Jerimiah Yap

Officially called the iPhone 5, Apple's sixth-generation smartphone is described as the thinnest and lightest version of the iPhone that Apple has ever built.

The product measures 7.6mm in thickness and weighs 112 grams and made entirely out of glass and aluminum. The new iPhone looks very similar to the photos that have been leaked in the past several weeks, raising questions about Apple's ability to keep a lid on its product offerings.

Apple's senior vice Phil Schiller detailed the features, specs, pricing and release details of the iPhone 5.

The smartphone is available in black and white and comes with a 4-inch display -- longer than what the most recent generations, iPhone 4 and 4S, have to offer.

Its 8-megapixel camera also promises a better low light performance and way faster photo capture.

The new handset now offers LTE web browsing with a battery life of 8 hours, according to Schiller.

The iPhone 5 will be sold at the usual $199 price for the 16 GB version, $299 for 32 GB or $399 for 64 GB on a two-year contract.

Apple will start accepting pre-orders on September 14, while shipping begins a week later on September 21.

Among the first countries that will get the new device are the U.S., Canada, UK, France, Australia, Japan, Germany, Singapore and Hong Kong. Apple will start shipping to other countries beginning September 28.

The highly anticipated event was kicked off by Apple CEO Tim Cook who wore a black shirt and blue jeans.

Cook talked about the success of the iPad saying 84 million units of the product have been sold, a resounding feat considering that the product category did not even exist two and half years ago.

Cook also stated that Apple had sold its 400 millionth iOS device (iPhone, iPad and iPod Touch, and) last quarter.

Apple has unveiled the iPhone 5, and says it's thinner and lighter than the previous model, even though it has a bigger screen