Tech Shout!

Quite a lot of hype was created before and during the launch of Palm’s Foleo mobile companion product. However it all seems to fizz out now!

Palm’s CEO Ed Colligan has announced that the company has cancelled the product’s release.

This move comes after the Foleo received criticisms from market analysts, who stated that the device was devoid of features that could have perhaps made it a must buy. They further predicted that it would be advisable for Palm to delay the device’s release.

In a blog post by Colligan, he admitted stating, “Our own evaluation and early market feedback were telling us that we still have a number of improvements to make Foleo a world-class product, and we can not afford to make those improvements on a platform that is not central to our core focus.”

The Foleo mobile companion was initially going to be priced at $500 each and was slated for a summer 2007 release. However, as a result of the cancellation, Palm will take a $10 million earnings charge, Colligan maintained.

Palm is now in the works of coming up with another product like the Foleo, however it prefers staying mum on it right now.