Verizon Wireless confirmed today that it’s on track with building the nation’s first 4G LTE (Long Term Evolution) wireless network. It praised the work of a number of partners, along with the company’s network engineers, equipment vendors, backhaul providers and device design experts, who have been preparing for the launch of the highly anticipated fourth-generation network later this year.

“Our progress is good, and we’re confident that the next generation of wireless network technology will deliver the speed, reliability and bandwidth that businesses, government and consumers have been anticipating,” said Lowell McAdam, president and chief executive officer of Verizon Wireless. “Our work on 4G LTE underscores our continuing commitment to provide the best wireless experience available today. Building and operating great wireless networks is what we do, and everything we do at Verizon Wireless – from devices to applications to solutions – stems from that foundation of network know-how.”

Verizon Wireless engineers report trials showing peak download speeds of 40 to 50 megabits per second (Mbps) and peak upload speeds of 20 to 25 Mbps and expects LTE average data rates of 5 to 12 Mbps on the downlink and 2 to 5 Mbps on the uplink in real-world environments.

The announcement comes ahead of next week’s As tech watchers prepare for next week’s CTIA WIRELESS 2010 convention in Las Vegas, NV.