Information that LG will launch budget touchscreen handset KP500 was leaked yesterday. Very little was known about the specifications and pricing for the new handset. And, just a day later we have complete specs and price point for the new handset. The features on the handset include quad-band GSM/EDGE, 3-inch touchscreen 240 x 400, 3-megapixel camera, FM radio with RDS, accelerometer, 46MB onboard memory, microSD slot and Bluetooth. The phone will measure 4.2” x 2.18” x 0.46” and it will weigh 3.13 ounces. LG will price the phone for $350 without subsidy and around $100 with contract subsidy.