Wavecom Activates Share repurchase Program

ISSY-LES-MOULINEAUX, France--(Business Wire)--
Regulatory News:

Wavecom S.A. (Paris:AVM) (NASDAQ:WVCM), today announced its
intention to activate the share repurchase program under the
authorization granted to the board of directors at its annual
shareholders' meeting held on May 14, 2008.

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.

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

Copyright Business Wire 2008