The Samsung Galaxy Ace 3 is now official and it's an entry-level Android smartphone with a 4-inch display, LTE support and Android 4.2 Jelly Bean.

As one would expect with a budget smartphone, the Galaxy Ace 3's specifications are nothing extraordinary. The handset has a 400 x 800 display, a dual-core processor clocked at 1GHz, a 5-megapixel camera and 1GB of RAM. It packs only 4GB of internal storage, but a micro SD card slot allows for additional memory.

"Building on the success of the previous GALAXY Ace series, the GALAXY Ace 3 brings users powerful performance with a dual core processor built to perform data-intensive tasks faster and more efficiently than its predecessor," touts the press release. "Powered by Android^TM Jellybean 4.2, users will enjoy the larger 4.0 inch display for a brilliant viewing experience while playing games, watching movies, and enjoying the device's many smart features. The 5-megapixel camera is equipped with multiple features, including Sound & Shot, Best Photo, and Buddy Photo Share to fuel users' creativity and to allow easy sharing amongst friends."

While some of these features may sound fairly exciting, the Samsung Galaxy Ace 3 is still a very basic smartphone. As previously mentioned, the new iteration sports the same 5-megapixel shooter as its Galaxy Ace 2 predecessor and the screen resolution remains the same as well. This means it's actually a bit worse, because the same number of pixels (400 x 800) now cover a slightly larger screen.

On the other hand, the new Samsung Galaxy Note 3 does rock the very latest version of Android - 4.2 Jelly Bean. Android 4.3 is expected to come out soon, but until then this is the latest update to the popular OS.

Samsung will likely allow for some hands-on time with the Galaxy Ace 3 at its Galaxy & ATIV event scheduled for June 20. The company will likely use that event to show off a set of new Android devices such as the Galaxy Tab 3 10.1, the recently announced Galaxy S4 Active (the rugged version of its flagship Galaxy S4 smartphone), Galaxy Mega, Galaxy S4 Mini, and perhaps some Windows Phone handsets.

The company made no mention of pricing or release date for the Samsung Galaxy Ace 3 budget phone but more details should become available shortly.