It turns out the rumors (as they so often are when it comes to the smartphone market) were true: Samsung will release a smaller version of its flagship Galaxy Android smartphone, the Galaxy S III.

The device will be announced tomorrow at a press event in Frankfurt, Germany. Samsung’s President of Mobile Communications, J.K. Shin, addressed the rumors today in an address to the Korean press. He stated that the Galaxy S III Mini will be a 4-inch version of the original device, and acknowledged that some potential customers don’t want the larger, 4.8-inch original. Specifically, Shin singled out Europe as having demand for the smaller form-factor.

It’s certainly not a coincidence that the 4-inches is exactly the size of the screen on Apple’s new iPhone 5. Perhaps Samsung believes (or believes that customers believe) Apple when it states that the size of their smartphone is perfect.

The hardware for the smaller Galaxy S III is rumored to be not too far off from its larger counterpart. Boy Genius Report relates that the 4-inch smartphone is rumored to have a 1GHz dual-core processor, 1GB of ram, and a reduced 800 x 480 screen resolution.

The smaller package might not mean a smaler price, though. Current rumors put the price of the device at around the same price as the original Galaxy S III.