Back in April, during a keynote at Palm’s Investor Day, CEO Ed Colligan said the company would release devices based on its new in-house mobile platform before the end of the year. However, according to recent reports it seems Palm OS II, its Linux-based follow up to the aging Palm OS version 5.4, aka Garnet, won't be ready until sometime in 2008.

The company will continue to make devices running both Windows Mobile and the current Garnet version of Palm OS. Palm missed sales estimates for its last fiscal quarter, and admitted that it's worried about the iPhone’s launch, warning investors last week that it might post a loss next quarter. The company is under a lot of pressure to come up with a winning product.

Colligan also spoke of some plans for the Foleo product. He said, "The Foleo is a smartphone companion today but will become a full-fledged computing platform for those intimidated by traditional computers, with its own dedicated applications."
It looks like the company has some added functionality planned for its Palm companion, however, after the harsh criticism the Foleo received back when it was first announced, I doubt Palm is counting on it to be their next big thing.