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LG Parties to Celebrate its New G3 Flagship Android Smartphone

NEW YORK (TheStreet) -- Korea's LG Electronics held a big party in London this week to introduce the world to its new flagship smartphone running on Google's (GOOG - Get Report) Android OS - the G3. LG described it as the most "ambitious" device to come to market this year.

Following weeks and weeks of speculation, LG announced its third-generation, top-of-the-line handset made to compete with Samsung's Galaxy S5, HTC's One (M8), the iPhone 5s and whatever else Apple (AAPL) is planning to introduce in the coming weeks and months.

LG noted everything was designed to make your life - in a world - simple. Like its predecessor, the G2, the new design sports no buttons on the side. Like its predecessor, all controls on the G3 are on the back right under the camera.

The new G3 will come with what LG describes as a 5.5-inch, Quad HD display. sporting an industry leading 538 pixels. South Korea-based LG stated its screens are sharper and clearer than any other smartphone currently on the market. That same display, according to LG, also uses less power than it really should be for that technology. In person, the screen is barely framed by a bezel and is amazing to look at.

The G3 runs on a Qualcomm (QCOM) 801 quad-core processor and 2 to 3 GB of RAM. It also features a new 13 MP camera with LG's "laser autofocus" system. LG boasted that it focuses so fast that it's quicker than a blink of your eye.  The camera is also said to be great at capturing videos - with improved sound.

The presentation also stressed the G3's style, a redesigned user interface, a new keyboard to allow for faster typing plus the big 3000 mAh removable battery with wireless charging and the possibility of as much as 2 TB of SD card storage.

The G3 will officially be available beginning later this summer from AT&T (T), Sprint S, T-Mobile (TMUS), Verizon (VZ) and Best Buy (BBY) later this summer.  Prices are yet to be announced. We hope to have our review soon.

LG could use a success with the G3. A month ago the company reported mixed results in its latest earnings report. Overall, the company's net profits rose sharply in the first quarter of 2014 with big, high-resolution TV monitors leading the way.

LGs mobile phone division despite shipping more than 12 million smartphones in 1Q/2014 - up 19% from 2013 numbers now it's global market share ranks fifth behind Samsung, Apple, Huawei and Lenovo.

--Written by Gary Krakow in New York.

Gary Krakow is TheStreet's Senior Technology Correspondent.

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