PassTime(TM) USA today announced the launch of its latest payment
assurance device, PassTime(TM) Elite, featuring the Wavecom Q2687
Wireless CPU(R). The device harnesses the power of wireless
machine-to-machine technology to help credit-troubled people own their
own vehicles and mend their credit at the same time. PassTime(TM)
starter-interrupt devices alert car-owners in advance of payment due
dates and shut down the vehicle in the event of missed payments. While
this may sound somewhat unpleasant, car owner Mary Cueller would
disagree. "I didn't have good credit and this helps me make my
payments on time," she said. Asked if she'd install the device on her
family's other car, she responds, "Yes, I would. I would in a
heartbeat."
As the premier provider and market leader of starter-interrupt and
payment assurance technologies, PassTime(TM) has helped many like Mary
repair their credit and go on to home ownership and more - at the same
time, transforming the $600 Billion automotive finance market. With
more than 3,500 customers and 500,000 devices on the road,
PassTime(TM) technology protects over $1 Billion in assets. The newest
product, PassTime(TM) Elite, is expected to achieve volumes in excess
of 100,000 units with the potential to reach as high as two Million
units over the next five years.
Always evolving to better serve its marketplace, PassTime(TM) is
the first Wavecom customer in the U.S. to fully utilize C-GPS Open
AT(R) Plug-In using Opus technology from eRide and Wavecom Q2687
Wireless CPU(R). In fact, the unique PassTime(TM) functionality is
entirely built-in and operated by Open AT(R) software. This cutting
edge technology, at the heart of the new PassTime(TM) Elite platform,
was vital in providing PassTime(TM) a competitive edge thanks in part
to reduced materials costs and remote upgradeability for lower total
cost of ownership.
"We are excited to be at the heart of this exciting application,"
said Wavecom COO Anders Franzen. "Our partnership with PassTime(TM) is
a prime example of cooperative development and demonstrates our
ongoing commitment to supporting our customers throughout their
development process."
"Working with Wavecom has been a huge help in developing this
cutting-edge solution," said PassTime(TM) Chief Operating Officer
Chris Macheca. "Wavecom offered a great deal of interaction with our
developers and I know they pulled a lot of late nights helping us pull
off an aggressive schedule for this product."
PassTime(TM) devices help lenders improve their financial
portfolio's performance and gain high levels of operational efficiency
and profitability. PassTime(TM) lenders are able to reduce collection
staff levels, avoid expenses related to repossessions, and reduce
their financial charge-offs and losses. PassTime(TM) lenders, through
credit bureau reporting, have the capability to improve the credit
scores of their customers.
"PassTime(TM) Elite will change the way lenders collect money.
This is the greatest technology invention for collectors since the
invention of the telephone." - Sue Karlin, CIO, PassTime(TM) USA.
About PassTime(TM) USA
Headquartered in Littleton, Colorado, PassTime(TM) supports and
enhances the specialized finance industry through an entire family of
payment guarantee solutions. Founded in 1990, PassTime(TM) invented
the industry's first starter interrupt device in 1997.
The PassTime(TM) family of products improves customer payment
performance and reduces default and repossession risks. We are proud
to offer code-based, wireless, and GPS products and would like to
announce our NEW PassTime Elite product.
About Wavecom
Wavecom (Paris:AVM) (NASDAQ:WVCM) (ISIN:FR0000073066) 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 CPU(R)s (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 Issy-les-Moulineaux (France)
near Paris, Wavecom has subsidiaries in Hong Kong (PRC), Research
Triangle Park, NC (USA), Camberley (UK). Wavecom is publicly traded on
Euronext Paris (Eurolist) in France and on the NASDAQ (WVCM) exchange
in the U.S.
www.wavecom.com
