YPSILANTI, Minn., May 21 (UPI) -- U.S. bookseller Borders Group said it would put a device on the e-reader market that is $110 cheaper than two of its rivals.
Borders said it would launch the Kobo e-reader, priced at $150, on June 17, before Father's Day.
That's $110 less than e-readers sold by Barnes & Noble and Amazon, The Detroit News reported Friday.
Borders Chief Executive Officer Mike Edwards told shareholders at the company's annual meeting in Ypsilanti, Mich., the Kobo's target audience consists of "serious, travel-based" readers.
"There's a big market opportunity for under the $200 price point," Edwards said.
Borders has need of a game-changer. The company has lost money each year since 2006, losing $109 million last year.
Edwards projected 30 million e-readers will be sold by 2014. The market grew four-fold last year and is expected to reach $500 million in U.S. sales in 2010, Forrester Research said.