Link copied to
MGM Wireless (ASX: MWR) has officially launched its kids smartphone watches in the UK. They will be available at 9am London time (6pm AEST) today through SkyMobile.
Devices will be sold on plans similar to mobile phone plans – at £10 per month ($18) for 35 months.
Scroll down for more ASX corporate news>>>
Sky has 61 per cent of the market in UK and Ireland with 23 million retail subscribers. It belongs to the NYSE-listed Comcast group.
MGM CEO Mark Fortunatow said he was thrilled to launch the product.
“At the highly attractive price of £10 per month, Spacetalk now becomes very affordable to families with young children,” he said. “I think we will see a new mass market emerge with very large sales volumes generated indeed.”
Spacetalk is already sold in Australia and New Zealand. MGM’s most recent half yearly saw revenue of $4 million and a gross profit margin of 72 per cent. However, it recorded a net loss due to a $3 millions expense of options.
Spacetalk allows parents to call their children, over 3G, and see their location. Among MGM’s software are messaging apps for schools allowing parent messages and absence notifications to flow seamlessly between families and schools.
Shares jumped 5 per cent this morning and have risen nearly 700 per cent in two years.
In other ASX corporate news today…
After 31 years of service, Kip McGrath is retiring from Kip McGrath Education Centres (ASX: KME). A hospital stint last week left him in belief the time was right but said he would be readily available to advise his successors if need be. “I leave the company in a strong position,” he said. “As the largest shareholder I look forward to the exciting business plan being executed and a continuation of growing profits.”
McGrath owns nearly 40 per cent of the company which listed in 2003 – a stake equating to $17 million. The board advised director Ian Campbell would be chairman and it expects its net profit after tax to be $2.6 million.
Yesterday was the day Indus Energy (ASX: IND) should have been removed, being three years since first being suspended. But the company has been formally spared the axe until 5 November. As announced in June, it will engage in a reverse takeover with private explorer New Era Oil and Gas but needed more time to complete the deal and this was granted. The company estimates relisting on September 5.
- Subscribe to our daily newsletter
- Join our small cap Facebook group
- Follow us on Facebook or Twitter