Qualcomm Incorporated (Nasdaq: QCOM), a leading developer and innovator of advanced wireless technologies and data solutions, and DriveCam Inc., a global Driver Risk Management company, today announced that they have entered into a CDMA2000® telematics module license agreement. Under the terms of the royalty bearing agreement, Qualcomm has granted DriveCam a worldwide license under its patent portfolio to develop, manufacture and sell CDMA telematics modules.
“The availability of high-speed 3G networks worldwide enables increased opportunities for innovative new telematics applications,” said Marvin Blecker, president of Qualcomm Technology Licensing. “DriveCam's telematics module license from Qualcomm will enable DriveCam to provide its customers with the most up-to-date wireless global driver risk management products, such as advanced 3G-enabled wireless video event recorders.”
“Qualcomm is a recognized wireless technology leader and this new agreement enables us to offer fully integrated and cost efficient driver risk management solutions that will serve the worldwide market and meet the needs of our fast-growing customer base now and in the future,” said Bruce Moeller, president and CEO of DriveCam. “As a video event recorder OEM, DriveCam is now able to significantly enhance our product offerings by incorporating advanced 3G wireless technologies.”
DriveCam is a global Driver Risk Management company that reduces claims costs and saves lives by improving the way people drive. The company has been reducing risky driving behaviors for more than 10 years. By combining sight and sound, expert analysis and driver coaching, DriveCam has reduced vehicle damages, workers' compensation and personal injury costs by more than 50 percent in nearly 100,000 commercial and government vehicles. DriveCam has the world's largest repository of events reflecting actual risky driving behaviors. In 2007, Inc. Magazine included DriveCam on its list of the 500 fastest-growing, privately held companies in the U.S. for the third consecutive year. For more information, visit www.drivecam.com.
Qualcomm Incorporated (www.qualcomm.com) is a leader in developing and delivering innovative digital wireless communications products and services based on CDMA and other advanced technologies. Headquartered in San Diego, Calif., Qualcomm is included in the S&P 500 Index and is a 2007 FORTUNE 500® company traded on The Nasdaq Stock Market® under the ticker symbol QCOM.
Except for the historical information contained herein, this news release contains forward-looking statements that are subject to risks and uncertainties, including the Company's ability to successfully design and have manufactured significant quantities of CDMA components on a timely and profitable basis, the extent and speed to which CDMA is deployed, change in economic conditions of the various markets the Company serves, as well as the other risks detailed from time to time in the Company's SEC reports, including the report on Form 10-K for the year ended September 30, 2007, and most recent Form 10-Q.