After months of rumors, consumers waiting for news of an iPhone compatible with Verizon finally got the official word. This ends what effectively has been a long held monopoly on Apple's iPhone by AT&T.
The devices will cost $199 for the 16GB iPhone 4 and $299 for the 32GB.
Verizon Wireless says its iPhone 4 will include Personal Hotspot capabilities allowing customers to use the device to connect up to five Wi-Fi enabled devices.
On February 3 existing customers will have an opportunity to pre-order. Then on February 10, new subscribers will be able to purchase online, in stores, or in Apple store locations.
The device will not utilize Verizon's emerging 4G LTE network - a move that would have slowed getting the device to VZW customers.
Apple executive Tim Cook revealed Apple and Verizon have agreed to a multi-year, but non-exclusive deal for the CDMA comparable device. This leaves the door open for a Sprint iPhone.
As with other current CDMA devices, Verizon iPhone users will not be able to access data and use voice simultaneously. This presumably will change with LTE phones. AT&T's current GSM technology allows data and voice to be used at the same time.
Currently, Verizon's data plans are not capped whereas AT&T's data plans are capped with tiered pricing.