Reuters reports that the Philips Readius will be released in mid-2008. Developed by Polymer Vision, this device “is the world’s first that folds out when the user wants to read news, blogs or email and folds back together so that the device can fit into a pocket.” Video after the break. Click here for first picture in gallery.

“You get the large display of e-reading, the super battery life of e-reading, and the high-end connectivity and the form factor and weight of a mobile phone,” said Karl McGoldrick, chief executive of the venture capital-funded firm, in which Philips still has a 25 percent stake

(Thanks, Jasper)

[via GizmodoReuters]