Mobile development wizards Innaworks have just released alcheMo for iPhone .

alcheMo for iPhone is designed for simultaneous Java ME and iPhone development. Initially targeted at game publishers, alcheMo for iPhone is fully automated and designed to instantly port a standard Java Platform, Micro Edition (Java ME) mobile game to iPhone and iPod touch without the need for further manual adjustments.

Will be handy for those companies that are wanting to port their Java apps to iPhone.

Update: Article in ComputerWorld - Kiwi developer ports Java games to iPhone

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