Twelve South (http://www.twelvesouth.com) has introduced Compass, an US$39.99 compact folding stand made exclusively for the iPad. It's designed to hold the iPad in two different modes.

In the upright easel mode, Compass displays iPad in both portrait and landscape positions. The work mode positions iPad at an angle for typing. Adding to the convenience, Compass folds down to the size of a candy bar for easy portability. Silicone feet prevent it from slipping or scratching whatever surface it’s placed upon.

Made of heavy gauge steel, the stand is purportedly easy to set up. Simply unfold the three legs, flip open the iPad supports, and it’s ready for use. To switch to work mode, flip open the secondary leg and lean it on a work surface to use. The stand can be used even if iPad is in a case like the Apple iPad Case.