Palm Inc. (PALM) said Tuesday it will take a charge of less than US$10 million as it cancels a planned new companion device for its Treo smartphone. Dubbed the Foleo, the sub-notebook-like device was referred to as the Foolio by its critics because it was sort of a smartphone and sort of of a laptop — but didn't really have the functionality of either. (Thanks Vic)

Palm CEO Ed Colligan just posted a message to the company's official blog stating that they've decided to cancel the Foleo mobile companion "in its current configuration" in order to "focus all of our energies on delivering out next generation platform and the first smartphones that will bring this platform to market." In a way we're sort of disappointed that we'll never at least get to play with one and put it through its paces, but it's definitely the right move -- Palm needs to focus on one thing right now, and that's coming out with a category-killing smartphone.

Tags: Palm, Foleo