The Moto 360, a circular smartwatch that runs Android Wear, has officially been unveiled, but its release date has yet to be confirmed.

However, Motorola is organizing a special event on September 4, where the company is likely to announce the Moto X+1 and the Moto 360. It is expected that tech enthusiasts may learn about the specific release date of Moto 360 at this event.

Earlier, there were rumors that the Moto 360 would be released in July, but the device did not appear at Google I/O 2014.

While many of the device's specs have not been released, a recent Best Buy leak at least revealed a potential price. Apparently, the Moto 360 will be priced at $250, which is a touch more expensive than other similar devices already on the market.

What's interesting about this upcoming smartwatch, is that it's not square like all the other available devices. Google has decided to abandon the boxy design and adopt a circular one, possibly to put a spin on consumer smartwatch interest.

The Moto 360 is an ambitious product available with customizable leather and metal straps that is shaping up to be Google's answer to the expected Apple iWatch. It is rumored that the computerized Moto 360 watch screen will be a custom-made OLED display, which seems appropriate considering its circular shape and necessity to conserve battery life.

Compared to LCD, OLEDs consume as much as 40 percent less power when displaying black images, because they can turn off individual pixels. The opposite is true for white backgrounds that drain the battery of your device considerably.

Perhaps, this is the reason why nearly all Moto 360 renders display a black analog watch face when Android Wear menus are inactive. The timepiece could easily set a black analog dial "screensaver."

Consumers should remember that there's one thing about the Moto 360 that should be considered before making a purchase, the Moto 360 is not a fitness band like the iWatch.