Smartwatch maker MGM Wireless (ASX: MWR) has secured its first international supply agreement with New Zealand’s telco SPARK, launching its Kids smartwatch SPACETALK on the company retail stores of SPARK New Zealand Limited.
Early this morning, MGM informed that it has signed a master supply agreement with New Zealand based mobile network operator SPARK to sell its flagship product SPACETALK in New Zealand through 73 company owned stores of SPARK New Zealand. The company told that recommended retail price of SPACETALK has been kept to NZ$399.
Commenting on today’s announcement, company CEO Mark Fortunatow stated that the company is excited to add its first international Mobile Network Operator to the growing network of bricks and mortar distributors of the company.
This new distribution agreement allows MGM to penetrate into an international market where it can tap the customers to look, touch and feel the smart device solutions offered by the company. Moreover, MGM’s smartwatch SPACETALK now will also be seen on the online shelves of SPARK New Zealand.
SPACETALK is an all-in-one children’s smartphone, watch and GPS device developed by the AllMyTribe division of MGM Wireless. This company-built product is intended towards the children’s safety from social media threats, highly equipped parental control, school communication and student absence management. SPACETALK is currently available in Australia online via JB Hi-Fi and allmytribe.com and is stocked by regional electronics retailer.
As per the announcement, SPACETALK will be stocked across 195 JB Hi-Fi Australian stores and in New Zealand in all 73 SPARK stores from the mid of this month, 14 November 2018.
Why MGM Wireless (ASX: MWR) should be in your watchlist?
Over the past one year, MGM’s share price has jumped up as much as 650%, and the executives expects further rise in the share. In today’s trading session, MGM share price mounted 10.476% to close at $3.480 on 5 November 2018.
On trading update front, company’s year to date revenues to October 2018 are up 181% YoY and expected to exceed FY18 full year revenue ($2.74 million) before calendar year end. Over the 12 months since the launch of SPACETALK, the company has sold 8,300 SPACETALK units equating to revenue of $1.93million. Further, more than 5000 SPACETALK watches have been shipped by the company in past 2 weeks to over 270 leading bricks and mortar retailers in Australia and New Zealand.
To boost store sales ahead of high-volume Christmas sales period, the company intends to spend as much as $850,000 towards marketing and advertising program. Further, the company has offered some new features in its SPACETALK product, that include weather report and a popular new color, Pink.
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