According to the head of HTC America Jason Mackenzie. the company had originally planned to launch a wearable in this time frame. However, they eventually decided that its not ready for a release just yet.
Furthermore, Drew Bamford who is the man in charge of the HTC Creative Labs team which are in charge of working on the wearable products sent a jab at his rivals by saying that the none of the other manufacturers who have been releasing wearable device concept have gotten it right.
In conclusion, HTC are really dedicated in making their wearable device the best it could possibly be before it hits the shelves.
Source | Via