Palm will be completely abandoning the old Palm OS 5 (Garnet) operating system in favor of the upcoming webOS platform,

Palm OS 5

Palm chief executive officer Ed Colligan told investors that there will be:

"no more Palm OS-based products, we will transition to webOS as our core OS in addition to supporting Microsoft Windows products."

Palm is betting on the upcoming Palm Pre, the first smartphone to be powered by webOS, to revive consumer and enteprise interest amid stiff competition from Blackberry, iPhone and Windows Mobile smartphones.

Industry watchers and the tech community warmly welcomed the announcement of both the Palm Pre and webOS earlier last month in Las Vegas during the 2009 Consumer Electronic Show.

[Via PC Pro]