Sony announced Thursday that it will not release the new PlayStation Vita in both the United States and Europe until next year. This means the new gaming system will not reach store shelves for the ever approaching holiday shopping season.

Sony Executive Vice President Kazuo Hirai reported to the Associate Press that Japan will receive the first batch of the handheld gaming device by the end of 2011 and early next year for the U.S. and Europe.

Hirai told PlayStation fans at Sony's E3 press conference in Los Angeles last June that the "entire package of all these incredible features will be available starting from the holiday season this year."

It looks like his statement may have only meant that it will start in Japan.

There are two models of the new PlayStation Vita that will be launched. The first will retail at $300 and support AT&T 3G wireless internet, while the second will retail at $250 as a Wi-Fi only version.

When asked about possible price cuts on the Vita, Hirai said, "We packed so much into the device and made it very affordable." He continued, "There is no need to lower the price just because somebody else that happens to be in the videogame business decided that they were going to lower their price."

Sony Retail Japan Los Angeles