The M300 Wristphone we heard first about by Australian SMS Technology is now selling on eBay UK under the Korean brand Ktech for £129.99 (~$255). SMS Technology quoted a price of about $500.

Update 06/27/07:
The M300 watch phones are illegal copies of SMS Technology. Please do not purchase and rather get the new and better M500 from SMS Technology.

The Ktech M300 looks slightly different from the SMS Technology promoted M300 and does not have a metal bracelet. If Ktech is the real manufacturer of this mobile phone watch is not clear. My research did not find a Ktech company that fit the profile to make wristwatch GSM Phones.

As reported SMS Technologies skipped the M300 after delays and is supposed to ship a new more advanced Wristphone dubbed M500.
The Ktech M300 has a 256 color 1.5 inch OLED Screen, MP3 player and works with GSM carriers.
The mobile phone watch is available from eBay seller HongKongToy for £129.99. The Hong Kong based seller is only shipping to Europe and Australia.
I also found the same wristphone branded as COOL 8800. The seller yaron100 ships it world-wide.
Thanks John T.