New iPhone 5 Release Date: What Are Its Features, How Much Will It Cost?

Fans have been waiting with bated breath for the release of Apple Inc.'s new iPhone 5, speculating on when the coveted phone will be available and how much it will cost. Here is the latest information on when to expect the iPhone 5, its possible price point and rumored features.

Based on an invitation from Apple this week for its Sept. 12 event, the iPhone could be made available anytime between Sept. 17 and Sept. 21. Fans have been taking as confirmation of the tentative dates, news from FedEx that the company is preparing for a "surge" around the same time of the expected release. reports: "A FedEx insider has released an internal memo that provides yet another hint of a Sept. 21 new iPhone 5 release date. The memo describes as 'surge volume' that'll take place Sept. 21-24, exactly when the new iPhone 5 release is rumored to be taking place."

As for the price of the upgraded iPhone, observers speculate that it could cost between $199 and $399, based on the amount of gigs in memory the device holds.

News also comes from that a Chinese manufacturer has used leaked photos of the new iPhone 5 to make its own version of the popular device.

"GizChina reports that a Chinese manufacturer has used leaked photos of Apple's next-generation iPhone to slap together a quick knockoff of the device called the Goophone I5 and release it before Apple has a chance to launch the genuine article later this month," writes BGR News Editor Brad Reed.

Finally, World Star Hip-Hop has released a video with detailed information of what the new iPhone 5 looks like and its many features, as shown below:

World Star Hip-Hop
Apple iPhone 5 First Look And Hands On!?