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If Palmsource released PalmLinux today, it will still be 18 months before a phone gets released to the public. They claim PalmLinux will be available Middle 2006. This means the first phones will be available start 2008.
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In the deal where palmOne bought the rights to its name, PalmSource was given the right to continue using various trademarks for three years. So these dates may not be too far out, but when it comes out it will have a new name altogether and may have no ties to Palm as we know it whatsoever.