Wavecom Chosen to Develop GSM Solutions for Automotive Industry
8 November 1999
Wavecom Chosen to Develop GSM Solutions for Automotive Industry
ISSY-LES-MOULINEAUX, France--Nov. 8, 1999--Magneti-Marelli
Wavecom today announced it has signed dual contracts with Magneti Marelli, one of Europe's largest manufacturers of automotive parts. Wavecom and Magneti Marelli will enable European auto manufacturers to equip vehicles with sophisticated, fully integrated voice and data communications systems.
"The automobile industry is one of our targeted vertical-market sectors," said Aram Hekimian, Chief Executive Officer of Wavecom. "The WISMO offers a particularly attractive solution in terms of reliability and ease of use."
Both Magneti Marelli contracts involve second-generation dual-band GSM WISMO modules, the latest addition to the WISMO product family. WISMO, which stands for Wireless Standard Module, is a compact, fully integrated device containing all of the software, hardware and other technology needed to implement a wireless telecommunications standard.
Automatic vehicle location (AVL) systems are one of five vertical-market sectors Wavecom is targeting for its WISMO modules. The other sectors are Wireless Local Loop telephone systems, Hand-held Portables (personal digital assistants, notebook computers, etc), Telemetry (remote meter reading), and Electronic Fund Transfer systems.
Based in Milan, Italy, Magneti Marelli is one of Europe's largest manufacturers of original automobile parts. The company designs, produces and distributes a full range of original parts, including integrated dashboards, oil and fuel pumps, clutch springs and spark plugs. The company serves the world's largest car manufacturers, including BMW, Fiat, GM, VW group, Daimler Chrysler, Ford, Jaguar, Peugeot and Renault. In 1998, Magneti Marelli sales exceeded US $4.2 billion. The company employs about 29,500 people, and has 52 plants in 20 countries around the world.
Founded in 1993 and headquartered near Paris in Issy-les-Moulineaux, Wavecom designs, develops, manufactures and sells a range of fully integrated plug-in modules for GSM communications. Divided into three distinct lines--WISMOs, external modems and integrated modems--all Wavecom products are based on its unique WISMO technology. WISMO, which stands for Wireless Standard Module, is a compact, fully integrated device containing all of the software, hardware and other technology needed to implement a wireless telecommunications standard. Designed for use in a wide variety of systems and wireless terminals, WISMO(TM) modules constitute complete implementation of the GSM Phase 2+ standard in the 900, 1800 and 1900 MHz bands. Company revenues totaled 19.57 million euros in 1998 and 21.25 million euros in the first half of 1999. Wavecom is publicly traded on the Nouveau Marche exchange in Paris and the NASDAQ exchange in the US.
This press release contains forward-looking statements that relate to the Company's plans, objectives, estimates and goals. Words such as "expects," anticipates," "intends," "plans," "believes," and "estimates," and variations of such words and similar expressions identify such forward-looking statements. The Company's business is subject to numerous risks and uncertainties, including probable variability in the Company's quarterly operating results, manufacturing capacity constraints, dependence on a limited number of customers, variability in production yields, dependence on third parties and risks associated with managing growth. These and other risks and uncertainties, which are described in more detail in the Company's Prospectus dated June 9, 1999 included in its Registration Statement on Form F-1 (Registration No. 333-10372) filed with the Securities and Exchange Commission, could cause the Company's actual results and developments to be materially different from those expressed or implied by any of these forward-looking statements.