SPACETALK LTD — Capital/Financing Update 2010

Oct 13, 2010

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

14th October 2010

MGM Wireless Limited Share Purchase Plan Offer

The Directors of MGM Wireless Limited are pleased to offer shareholders the opportunity 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 0.85 cents per share, without incurring transaction charges such as brokerage. The issue price under the SPP represents a discount of approximately 17% 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 1,000,000 shares (having a value of \$8,500 based on the offer price). The minimum application is \$850 or approximately 100,000 shares. Shareholders who held shares in the Company on Tuesday 12th October 2010 ("the record date") will be entitled to participate in the SPP offer.

MGM Wireless has over the past six years built a substantial presence is servicing school communities in Australia, the US, and New Zealand. We 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 Share Purchase Plan is being implemented to raise funds for the Company to assist with the rollout of new products and to increase its working capital. The Company is seeking to raise up to a maximum of \$350,000 through the offer (this is not the minimum). If more than \$350,000 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 \$350,000, although they reserve the right to do so.

The Offer Document, Application Form and a Reply Paid envelope will be posted to all shareholders by Friday 22nd October 2010. 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 9 November 2010.

Shareholders should read this document thoroughly in conjunction with the publicly available information relating to MGM Wireless, including the Company's annual results for the year to 30 June 2010. The full announcement was made to the Australian Securities Exchange Limited ("ASX") on 27 August 2010 and 2010 Annual Report which was released on 30 September 2010 are 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.

Mark Fortunatow Executive Chairman

About MGM Wireless Ltd and Messageyou, LLC

MGM Wireless Ltd is a public company with a market capitalisation of approximately A\$ 2.2 m listed on the Australian Securities Exchange (ASX code: MWR). 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. Schools in Australia, New Zealand and America use Messageyou software in their day to day operations.

For further information contact:

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

Phone: +61 8 8431 2300 Email: mfortunatow@mgmwireless.com Web: www.mgmwireless.com