SPACETALK LTD — Capital/Financing Update 2008

Jul 1, 2008

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2 July, 2008

Companies Announcement Office Australian Stock Exchange Limited 20 Bridge Street Sydney NSW 2000

MGM Wireless closes Share Purchase Plan

South Australian based school service and communications group MGM Wireless Ltd (ASX Code: MWR) is pleased to announce that it has raised $283,600 in new capital through the issue of 5.672m shares at $0.05 to existing shareholders through a Share Purchase Plan.

MGM Wireless chief executive, Mr Mark Fortunatow, commented:” We are happy with the support received from our shareholders having regard to the difficult equity market circumstances and concerns about the global economy generally.”

Mr Fortunatow said the capital raising had topped off a good year for MGM Wireless, during which the company signed supply agreements with two of the eight Australian State or Territory education services, strengthened its foothold in the United States of America (currently 28 Schools in eight school districts), strengthened its board of directors and domestic marketing teams and launched a major new product, School News Channel.

MGM Wireless was continuing to focus international expansion plans on the US where the company is presenting this week at NECC 2008 – National Educational Computing Conference - the world's largest educational technology conference for teachers, administrators and technology coordinators.

“We continue to examine new opportunities for fast-tracking our product range into the US education market,” Mr Fortunatow said. “Our Messageyou, Watchlists and School News Channel offerings are at the forefront of this kind of technology and are achieving growing market acceptance both here and overseas.”

. About MGM Wireless Ltd and Messageyou, LLC

MGM Wireless Ltd is a public company with a market capitalisation of A$10m listed on the Australian Stock Exchange (ASX: MWR) in 2003. The company trades as Messageyou, LLC in the United States, with its head office in Silicon Valley at Sunnyvale, Cal. The company’s patented School Attendance Management solutions empower schools to effectively communicate to parents and caregivers using SMS text messaging in combination with culturally sensitive communication to improve attendance, student welfare and safety. MGM Wireless is recognized in Australia and internationally as pioneers and market leaders. MGM’s professional services team delivers an integrated suite of software and communications using its own infrastructure.

The solutions enable schools to reduce costs, increase productivity, discharge their duty of care, engage parent involvement, and ultimately improve student learning and social outcomes.

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AUSTRALIA

CEO Mark Fortunatow MGM Wireless Ltd. - (ASX:MWR, MWRO)

Mobile: +61 421 328 984 Phone: +61 8 8431 2300 Email: mfortunatow@mgmwireless.com Web: www.mgmwireless.com, www.messageyou.com