Apple's WWDC Conference is the Super Bowl of tech pressers. No other company, especially not Google or Samsung, throws an event quite like the World Wide Developers Conference.

The annual event takes place in Northern California and is host to new operating system unveilings as well as networking and training opportunities for the Apple developer community. Occasionally, hardware products are shown like last year's new Mac Pro announcement. Apple executive Phil Schiller introduced that system to the world, but no new hardware is expected to introduced this time around.

This means that long-rumored iWatch will stay under wraps for a while longer. John Paczkowski of Re/code broke the unfortunate news.

"Sources familiar with Apple's plans tell Code/red that Tim Cook will not use WWDC to unveil Apple's mythical wearable device. Nor will he use it to show off a new Apple TV, or even preview the new software the company is developing for it. Which makes perfect sense, really. There's little point in Apple unveiling a new OS in advance of a significant hardware update."

However, popular Apple News site MacRumors says that the iWatch isn't DOA. The product is still on track to be released late this year.

One of the more outrageous rumors swirling around the iWatch is how closely the project is tied to Apple's longterm success. CNBC reports that the Cupertino, California-based company will become a "zombie" if it doesn't release the wearable within the next two months.

"They only have 60 days left to either come up with something or they will disappear," Trip Chowdhry of Global Equities Research is quoted as saying in a CNBC article. "It will take years for Apple's $130 billion in cash to vanish, but it will become an irrelevant company ... it will become a zombie if they don't come up with an iWatch."

Sensationalized quotes aside, the iWatch may or may not be a hit, but like other wearables on the market, less than stellar sales won't cause Apple to declare bankruptcy.

For more information on the iWatch check out MacWorld UK's in-depth article here.

Will you buy an iWatch if it eventually becomes available for purchase? Or do you feel that watches are a relic of a bygone era, outdone by smartphones and other portable electronic devices? Either way, let us know in the comments section below.