Sierra Wireless Achieves Squeeze-Out Threshold in Subsequent Offering For Wavecom

    VANCOUVER and ISSY-LES-MOULINEAUX, France, April 8 /CNW/ - Sierra
Wireless, Inc. (NASDAQ:   SWIR - TSX: SW), a leading provider of wireless
solutions for mobile computing and Wavecom (Paris: AVM - NASDAQ:   WVCM), a
leading provider of embedded wireless technology for M2M (machine-to-machine)
communication, announced today that the results of the subsequent offering
period of the all-cash tender offers for Wavecom shares were a success and
allowed Sierra Wireless France, a wholly owned subsidiary of Sierra Wireless,
Inc., to reach the squeeze-out threshold.
    The subsequent offering period ended on March 31, 2009 and the final
result was published on April 7, 2009 by the French stock market authority,
the AMF (Autorité des marchés financiers). In total, Sierra Wireless France
directly holds 14,562,502 ordinary shares (including ordinary shares
represented by American Depositary Shares, the "ADSs") i.e. 88.3% of Wavecom
share capital and voting rights. In addition, 2,571,037 convertible bonds (the
"OCEANEs") were tendered to the offer (of which 2,571,022 were reimbursed on
March 12, 2009).
    Taking into account the shares held in treasury by Wavecom and the "free
shares" held by officers and employees that are subject to put and call
arrangements, the shares held by the minority shareholders that were not
tendered to the offer represent less than 5% of the share capital and voting
rights of Wavecom. The same is true by taking into account the potential
dilution resulting from the 666 outstanding OCEANEs. Therefore, Sierra
Wireless France intends to implement the squeeze-out of the ordinary shares
and OCEANEs and therefore to request the delisting of Wavecom securities from
both Euronext and NASDAQ stock markets.
    The settlement and cash payment of the ordinary shares and OCEANEs
tendered into the French subsequent offering period is scheduled for April 15,
2009. Cash payment for securities tendered into the subsequent U.S. tender
offer is scheduled to occur shortly thereafter.

    About Sierra Wireless

    Global Leader in Wireless Solutions for Mobile Computing and M2M

    Sierra Wireless (NASDAQ:   SWIR - TSX: SW) modems and software connect
people and systems to mobile broadband networks around the world. Sierra
Wireless offers a diverse product portfolio addressing enterprise, consumer,
original equipment manufacturer, specialized vertical industry, and
machine-to-machine markets, and provides professional services to customers
requiring expertise in wireless design, integration, and carrier
certification. For more information about Sierra Wireless, visit

    About Wavecom

    Wavecom - The Wireless M2M Experts

    Wavecom is a leading provider of embedded wireless technology for M2M
(machine-to-machine) communication. Wavecom provides a range of GSM/GPRS,
CDMA, EDGE and 3G Wireless CPUs; programmable processors which also act as
wireless modules or wireless modems. These are backed by a cellular wireless
software suite which includes a real-time operating system (RTOS), a software
development environment based on Eclipse(TM), and several Plug-Ins (GPS,
TCP/IP, security, Bluetooth(TM), Lua script and more). Wavecom also offers a
wide range of professional and operated services. Wavecom solutions are used
for automotive telematics, smart metering, fleet management, GSM/GPS/satellite
tracking, wireless alarms, wireless POS (point of sales), WLL (fixed voice),
remote monitoring and many other M2M applications. Founded in 1993 and
headquartered in Issy-les-Moulineaux (France) near Paris, Wavecom has
subsidiaries in Hong Kong (PRC), Research Triangle Park, NC (USA), Farnborough
(UK), Munich (Germany) and Sao Paolo (Brazil). Wavecom is publicly traded on
Euronext Paris (Eurolist) in France and on the NASDAQ (WVCM) exchange in the

    Further Information

    This press release is for informational purposes only and is not an offer
to buy or the solicitation of an offer to sell any Wavecom securities. The
terms and conditions of the offer to buy the shares, ADSs and OCEANEs of
Wavecom are available in the offer to purchase and related materials that
Sierra Wireless France filed with the AMF or the U.S. Securities and Exchange
Commission (the "SEC"). Wavecom security holders and other investors should
read carefully the filed documents listed below, and any amendments or
supplements thereto because these documents contain important information,
including the terms and conditions of the tender offers.
    Copies of the note d'information approved by the AMF under visa no.
09-002 dated January 6, 2009, as well as the "other information document," are
available on the Sierra Wireless, Inc. website ( and
the AMF website ( and can be obtained for free from Lazard
Frères Banque, 121 boulevard Haussmann, 75008 Paris. Copies of the note en
réponse approved by the AMF under visa no. 09-003 dated January 6, 2009, as
well as the "other information document," are available on the Wavecom website
( and the AMF website ( and can be obtained
for free from Wavecom, 3, esplanade du Foncet, 92442 Issy-les-Moulineaux and
Merrill Lynch Capital Markets (France) SAS, 112, avenue Kléber, 75761 Paris.
    Copies of the Tender Offer Statement on Schedule TO filed by Sierra
Wireless France and the Schedule 14D-9 filed by Wavecom, are available from
the SEC's website ( Such materials filed by Sierra Wireless
France and Wavecom are also available for free on the websites of Sierra
Wireless, Inc. ( and Wavecom (
    Wavecom security holders and other investors can obtain copies of these
tender offer materials and any other documents filed with the AMF from the
AMF's website (, and with the SEC, from the SEC's website
(, in each case without charge. Such materials filed by Sierra
Wireless France will also be available for free at Sierra Wireless' website

    Cautionary Note Regarding Forward-Looking Statements

    Certain statements in this press release that are not based on historical
facts constitute forward-looking statements or forward-looking information
within the meaning of the U.S. Private Securities Litigation Reform Act of
1995 and applicable Canadian and French securities laws ("forward-looking
statements"). These forward-looking statements are not promises or guarantees
of future performance but are only predictions that relate to future events,
conditions or circumstances or our future results, performance, achievements
or developments and are subject to substantial known and unknown risks,
assumptions, uncertainties and other factors that could cause our actual
results, performance, achievements or developments in our business or in our
industry to differ materially from those expressed, anticipated or implied by
such forward-looking statements. Forward-looking statements in this press
release include statements relating to the offers for the ordinary shares, the
ADSs, and the OCEANEs of Wavecom and the results of such offers, the combined
company's future business prospects and projected position in the wireless
data and M2M markets, the outlook for the combined company's future
operations, plans and timing for the introduction or enhancement of its
services and products, strategies or developments, future market conditions
and supply conditions. We caution you not to place undue reliance upon any
such forward-looking statements, which speak only as of the date they are
made. These forward-looking statements appear in a number of different places
in this press release and can be identified by words such as "may",
"estimates", "projects", "expects", "intends", "believes", "plans",
"anticipates", "continue", "growing", "expanding", or their negatives or other
comparable words. The risk factors and uncertainties that may affect our
actual results, performance, achievements or developments are many and
include, amongst others, our ability to develop, manufacture, supply and
market new products that we do not produce today that meet the needs of
customers and gain commercial acceptance, our reliance on the deployment of
next generation networks by major wireless operators, the continuous
commitment of our customers, and increased competition. These risk factors and
others are discussed in Sierra Wireless' and Wavecom's respective filings and
reports, which may be found on SEDAR at, on EDGAR at, on the AMF's website at, and in each of their
other regulatory filings with the AMF in France, the SEC in the United States
and the Provincial Securities Commissions in Canada. Many of these factors and
uncertainties are beyond our control. Consequently, all forward-looking
statements in this press release are qualified by this cautionary statement
and we cannot assure you that actual results, performance, achievements or
developments that we anticipate will be realized. Forward-looking statements
are based on management's current plans, estimates, projections, beliefs and
opinions and we do not undertake any obligation to update forward-looking
statements should the assumptions related to these plans, estimates,
projections, beliefs and opinions change, except as required by law.

    %SEDAR: 00011917E

For further information:

For further information: Sharlene Myers, Sierra Wireless, Phone: (604)
232-1445, Email:; Lisa Ann Sanders, Wavecom, Phone:
+33 1 46 29 41 81, Email:

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