The Android-powered I'm Watch was originally scheduled for release on April 15. Over a month later, the CEO of the company has publicly apologized and assured pre-orders would be fulfilled by September 15.

"We want to tell you today with great transparency and humbleness that, not only have we met all the difficulties of an extremely innovative and ambitious project ... but we have especially given into the temptation of implementing some modifications," the post said. This is what caused the delivery date to be missed, though the letter doesn't reveal specifically what features have been implemented.

A "testing program" will take place before full release, which runs from June 15 among 300 customers and finishes by July 15. The feedback will be posted publicly on imwatch.it. From July 15, the I'm Watch will begin to ship to customers with an unsent order. All deliveries are expected to be fulfilled by September 15 - five months after the original release date.

For users who have lost interest in the device, refunds can be given by sending an e-mail to assistenza.italia@imwatch.it - if in Italy - and assistance.world@imwatch.it if elsewhere. Refunds need to be filed by July 15.

Customers who wait, will receive a 15 percent discount on the paid price - $349 for the basic "I'm Watch Color" version shown at CES 2012. "I'm Tech" and "I'm Jewel" versions are more expensive, "better-looking" versions according to The Verge's hands-on with the device during the event.

The watch runs Android 1.6 using a 1.5-inch 240x240 display. The company claims the watch lasts for approximately a day and a half from a single charge. I'm SpA, the company behind the watch, added Bluetooth use will provide three or four hours of use on the 480mAh battery.

It features an Atom 9 450MHz processor, with 128MB of RAM and 4GB of internal storage. "In practice, those specs can't quite hold up to rapid use, you'll need to give the watch a bit of time after every tap and swipe," The Verge noted in its preview.