SPACETALK LTD — Capital/Financing Update 2008

May 25, 2008

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26th May, 2008

MGM Wireless Limited Share Purchase Plan (the “Plan”)

The Directors of MGM Wireless Limited are pleased announce an opportunity to existing shareholders to acquire additional shares under the MGM Wireless Limited Share Purchase Plan (the “Plan”).

The Plan enables shareholders in the Company to increase their shareholding at a price of 5 cents per share, without incurring transaction charges such as brokerage. The issue price under the SPP represents a discount of just under 15% to the volume weighted average market price for the five trading days prior to when the SPP was announced. Shareholders may apply for up to 100,000 shares (having a value of $5,000 based on the offer price). The minimum application is $500 or 10,000 shares. Shareholders who held shares in the Company on Wednesday 21st May 2008 ("the record date") will be entitled to participate in the SPP offer.

MGM Wireless has over the past four years built a substantial presence is servicing school communities in Australia, The US, New Zealand and India. The board and executives have grown the company from a modest base to one which now has dominant market share of Australian schools. The MGM Wireless suite of leading edge attendance monitoring and SMS text-based communication systems are used in schools in every State of Australia.

Over this period, MGM Wireless has invested in the development of new product, built a team of dedicated product developers and a strong sales force. The Company has also recently announced that it has been awarded the system wide schools contract with NSW Education, a major milestone for MGM Wireless and the marketing of its suite of products.

The Share Purchase Plan is being implemented to raise funds for the Company to increase its working capital and to accelerate the Company’s growth in Australia and the USA. The Company is seeking to raise up to $1.0 million through the offer (this is not the minimum). If more than $1.0 million is raised, the Company reserves the right to either accept or reject over subscriptions. The Directors do not intend to scale back applications received over $1.0 million, although they reserve the right to do so.

The Offer Document, Application Form and a Reply Paid will be posted to all shareholders by Friday, May 30[th] , 2008. The offer is personal to each shareholder and shareholders cannot trade their entitlement to apply for new shares. Applications must be made on the application form accompanying the offer document. The offer will close on Tuesday 24 June 2008.

Shareholders should read this document thoroughly in conjunction with the publicly available information relating to MGM Wireless, including the Company’s half-year results for the period to 31 December 2007. The full announcement was made to the Australian Securities Exchange Limited (“ASX”) on 29 February 2008 and is available on our website at www.mgmwireless.com. The Company intends to offer brokers a stamping fee of 2.5% on all the value of all applications which they lodge on behalf of shareholders under the SPP.

About MGM Wireless Ltd and Messageyou, LLC

MGM Wireless Ltd is a public company with a market capitalisation of A$13m 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