Rumors have been circulating for months that Nintendo's new home console would soon be revealed, and today, Nintendo verified them.
The console, codenamed Project Café, will be unveiled and playable at the annual E3 Expo in Los Angeles, which takes place from June 7th to 9th this year. Nintendo president and CEO Satoru Iwata also stated that the new console would not be released during this fiscal year, placing its release window some time after April 2012.
This announcement comes on the heels of Nintendo's annual earnings report, which was less than stellar with profits down 66 percent from the previous year. The decline has been partially attributed to a downturn in Japanese consumer spending following last month's earthquake and tsunami.