Samsung Galaxy S5 Alpha, a new line of the flagship smartphone, will debut on a August 4 release date according to rumors.

Sam Mobile, a proven credible source for Samsung product releases, reported that this device will feature a semi-metallic design and smaller screen compared to the original Galaxy S5.

"According to our source, the Galaxy Alpha will be a somewhat high-end device. It has the same display as the Galaxy S III's (we're unsure if that only extends to the display resolution or to screen type as well), a nano SIM slot, fingerprint scanner, and 32GB of internal storage but no external storage – this is quite a good indication that reports of the phone being meant as an iPhone killer are partially true," Sam Mobile posted.

Earlier buzz on the Internet suggested an August 13^th release date, but the company is looking to go ahead and unveil Samsung Galaxy S5 Alpha this coming Monday.

The new smartphone is rumored to feature the following specs: 4.8-inch screen with 1280 x 720 pixels display, fingerprint scanning technology similar to Galaxy S5, 32GB non-expandable built-in memory, 3GB RAM, 2.5GHz Qualcomm Snapdragon 805 chipset, Adreno 420, and 16MP rear-facing camera and 2MP front-facing camera.

Samsung Galaxy S5 Alpha is also expected to be released in three different colors: gold, black and metallic.

A premium variant of Galaxy S5, popularly called S5 Prime, is also reported to be introduced to the market to ensure that Samsung has got enough weapons to brave the anticipated iPhone 6 launch.

A lot is riding on the next releases and moves of Samsung.

Profit losses have been an understatement of the South Korean tech giant for three consecutive quarters now, while ironing out the internal management succession after CEO Boo-Keun Yoon who was hospitalized and is reportedly stepping down soon.

To take full ownership of the downhill trajectory of profits, managers of the company's mobile division have returned a quarter of their first-half bonuses totaling as much as $2.9 million.