Sierra Wireless Agrees to Acquire Wavecom in Friendly Deal

Sierra Wireless to make an all cash offer of (euro)8.50 per ordinary share of Wavecom - Founders of Wavecom, representing 21% of Wavecom's shares outstanding, have committed to tender all their shares to the offer - The combination of both firms uniquely positioned to benefit from the anticipated growth in wireless data for the mobile computing and M2M markets - Complementary products, geographic coverage and capabilities to drive growth and significant synergies * Sierra Wireless, Inc., (NASDAQ:SWIR) ("Sierra Wireless"), a leading provider for wireless modems for mobile computing, and Wavecom S.A. (Paris: AVM - NASDAQ: WVCM) ("Wavecom"), a leading provider of embedded wireless technology for M2M (machine-to-machine) communication, has announced that the companies have reached a Memorandum of Understanding ("MOU") providing for a business combination that will bring together these two industry innovators to form a global leader in wireless data. Pursuant to and subject to the terms of the MOU, Sierra Wireless will make a cash offer of (euro)8.50 per ordinary share of Wavecom, and (euro)31.93 per OCEANE convertible bond ("OCEANEs"), amounting to an aggregate purchase price of approximately (euro)218 million. The Board of Directors of Wavecom has unanimously determined that the proposed acquisition of Wavecom by Sierra Wireless is in the best interest of the company, its employees, and, subject to consideration of a fairness opinion, its shareholders. In addition, the founders of Wavecom have committed to tender all of their shares to Sierra Wireless, representing approximately 21% of the outstanding shares, in support of the transaction. The Board of Directors has also decided to adjourn Wavecom's meeting of shareholders which was to be held on December 8, 2008.