The release date for the twin launch of LG G3 and G Watch by LG Electronics is May 27 and the South Korean tech giant has already sent out the invites.

The event, which will be held simultaneously at New York, San Francisco and London, will sport the slogan "To be simple is to be Great," with the G in the same font as LG uses for its G family of products. The G3 is LG's next flagship smartphone while the Android Wear-based G Watch will be water resistant and have an always-on display.

The G3's display has gotten the attention of tech experts. The display will most probably be a pixel-rich 5.5 inch quad HD display with a resolution of 2,560 x 1,440 pixels. The G3 will also feature the slimmest side bezel of any smartphone yet.

Rumors say the smartphone will be powered by a quad-core 2.5GHz Qualcomm Snapdragon 801 processor; will run Android 4.4 KitKat; have 2GB of RAM; feature a 5.5 inch LCD screen; have 32GB inbuilt storage with microSD card support and have a 3000mAh battery capacity. It is said to be IPX7 certified and could also be water-resistant.

Other sources share almost similar specs but believe the LG G3 will also have a 13 megapixel rear camera and a 2.1 megapixel front-facing camera; the 32 GB built-in storage will be expandable to 64GB; there will be an Adreno 330 GPU and OpenGL ES 3.0.

The G3 is also expected to have a classier look compared to the G2. When LG introduced the G2 Pro in February, the phone focused on improved video and camera features to make the device stand out from the competition.

The May 27 event could also see the launch of the G Watch, which was introduced to the public last month. The smartwatch is based on Android Wear.