MGM Wireless cashed up for New Year assault on international markets 3 September, 2007 Adelaide-based school communications and services group MGM Wireless Ltd today announced a loss of $784,000 on revenues of $2.198m for the year to end June 2007. The result comes after expensing costs associated with a strong year of international expansion and product development and a depreciation charge of $184,000.
“This has been a big year of investing for MGM Wireless, during which we opened our Californian office, launched a joint venture in India and consolidated our market leading position among Australian schools,” commented MGM Wireless executive chairman Mr Mark Fortunatow.
The company ended the year with cash on hand of $806,000 and is pushing hard into the US school market with the recent signing of an entire school district in Arizona.
“MGM Wireless is also gearing up for a new product launch in October which will enhance the company’s interactive offering between parents and schools,” Mr Fortunatow said. “The new product will shortly commence beta testing, and is generating a lot of excitement in-house.
“We are entering the new financial year with a strong product offering, sound financial backing and ready to move ahead and improve on a great 2007 financial year, during which we achieved many significant milestones and grew the company from an $8m to a $31m company servicing schools and school communities in four countries.
“We have boosted our organisational capability, growing our sales teams and sales support in Australia, and we see a lot of opportunity with our joint venture partner in India.”
For additional information please contact Mark Fortunatow on (08) 8431 2300 or email: [email protected]
MWR Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
