings plan pursuant to the conditions defined in articles L. 443-1 et seq of the French Labor Code,

4. of retaining the shares so as to deliver them in payment or in exchange in connection with external growth projects,

5. or of cancelling the shares,

The number of shares acquired by the Company with a view to keeping them and to their later delivery in payment or in exchange in case of a merger, de-merger, or conveyance transaction, may not exceed 5% of its capital,

The shares may also be cancelled within a limit of 10% of the company's capital for each twenty-four month period, under the conditions laid down in the tenth resolution (i.e. authorizing the reduction of the share capital by cancelling shares that the Company might hold under the share repurchase program).

The acquisition, assignment, transfer or exchange of the said shares may be carried out, in observance of the rules issued by the AMF (French Financial Markets Authority), on or off the market, at any time, including during a period of public offering concerning the Company's shares, and by any means, including transfer of blocks, use or exercise of any financial instruments or derivative products, particularly by way of implementation of option transactions such as purchases and sales of buy or sell options.

The authorization further grants full powers to the board of directors, with an option for sub delegation to the CEO or, with the latter's approval, to one or several deputy CEOs, for implementing the present authorization, putting in any market orders, concluding any agreements, carrying out possible reallocations of the shares for the purposes mentioned above, under the conditions allowed by law, carrying out any formalities, steps and declarations vis-a-vis any entities as necessary.

The authorization was granted for a period of eighteen months starting at the date of the Annual Shareholders meeting, May 14, 2008.

About Wavecom

Wavecom is a worldwide leader in embedded industrial wireless communication solutions for automotive, machine-to-machine and mobile professional applications. Wavecom's solutions include the Open AT(R) software platform encompassing the Wavecom Open AT(R) Operating System, a wide range of Plug-Ins, the Open AT(R) Integrated Development Environment (IDE) along with a market-leading range of Wireless CPUs (Central Processing Units), and an expanding portfolio of services. These complete embedded solutions enable makers of all types of machines to develop a new breed of intelligent wireless applications, without the need of external processors and other ASICs (Application Specific Integrated Circuits) and components.

Founded in 1993 and headquartered in Paris, Wavecom has subsidiaries in Hong Kong (PRC), Research Triangle Park, NC (USA), and Farnborough y (UK). Wavecom is publicly traded on Euronext Paris (Eurolist) in France and on the NASDAQ (WVCM) exchange in the U.S.

This press release contains forward-looking statements that relate to the company's future business performance, operating expenses and financial results and objectives. Such forward-looking statements are based on the current expectations and assumptions of the company's management only and involve risk and uncertainties. Potential risks and uncertainties include, without limitation, whether the company will be commercially successful in implementing its strategies, whether there will be continued growth in the vertical markets and demand for the company's products, an unanticipated decrease in orders from one of the company's principal customers or customer cancellation or scale-down of a major project, changes in foreign currency exchange rates, the company's reliance on a single contract manufacturer in China for all production requirements, dependence on second parties, new products or technological developments introduced by competitors, customer and supplier concerns regarding the company's overall financial position, and risks associated with managing growth. Unfavorable developments in connection with these and other risks and uncertainties described in the Company's reports on file with the Securities and Exchange Commission could cause the company to not achieve the anticipated or targeted performance or results. As a consequence, the Company's actual performance and results may be materially different from those expressed by the forward-looking statements above.

SOURCE: Wavecom S.A.

Wavecom S.A.
Lisa Ann Sanders, +33 1 46 29 41 81
Director, Communications and Investor Relations
lisaann.sanders@wavecom.com
or
Lovallo Communications Group, LLC
John D. Lovallo, + 1 203-431-0587
Johnlovalloirpr@sbcglobal.net

According to the company, ConnectM provides end-to-end solutions, analytics, and business intelligence to the transportation, industrial, utilities and enterprise markets. These offerings are enabled by applications powered with machine-to-machine communication technology.

Device Solutions provides device consulting, design, development, testing, certification, project management, and approval services to clients worldwide. Lattech Systems is a R&D company providing data solutions over public GSM telecommunication networks. Spectrum Design Solutions is an embedded wireless product design company based in the US.

Wavecom certifies all CoEs based on a thorough evaluation of their technical expertise, business focus, financial stability and finally quality standards. These CoEs are regularly trained on Wavecom technology.

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