Samsung exec says readying smart watch entry to battle Apple

According to Bloomberg, Samsung is developing a wristwatch to "race" Apple to market in the wearable device industry, though as of current only the Korean tech giant has gone on record as saying any such activity was taking place.

“We’ve been preparing the watch product for so long,” said Lee Young Hee, executive vice president of Samsung’s mobile business. “We are working very hard to get ready for it. We are preparing products for the future, and the watch is definitely one of them.”

Aside from the terse confirmation, Lee had offered little else and would not comment on feature set, price or availability.

Apple is believed to be launching its own smart watch offering later in 2013, and rumors point to a device made of curved glass and metal that wirelessly connects to a user's iPhone. The unit is thought to be capable of simple operations, including controlling certain iPhone functions like call dismissal and message reading.

AppleInsider was first to reveal a U.S. patent filing for a wrist-worn device with a flexible display that connects to smartphones via Bluetooth or Wi-Fi.

Although word has spread quickly through media outlets regarding the so-called "iWatch," no leaks or substantive reports have been unearthed.