Friday, 05 July 2019 10:57

MGM $250K convertible note drawdown to fund NZ, UK expansion

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MGM Wireless, creator of the Spacetalk smartwatch, says it will drawdown a further $250,000 of its existing $2 million convertible note to support expanded distribution in the New Zealand and UK markets.

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.

MGM described the agreement as another significant milestone for the company with CEO Mark Fortunatow saying “We are tremendously excited to add our first international Mobile Network Operator to our growing network of bricks and mortar distributors”.

“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.

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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