Wavecom Selects Elcoteq as New Outsourcing Partner

Issy-les-Moulineaux, France ¡V 8 August 2002 ¡V Wavecom SA (Nasdaq: WVCM; Nouveau Marchˆm: 7306), the world¡¦s number one provider of complete wireless solutions, today announced the signature of a manufacturing contract with Elcoteq. Under the terms of the agreement, Elcoteq will manufacture WISMO Quik Q2400 wireless modules for Wavecom at its plant in Beijing, People¡¦s Republic of China.

The agreement with Elcoteq expands the breadth of Wavecom¡¦s existing manufacturing support. The company uses the fabless business model, outsourcing the manufacture, assembly and most testing of its products. By using third-party manufacturers, Wavecom gains access to up-to-date facilities and processes without significant capital outlay and is able to focus company resources on research and development, product design, quality assurance, marketing and customer support.

Additional manufacturing options such as Elcoteq¡¦s high quality, cost effective engineering and manufacturing services will further strengthen Wavecom¡¦s ability to deliver excellent products, rapidly, to its customers worldwide. The strengthening of the company¡¦s manufacturing capabilities in Asia also adds further support to Wavecom¡¦s fast growing customer base in the region as well as in other global markets.

Commenting on the agreement, Mr Lasse Kurkilahti, President and CEO of Elcoteq, said: ¡§We are extremely happy to have Wavecom as our newest customer. Their products are intelligent, and have lots of growth potential. In addition, Wavecom is a customer who perfectly matches Elcoteq's strategy of focusing on communications technology customers and their products. We won this deal in a very tough international competition, which shows that Elcoteq's competencies and competitiveness meet or exceed those of our competition¡¨.

Marc Cases, Group Vice President Manufacturing at Wavecom, said: ¡§Elcoteq is renowned for the quality, consistency and innovation of its manufacturing and engineering services. We are delighted to work with an organisation that shares our commitment to manufacturing excellence. Our customers can be assured that in working with Elcoteq, we will continue to deliver the high quality products they rely upon whilst also offering even greater manufacturing flexibility.¡¨

In addition to Elcoteq, Wavecom already uses two third-party manufacturers to assemble and test its products: Solectron Corporation in Timisoara, Romania and Thales near Rennes in France. Total production capacity for WISMO modules worldwide from all subcontractors is now over 4 million units per quarter and is available to support continued growth for the company worldwide.

About Wavecom
A world pioneer in innovative wireless solutions, Wavecom was the first company to commercialize GSM technology in the form of a standard module, the WISMO, making wireless technology available to everyone. WISMO modules are compact devices that include all of the hardware, software and other technology needed to enable wireless communications over the GSM/GPRS, CDMA and future 3G networks.

WISMO modules enable any equipment or system to communicate without a fixed line connection. Applications include mobile telephones, automotive navigation and information systems, personal digital assistants with wireless communications functions, and devices enabling communication between vending machines or utility meters and control centers.

Founded in 1993 and headquartered near Paris in Issy-les-Moulineaux, France, Wavecom has subsidiaries in Hong Kong (PRC), Seoul (South Korea) and San Diego (USA). Company revenues totaled á 322.7 million in 2001 and á 244.6 million in the six months ended June 30, 2002. Wavecom is publicly traded on Euronext Paris (Nouveau Marchˆm) in France and on the NASDAQ National Market exchange in the U.S.
www.wavecom.com

About Elcoteq
Elcoteq Network Corporation is the largest European electronics manufacturing services company and one of the global leaders in its field. Elcoteq provides design, NPI and manufacturing services, supply chain management and after-sales services to international high-tech companies especially in the telecom sector. The company has three business areas, which are terminal products, communications network equipment and industrial electronics. Elcoteq has manufacturing services plants in Finland, Estonia, Russia, Hungary, Germany, Switzerland, Mexico and China, as well as customer service centers in Sweden, Switzerland, the USA, Japan and Hong Kong.

Elcoteq's consolidated net sales in 2001 totaled MEUR 1,862 and the company has approximately 8,000 employees. Elcoteq Network Corporation was listed on the Helsinki Exchanges in 1997. More information on the company at www.elcoteq.com

For further information please contact:

Asia                     UK               
Anissa Wong/Ann Hung            Ken Saunders/Kate Gordon      
Ruder Finn Asia Limited            Ruder Finn UK         
Tel. +852 2521 0800               Tel. +44 (0)20 7462 8900      
Fax +852 2521 7088               Fax +44 (0)20 7462 8999
wonga@ruderfinn.com.hk             ksaunders@ruderfinn.co.uk
hunga@ruderfinn.com.hk            kgordon@ruderfinn.co.uk

USA (general)               USA (financial)
John Cihomsky/Ken David             Victoria Hofstad
Matthews|Evans|Albertazzi            Citigate Financial Intelligence
Tel. +1 (619) 238-8500            Tel. +1 (212) 688-6840
Fax +1 (619) 238-8505             Fax + 1 (212) 838-3393
jcihomsky@measd.com             victoria.hofstad@citigatefi.com
kdavid@measd.com      

This press release may contain 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, currency rate changes and risks associated with managing growth. These and other risks and uncertainties, which are described in more detail in the Company's most recent filings 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.