PCMag is reporting that invitations were sent out for a November 7th event to be held in New York at 10 a.m. The invite reads “Please join us for a very special announcement”, and comes a few days after other reports that Barnes & Noble were getting a store ready for an announcement on the same day, which would include a revamped Nook Color.

An employee who claims to work in a Barnes & Noble store has said they have replaced a customer service counter with a large Nook boutique. He claimed that the manager said the space was not meant to only hold two Nooks. There has also been talk that Barnes & Noble was getting a $349 tablet ready, which is thought to be called the Acclaim.

The event comes around a week ahead of Amazon’s launch of the Kindle Fire, who has had to increase production ahead of release. The Nook was last updated back in May with a device that was 35% lighter and 15% thinner. The battery life was also improved with less flashing as the pages are turned.

The Nook Color first showed its face in October 2010 and the 7-inch touch screen device costing around $249. It has 8GB of storage that is expandable up to 32GB via a micro SD card.

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Since it was first released the Barnes & Noble Nook Color device has been highly praised by critics and owners alike. The eReader is great for reading all your eBooks but with a few tweaks can become a nice little Android tablet. Now according to TechCrunch the company is currently working on a new version that could even be available sometime this month.

Currently specifications for the new Nook Color are thin on the ground, but it is believed to have the same sized display at seven inches. Suppliers of components are reportedly ready to ship the parts for the device, with TPK Holdings are rumored to supply the units touch panels. The eReader is allegedly going to be assembled by a company called Inventec.

There are also claims that E Ink are going to provide back plates for the new Nook, but if true besides being the first mass produced unit to offer a color e-paper display, it will put an end to the devices tablet potential.

Many owners easily get a custom Android ROM onto their Nook Color, which has helped push up sales even further for the device. Having a color e-paper could jeopardize this option even though battery life could possibly improve. If this were the case owners of the current Nook Color may avoid buying into the new model.

With the amount of new tablets PCs coming out in the next few months including Amazon’s new device, will increase the competition eReaders face. The Amazon device is rumored to cost around $200-$250 so will bring it a little nearer to the cost of an eReader.

Do you have a Nook Color?

More About: Barnes & Noble, Nook Color 2

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