RIM shares jumped 6.6 percent on Toronto Stock exchange as the news of the pending Blackberry release hit the streets. On the Nasdaq shares rose 6.7 percent to $141.61.

The new product is the first Blackberry to support high-speed HSDPA. The smartphone is scheduled for release this summer and according to co-CEO Jim Balsillie it will retail between $300-$400.

Blackberry Bold, as it is called, will feature a 2-megapixel camera complete with recording video capability and HD screen with a media player for viewing movies and managing music. Previously RIM had avoided such 'non-corporate' attributes, but this is likely a response to cater to a broader retail market and compete directly with Apple's iPhone. The shift in demographic is evident as more than one third of RIM's 14 million subscribers are now categorized as non-corporate.

The Ontario based company also announced that customized Blackberry applications would be provided for Bold users through collaborations with Facebook and Microsoft Windows Live services allowing subscribers to download and utilize IM and email features.

RIM also announced that in conjunction with Royal Bank of Canada and Thomson Reuters, it will launch $150 million venture capital fund to invest in applications and services designed for Blackberry and other mobile platforms.