Pantech Breakout appears as reported by Pocketnow as another 4G phone headed to Verizon wireless some time in q4 2011. The Breakout mentioned to have a 4" touchscreen display, 5 MP main camera, 1.3 MP web front facing camera, powered by a 1 GHz mobile processor and a 512 MB of RAM as well as capable to be functioned as a mobile hotspot supports for up to 10 wifi enabled devices simultaneously.
Still no official announcement for the Pantech Breakout, but release date rumored this September 2011 along with Samsung Stratosphere 4G and Samsung Illusion LTE.
UPDATE:
Sep 19, 2011 - Pantech Breakout LTE 4G smartphone - will be available with Verizon Wireless on September 22, 2011 for $99.99 with a contract. Specifications include 4.0-inch display, 1 Ghz mobile CPU, Android 2.3, 5 MP rear camera, front facing web cam. See Pantech Breakout LTE specs.