“Being a new market, it’s hard to predict what sales will be but, based on the current run rate, we’ll be out of inventory again by about mid-February so we have already planned another manufacturing run in February,” he said.
“We long felt that mobile phones would one day be banned in schools. It was only a matter of time.
“When we were designing Spacetalk, we deliberately left out social-media features because of the harm they can cause and their never-ending distractions. It’s what Spacetalk doesn’t do that parents and children also find appealing.”
Online bullying
NSW Premier Gladys Berejiklian announced last month that smartphones would be banned from public primary-school classes from this year, after an independent review found their use had driven a rise in online bullying, distractions in class and the sharing of explicit images. The ban was backed by the state opposition.
Public high schools will have the choice to opt in to the ban.
The NSW move follows an initiative in France, which bans smartphones at schools for students younger than 15.
The Spacetalk device does not connect to social media and has a function that allows parents to disable certain functions, effectively rendering it a regular watch during class hours. .
MGM Wireless recorded $4.02 million in revenue (unaudited) in the first half of this financial year, up 154 per cent on the previous corresponding period. It has a cash balance of about $2.5 million.
The company listed in 2003, but as the cost of SMS messaging fell and free, online messaging services such as WhatsApp emerged, it sought new revenue options and used profits from its SMS business to develop the Spacetalk device.
Last year MGM Wireless climbed back to its highest share price since before the global financial crisis. However, with market capitalisation still a modest $47 million, Mr Fortunatow said there was plenty more room for growth.
In the next six months, he intends to expand the business to Britain and Europe, once again partnering with major electronic retailers and telecommunications providers.
By next Christmas he believes the company will be generating at least between 10 and 15 times its 2018 sales volumes.
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