CALIFORNIA: Owners of Snapchat, formally renamed Snap Inc, have confirmed the release of their new physical gear "Spectacles" on their website.

In separate statements released today, team Snap gave their fans the first look at the highly anticipated smart sunglasses with an integrated video camera and CEO Evan Spiegel announced the renaming of the company for the benefit of "the Wall Street crowd".

According to Cnet the tech community had picked up on the rumors about Spectacles launch after a leaked ad obtained by Business insider on Sep 23.

Released on their website now, the ad prominently features glasses with a light on, indicating recording in process and ends with the tagline "Spectacles by Snap Inc."

In their statement Team Snap provides details of the product which is scheduled to be launched in a limited release this fall.

Available in three colours ─ black, teal and coral ─ the glasses and will cost $129.99. Each pair holds the world's smallest wireless video camera (according to Snap Inc), will connect directly to Snapchat via Bluetooth or Wi-Fi and transfer any captured 'memories' directly into the app in their new circular video format.

The glasses will be capable of taking a day’s worth of Snaps on a single charge, recording 10 seconds of video for each snap created.

On any given day, Snapchat reaches 41% of all 18 to 34 year-olds in the United States, making it a lucrative marketing medium. The company's foray into physical gear may help them cement their popularity among the consumers.