LG is going back to Windows-powered phones with the release of Lancet. 

To celebrate the release, the Korea-based tech giant is partnering with mobile carrier Verizon Wireless, making the LG Lancet an exclusive with the carrier. The smartphone will be available in U.S. stores starting May 21 and will be priced at $120 if purchased without a contract. Additionally, Verizon is already offering the device for $19.99 for a two-year contract and $5 per month on Verizon Edge.

The company touts the Lancet as "slim and stylish, the LG Lancet offers premium smartphone features but at a better value to meet a tight budget." 

The LG Lancet is a budget smartphone with mid-ranged specs. It features a 4.5-inch LCD screen that displays a 480 x 854 resolution. Under the hood, the Lancet is powered by a quad-core Snapdragon 410 processor running at 1.2 GHz, and will come out of the box with Windows 8.1. In terms of storage, the smartphone has an 8-GB built-in storage, expandable up to 128 GB via a microSD card. 

Aside from connecting via CDMA LTE, Verizon subscribers can also connect via Wi-Fi, Bluetooth, and micro USB. It also has built-in GPS options. 

In terms of cameras, the LG Lancet packs an average shooter. It has an 8-MP rear camera with LED flash and a 0.3-MP front shooter. 

The LG Lancet is powered by a 2100 mAh battery and will be made available in Blue. 

With the release of the Lancet, LG is again entering the Windows Mobile business, and observers hope that with the definite launch of the newest Microsoft platform for phones, LG will be making more Windows-run handsets to expand the smartphone selections. Meanwhile, it is still unclear if the Lancet will make it to the list of Windows-run phones that will be updated to the Windows 10 Mobile once it launches. However, fans say that there should be no question about that, and demand for the budget phone would most likely push Verizon to ask Microsoft for an update.