Canon has announced the PowerShot TX1 digital camera slash camcorder in the US today.

The new camera, which isn't coming to the UK, sports a vertical design which features a 10x optical zoom lens and an 115,000-pixel Vari-Angle LCD screen that swivels camcorder-like from the PowerShot TX1 digital camera's side.

When it's not being a 7 megapixel digital camera the TX1 is a 30fps high definition (HD) 720p widescreen (16:9) camcorder able to play its movies or high quality stills back on high-def TV thanks to the inclusion of a convenient component video output terminal.

"We developed the PowerShot TX1 digital camera for people who appreciate its vast technological advances in both still and movie digital imaging and developed one, very compact, very powerful, very easy to use camera that provides high-resolution still images and HD movie capabilities as well", states Yuichi Ishizuka, senior vice president and general manager of the Consumer Imaging Group at Canon USA, Inc. "The PowerShot TX1 digital camera is the fulfillment of Canon's innovative thinking and vision that mixes the best of photography and video features like never before."

The camera features Canon's DIGIC III, image processor and like the Ixus models also announced today Advanced Face Detection and Red-Eye Correction i-camera.

Other features include the ability to shoot at ISO equivalent speed ratings from 80 to as high as 1600, 14 shooting modes, and a MovieSnap mode that enables users to capture high-resolution still images while recording movies.

The PowerShot TX1 digital camera accommodates standard SD memory cards and the new, high-capacity SDHC memory cards as well as MultiMedia and MMCplus cards.

In US stores beginning in March 2007 the PowerShot TX1 carries an estimated selling price of $499.99. No word as yet on whether this will be coming to the UK.