Nokia revealed they'll be selling a new high-end smartphone through U.S. carrier Verizon Wireless according Reuters.

The company is aiming to "expand its share in the high-margin premium market" after years of falling behind rival companies like Samsung and Apple according to Nokia.

The new phone will be priced at $99 if customers send in the mail-in $50 rebate and agree to a two-year deal with Verizon Wireless. The phone is similar to the 920 model offered currently by AT&T, but is not only lighter but also has a different overall appearance.

The phone weighs approximately 162 grams, which is smaller than the 185 gram 920, which most critics felt was "too heavy."

The device's 4.5-inch screen also extends all the way to the edge of the phone, giving a sharper look than the curved edges on the 920 device.

New models also come in black and white, compared to the bright color options of the earlier Lumia phones.

Other features include: a 8.7 megapixel camera and a 1.5-gig dual core processor by Qualcomm, both of which are found in the current 920 phone according to Nokia.

Nokia switched to Windows in 2011 in an attempt to compete with other phones like Apple's different iPhone devices and phones using Google's Android system.

Sales of Lumia phones have grown since the switch, but at 5.6 million in first quarter, they still account for only around 5 percent of the market in 2013 according to Reuters.

Nokia announced this week that they'll unveil its new Lumia strategy at an event in London on May 14.

The new phone is set to go on sale on May 16.

Recently, Nokia has launched new products in the "lower and mid-tier" range to protect its position in emerging markets, but studies have shown that the company must be successful in the high-margin smartphone locations in order to remain in business.

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