HTC has confirmed reports that its plans to launch a smartwatch have been postponed. The Taiwanese firm insists that it hasn’t given up on the device completely, however; it simply wants to “get it right” before sending it to market.

“We had originally planned to have a wearable launch [this year],” HTC America president Jason Mackenzie told Re/code this week. “It ended up just not being ready.”

This is the first time HTC has confirmed that it is indeed working on its first wearable, but it hasn’t told us much else about it. It’s still unclear at this point whether the device will run Android Wear or attempt to compete against it with its operating system, and details surrounding its specifications are just as scarce.

What we do know now is that HTC wants the device to deliver the “wow factor.”

“We’ve seen a lot of general purpose wearables come to market,” Mackenzie added. “When we come to market with our product we want to make sure the product has a strong point of view and there is a really compelling reason to strap it on your wrist.”

HTC believes that taking its time to “get it right” will help make its smartwatch a success. Mackenzie says we’ll hear more about the device and HTC’s wearable strategy early next year.

If you’ve been waiting for an HTC watch, then, you’ll have to hold onto your cash for a little while yet. Of course, you could invest in another smartwatch, but Mackenzie feels that none of the devices we’ve already seen have gotten it right yet.

• SourceRecode