Verizon Wireless has unveiled the Pantec Breakout, a $99 (after $50 mail-in rebate) 4G LTE-enabled smartphone that will go on sale September 22. The phone can be purchased online or in stores at this price with a 2-year service contract, making it the cheapest LTE handset that Verizon offers.

The Breakout features a 1GHz processor, a 4-inch 800 x 480 touch display, a 5MP rear facing camera that captures 720p video and a front-facing shooter capable of VGA-quality recording. The phone will ship with Android 2.3 Gingerbread and comes with an 8GB pre-installed microSD card.

Other notable features include Bluetooth 3.0 and Wi-Fi b/g/n as well as mobile hotspot support, which will let you share your 4G LTE connection with up to 10 other devices. The virtual QWERTY keyboard supports SWYPE technology for quick and easy typing.

Using the LTE network, Verizon says customers can expect download speeds of 5 Mbps to 12 Mbps and upload speeds of 2 Mbps to 5 Mbps Mbps in 4G coverage areas.

Customers will be required to subscribe to a Verizon Wireless Nationwide Talk plan which starts at $40 per month and a data package starting at $30 monthly for 2GB of data.

Specifications on the Breakout are fairly mundane compared to other high-end smartphones like the Droid Bionic but the sub $100 price point here is key, offering faster connectivity to the low-end market.