Samsung Electronics Co., Ltd. (LON:BC94) (KRX:005930) will officially unveil the Galaxy Gear smartwatch on September 4th. This was confirmed by exeutive vice president for Samsung’s mobile business, Lee Young-hee, who confirmed the report but also admitted that the watch isn’t quite ready to be released to the public just yet.

Samsung Galaxy Gear Watch

He explained, “We will be introducing a new wearable concept device called Galaxy Gear at our own event. The Gear won’t have a flexible display. The new device will enhance and enrich the current smart mobile experience in many ways. It will lead a new trend in smart mobile communications. We are confident that the Gear will add meaningful momentum to the mobile industry.”

Unfortunately, Young-hee neglected to share more details regarding this device and calling it a “concept” leaves room for more misinterpretation. This could mean that the tech giant doesn’t have a lot of faith in their own smartphone or perhaps the company is setting expectations low just in case. Rumors regarding the Galaxy Gear watch started back in April. The South Korean tech giant’s top competitor Apple Inc. (NASDAQ:AAPL) is also rumored to have a watch in the works but it looks like Samsung Electronics Co., Ltd. (LON:BC94) (KRX:005930) will beat Apple’s iWatch to the market.

Samsung Galaxy Gear smartwatch features

The Galaxy Gear smartwatch is expected to feature connective capabilities for smartphones with Bluetooth and NFC. It would offer call-answering, text-messaging, and email scanning capabilities.

It’s possible that Apple Inc. (NASDAQ:AAPL) could release their iWatch this year but there is still no confirmation. There were reports that it would arrive in time for the upcoming holiday season, then there were reports that it would arrive in 2014. It’s still important to point out that the concept of a smartwatch is nothing new. Sony Corporation (NYSE:SNE) (TYO:6758) just released their second-generation smartwatch and the Pebble smartwatch was released earlier this year.