Samsung officially says to work on a wristwatch. Apple is rumored to work on the same thing.
Samsung is coming out in a pre-emptive strike saying that they work on a smartwatch. Apple is rumored since a while to develop the iWatch. Samsung basically tries to not look like a copy-cat and states on the record that they are working since years on a smart watch.
Lee Young Hee, Executive Vice President of Samsung's Mobile Business said to Bloomberg: "We’ve been preparing the watch product for so long," Lee Young Hee, executive vice president of Samsung’s mobile business, said during an interview in Seoul. "We are working very hard to get ready for it. We are preparing products for the future, and the watch is definitely one of them."