Twelve South (http://www.twelvesouth.com) has announced colorful new versions of Compass, the compact folding stand for the iPad and iPad 2.

Compass is now available in three colors: iPad Silver, Tactical Black and Candy Apple Red. This versatile stand holds iPad upright as an easel or an angle for typing. All three colors are now available for US$39.99 each.

The small, mobile stand lets you decide how to use and view your iPad. Use Compass upright like an easel to view iPad in both portrait and landscape positions. Position iPad in landscape mode to flip through an iBook, watch the movie you shot on iPad 2, stream iTunes shows or scan Mail. Switch to portrait view for chatting with a friend on FaceTime, playing with PhotoBooth or showing an iPhoto slideshow.

Compass has a hidden flip-down secondary leg that transforms it into a mini typing stand. Work mode is also handy for Facebook updates or sending out some Tweets, says Andrew Green, creative director of Twelve South. Compass is small enough to use on airplane tray tables, in the boardroom, at coffee shops and anywhere else you take your iPad, he adds. Wen the work is done, Compass folds flat into the size of a candy bar, fitting in your bag.