Michael Arrington, the founder of tech blog TechCrunch, made good on his promise to create his own hardware company, with the launch of CrunchPad Inc. Based in Singapore, the firm will employ a total of 14 employees and its first and only product, the CrunchPad Internet tablet, is expected to be revealed at a press event scheduled for the end of July.

The CrunchPad began as an idea and challenge proposed to TechCrunch readers nearly one year ago that would let users browse the web on the move and cost no more than $200. The latest prototype resembles a scaled up iPod touch and sports a large 12-inch, 1024x768 capacitive touchscreen. Processing power will come from Intel's Atom CPUs, and at least 4GB of integrated storage space is expected.

Other features are to include a camera capable of shooting video as well as capturing photos, at least one USB port and Wi-Fi and Bluetooth connection options.

Final specs and prices of the CrunchPad are expected to come at the press event later this month. [via Crunchpadfans]