About 4 months back I posted the FCC paperwork for the Slick ER-701 ereader, a new budget device that was going to be sold by Southern Telecom. I haven't heard anything about it since then, but today my competition found the ereader on the Sears website.
This 7" ereader is selling for $50, and that's a heck of a lot less than I was expecting. It's also less than the price in Europe, where Trekstor imported it and is selling it for 60 euros ($80). Actually, most of the difference is because Sears knocked $20 off the price.
It has a card slot and internal Flash storage, but I cannot tell from the Sears listing exactly what those are. As you might be able to tell from the screen, this ereader was originally designed by Gajah. That means it will have a decent reading app, decent battery life, and at the current price it's certainly worth buying. This ereader will likely also have decent video and audio ability and the several Gajah ereaders that I have reviewed all had broad audio, video, and ebook format support.
The ER-701 also comes tied to the Kobo ebookstore. I'm not sure how that works; this device does not have Wifi so there's no built-in ebookstore. It probably ships with the installer for the Kobo desktop app, and you can use that to download ebooks.
If you're looking for something basic then this is a serious contender.