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Motorola has done a good job of keeping most of the details about its upcoming smartwatch under wraps. After first teasing it a few months back the company said we should expect it later this year. It hasn’t said how much the Moto 360 price is going to be and that has got the rumor mill churning. Yesterday a value mentioned in an official Motorola document, $249, caused buzz in the tech arena. The company now says that this isn’t the suggest retail price for its Android Wear powered smartwatch.

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Motorola is launching a contest for watch face design, the grand prize for the winner is a Moto 360 smartwatch. For legal reasons the company had to mention the approximate retail value of this smartwatch in the official contest rules. Even though its in the same range as other smartwatches, Motorola says that this isn’t the final price.

Responding to a fan on Google+, the company said the $249 value mentioned in its document is “for tax purposes only and should not be interpreted as the suggested retail price.” It further adds that the price will be officially announced once the smartwatch is available for purchase. No indication about when that might happen.

Motorola is yet to reveal all specifications of its new smartwatch as well as the features that it might have. Hopefully the company will be able to launch it in this year despite rumors that it may be facing production problems.

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