Verizon Wireless will launch the Pantech Breakout on September 22, a budget-minded Android smartphone with LTE “4G” connectivity.

The Pantech Breakout will feature a 4-inch touchscreen, a single-core 1GHz ARM CPU, LTE and EV-DO “4G” and 3G wireless data connectivity, 802.11n Wi-Fi, Bluetooth 3.0 and a 5MP primary camera.  There’s also a front-facing VGA camera and an 8GB microSD card in the mix.  The Breakout will run Android 2.3 “Gingerbread.”

At launch, the Pantech Breakout will sell for $149 on contract with a $50 mail-in rebate in the form of a debit card.  But you can be sure that this budget phone will be available shortly after release for far less from third-party retailers.