Acase (http://www.acase.com) has unveiled the Concept for the iPad and iPad 2. It’s a hard shell case folio stand with automatic wake-up closure and a stylus holder.

The Concept combines a protective polycarbonate back with a cross grain PU leather to provide protection while highlighting the elegance of the new iPad, says Felicia Lu, marketing manager of Acase. Its display cover and back are padded with microfiber lining to prevent scratches.

In addition to its protective qualities, the Concept cover doubles as stand, propping an iPad into two positions; upright for watching videos and reading, and laid down for typing and gaming.  The protective cover also comes with a stylus loop and features a texturized leather pattern to prevent scratching.

Suitable for both the new iPad and iPad 2, the Concept possesses magnets in the cover to automatically wake the device when the case is opened and put it to sleep when closed. The Concept comes in black and white. It’s on sale for a limited time for US$19.95.