Apple iWatch Update: Foxconn Unveils New iPhone Compatible Smartwatch Ahead of Rumored iWatch (PHOTO)

Apple has been rumored to be developing a smartwatch for quite some time now as Google Glass and Sony each break into the realm of wearable tech. It appears one of Apple Inc.'s third party contractors, Foxconn, got tired of waiting.

According to CNET, at a shareholder meeting, Taiwan's Foxconn, also known as Hon Hai Precision Industry, unveiled its own wearable device that can be wirelessly connected to an iPhone.

The new smartwatch can display incoming calls as well as Facebook notifications. Most impressively, the device can monitor health signs such as heartbeat and respiration. When these vital signs are not within optimal parameters it can suggest advice to users on how they can improve these under performing functions automatically.

The company's chairman, Terry Gou, said the wireless communications and medical research groups that work for the company will be looking into making improvements to the smartwatch such as adding finger print identification sometime in the future.

While Foxconn was big on features, they didn't discuss any launch details like which iPhone models it will be compatible for, when it will be released and how much it will cost.

The move to out play Apple in the smartwatch race is a big one for Foxconn. Last month, the company was rumored to be breaking away from making product components for Apple and was going to focus on creating its own technology that would be compatible with Apple products.

With the announcement of their iPhone friendly smartwatch, Foxconn seems to have done that ahead of schedule. In other words, the company has made the point that it's capable of creating devices and gadgets of its own and might not need to rely on constructing hardware for other company's anymore.

Apple has not even confirmed that they are indeed working on any kind of smart watch. The only thing that the company has revealed, aside from iOS 7, is that they won't be releasing any new devices until at least September. It is unlikely any of the devices in question will be a smartwatch. Although, it's possible that with Sony and Foxconn both unveiling wearable tech, pressure might be put on Apple to get its own iWatch to consumers sooner rather than later.

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