The technology company said the facility - due to be received later this month - will be drawn to $1.50 million following receipt of the additional funds.
MGM said the funds will be used to manufacture additional inventory of the Spcetalkk “children’s phone+watch” required for future and existing distribution arrangements.
As reported by iTWire, MGM announced in November last year the Spacetalk kids watch was to be distributed and sold in New Zealand by the country’s largest telco Spark under a new master services agreement.
“Further we see it as a huge endorsement by a leading international telco of the calibre of Spark. Thanks to Spark, New Zealand parents will now be able to go to any one of their 73 stores across New Zealand, to look, touch and feel our revolutionary kids watch and GPS wearable device.”
MGM’s AllMyTribe division developed Spacetalk which allows two-way 3G phone calls and SMS messaging to a parent-controlled list of contacts.
“Importantly, a key safety feature of SPACETALK is that it doesn’t give children access to social media, apps, open internet, YouTube or other such services dangerous to young children,” MGM says.