Dublin-based software development studio Probendi owns the trademark for the iWatch in the European Union and has threatened Apple against development for its own version of the iWatch, leaving many wondering if its release date will be delayed because of trademark issues. 

According to Bloomberg, the company developed an application entitled "iWatch" that allows communication between different devices. In August 2008, the company filed for the product's trademark, much earlier than Apple. 

"With a claim to the iWatch name, Probendi aims to take full advantage," Bloomberg writes in a review of the trademark dispute. 

"The company plans to build its own wearable device called the iWatch. Di Salvo, the chief executive officer, expects the product to run Google's Android 4.4 software and have a square touchscreen, GPS and accelerometer to facilitate health tracking and other apps. Di Salvo is traveling throughout China, searching for a manufacturer to churn out a gadget that undercuts the Apple Watch's $349 price tag."

Apple released a video promoting the watch earlier this year, which garnered a lot of attention for future consumers of the product. It's specs include sensors utilizing in fared and visible-light LEDs, a Taptic Engine, built-in speakers, inductive charging and magnets. 

Apple has not released a statement addressing this specific trademark dispute nor an update on a possible release date delay.