NEW YORK ( TheStreet) - Just a few days after the Consumer Electronics Show (CES) wrapped up for this year, computing giant Asus has made an announcement which could have big repercussions throughout the tablet industry. Following the success of its Google ( GOOG) Nexus 7 Android tablet, the Taiwanese firm has announced its own MeMO Pad line of tablets - and wait until you see the price. Based, in part, on the knowledge it gained making the Nexus 7 tablet, Asus' MeMO will also have a 7-inch touchscreen (although, at 1024 by 600 pixels, it's not as sophisticated), 1 GB of RAM, at least 8 GB of storage, a 1 MP camera on the back, and a 1 GHz processor made by VIA Technologies. The device runs on the Android 4.1 (Jelly Bean) operating system. The MeMO Pad has battery life of up to 7 hours on a charge and weighs a hair over 13 ounces. OK, here comes the best statistic - pricing. The 8 MB MeMO Pad will retail for $149. No price is listed for the 16 GB model in the overnight press release. It will come in three vibrant colors with names like "Sugar White", "Titanium Gray" and "Cherry Pink." Asus says the MeMO Pad will be available sometime this month "in selected markets from authorized Asus retailers." Expect both Amazon ( AMZN) and Barnes & Noble ( BKS) to have something to say about a new, challenging entry into the sub-$200 tablet marketplace. --Written by Gary Krakow in New York. >To submit a news tip, send an email to: email@example.com.