LG Electronics, Inc., and PalmSource Inc., announced that LG Electronics has signed an agreement to license Palm OS worldwide. Under terms of the agreement, LG Electronics can develop and market smartphones based on Palm OS.

"LG Electronics is pleased to have entered into this agreement with PalmSource," said Skott Ahn, executive vice president of LG Electronics, Inc. "The flexible, open and powerful nature of Palm OS is an ideal match for our industry leading mobile handsets. We believe our customers will appreciate the new Palm Powered phones we will develop and distribute."

Under the agreement LG will use PalmSource's OS to develop new, cutting-edge smartphones for the worldwide marketplace.