Acase has unveiled the F1 for the new iPad and iPad2, a folio with the ability to adjust angles for easy viewing and typing.

The F1’s design utilizes a folding leather cover and a protective polycarbonate back with a non-slip edge to give users the ability to angle the Apple tablet. It adjusts to all viewing angles when used in landscape mode.

The F1 sports a jet black leather cover highlighted with red stitching and a “devil red” leather interior, resembling the style of an Italian race car. Designed for both the new iPad and iPad 2, the F1 has built-in auto magnetic on and off closure, and weighs only 420 grams. It’s available for US$39.90 and mazon and .