The much-rumored LG G3 Beat has just made its official debut, launching as a mid-range variant of the flagship LG G3.

The device retains the premium look and feel of the flagship, as well as some of its much-touted features, but offers it all in a mid-range packaging for the more budget-conscious.

The LG G3 Beat delivers the same stylish Floating Arc metallic design found on the flagship G3, as well as the advanced Laser Auto Focus technology and premium user experience, in a more compact package that's superior to other similarly-priced mid-tier devices, according to LG.

"The LG G3 Beat was developed to address the growing low- to mid-tier segment of smartphone customers who want a great device that's more compact but still powerful enough to run the most popular apps. With the fast pace of technology in the wireless industry, it's now more possible than ever to offer a smartphone that does all this but at a lower price point that was previously possible. The LG G3 Beat retains the best features and functions of the G3, delivering its values without compromising usability," LG boasts in the press release on Thursday, July 17.

"Smartphone manufacturers cannot ignore this growing segment of consumers who want the best balance of looks, features, performance and, of course, price," adds Dr. Jong-seok Park, president and CEO of LG Electronics Mobile Communications Company. "The LG G3 Beat represents our commitment to the mid-tier smartphone market that demands mature technology, proven branding, great innovation and attractive price, all in a single device."

In terms of specifications, the LG G3 Beat comes with a "largest-in-class" 5-inch IPS display with an HD resolution and a screen-to-body ratio of 74.1 percent, which LG touts is the highest in the mid-tier smartphone segment. The handset also comes with very thin bezels around the display and sports the highly-acclaimed Floating Arc design of the LG G3, with smooth curved sides and gradually tapered edges, which aims to provide a better grip for more comfort.

Under the hood, the LG G3 Beat packs a quad-core Qualcomm Snapdragon 400 processor clocked at 1.2GHz, paired with 1GB of RAM and 8GB of internal storage capacity, expandable via microSD. Other specs include an 8-megapixel rear camera with the Laser Auto Focus technology found on the flagship LG G3, a 1.3-megapixel front shooter, and a 2,540 mAh battery to keep things up and running. On the software side, the handset comes with Android 4.4.2 KitKat on board out of the box. Connectivity options include 4G LTE, 3G, Wi-Fi, Bluetooth 4.0, A-GPS/Glonass, NFC, and USB 2.0.

The new LG G3 Beat is set to make its debut in South Korea first and later in other regions across the world, but the company has yet to provide pricing details for the handset.