Andrys Basten of KindleWorld uncovered this ereader earlier today. This is an off brand ereader that's being sold in the Philippines for 3990 pesos (about $90). The company selling it, CDR King, is a chain of discount electronics stores, not a tech company, so I'd guess the design is from somewhere in China.
It has a 7" LCD screen, microSD card slot, 2GB Flash, an FM Radio, but no Wifi or touchscreen. The product page show a pretty impressive set of ebook, video, and audio support (including 720p video).
Sorry about the image quality; I can't find anything better.