Recent rumors have suggested that an LG-made Windows Phone smartphone was headed to Verizon Wireless, and the handset is now official as the LG Lancet.

Roughly one month ago, a Windows Phone smartphone with LG and Verizon Wireless branding leaked online, suggesting that it would soon make its way to Big Red's lineup.

Verizon has now officially announced the new LG Lancet, which comes as its very first Windows Phone handset to feature Advanced Calling 1.0. This means that LG Lancet users will be able to make HD calls to other Verizon users with devices that also support Advanced Calling.

The new Verizon-bound LG Lancet runs Windows Phone 8.1 and includes the Microsoft's popular Cortana digital assistant, as well as a number of other neat features such as LG's Knock Code and Quick Memo.

"Whether you're new to smartphones or already have one, you always want it to be a smooth experience and feel like you've got some of the latest technology in your hand. The LG Lancet has high-end smartphone features in an affordable and simple-to-use device," Verizon Wireless boasted in a new press release.

When it comes to hardware specifications, the XLTE-ready LG Lancet comes with a 4.5-inch LCD display, a 1.2GHz quad-core processor, 8GB of internal storage, microSD support for up to 128GB of external storage, an 8-megapixel rear camera, and a 0.3-megapixel (VGA) front shooter. Verizon did not offer any details regarding the smartphone's resolution or amount of RAM, and the product page on the carrier's website makes no mention of them either.

In terms of pricing and availability, the LG Lancet is now available for purchase online, but will not hit retail stores until May 21. The handset costs $5 per month for 24 months with Verizon Edge, $19.99 on a two-year contract, or $120 outright, at full retail price. More Everything customers will also get 25GB of Verizon Cloud Storage for free with the LG Lancet, the carrier announced.

Lastly, interested customers who bring their number to Verizon Wireless will receive a $100 bill credit within 2-3 bill cycles for each new handset they activate on Verizon Edge, including the new LG Lancet Windows Phone 8.1 smartphone. For more information or to purchase the LG Lancet online now, head over to Verizon's website at this link.