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Microsoft finally took the wraps off its “Project Pink” initiative by introducing a new line of phones called the Kin at an event in San Francisco today. The handsets are based on Windows Phone 7 and are directly targeted at younger consumers who actively use social networks on the go. That’s a sweet spot that has been effectively tapped in some overseas markets by the Hutchison Whampoa subsidiary INQ. Pricing wasn’t disclosed for the Kin phones, which will launch in May on Verizon Wireless, but if Microsoft can offer the handset at a reasonable price point it would be a big step toward getting back in the game.