iPhone 5C revealed

New phone launching September 20; 16GB model will be available for $99, while 32GB version launching for $199.

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Today during a press event (via CNET), Apple announced the iPhone 5C, which will launch on September 20 alongside the brand-new iPhone 5S. A 16GB model will be available for $99 on contract, while a 32GB version will sell for $199.

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The handset will be available multiple colors, including green, white, blue, red, and yellow. Cases will be sold separately for $30.

The iPhone 5C will feature an improved front-facing FaceTime HD camera with larger pixels for better low-light performance and better audio.

The new iPhone will run on iOS 7, which Apple announced today will launch on September 18.

"Downloading iOS 7 is like getting an all-new device," Apple executive Craig Federighi said. "One that's so much more useful and elegant than ever before."

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