Run out of subnets

I thought I would give this a spin, but have hit a road block. I have vagrant working and have tried to follow the documentation. When I issue the command:

./aegir-up-init aegir-test

I get the following:

==> This script will create a new project at ./projects/aegir-test.
==> It will use ./lib/templates/default as a template.
==> A Git repo will be initialized in the new project directory.
Do you want to proceed with initializing the project? [Y/n] y
grep: ./projects/*/settings.rb: No such file or directory
We've run out of subnets!

Any ideas on what I'm doing wrong? I'm on Mac 10.7 if that's helpful.