“Two industry innovators are coming together to give customers something they’ve wanted for years.”

That’s how Lowell MacAdam, president of Verizon Wireless, began the much anticipated press conference Tuesday morning.

Seven minutes in,after several small jokes and some mentions of last weeks Consumer Electronics Show, Lowell finally gets to the core of things: “The inventor of the smartphone market would have to have a place on our premier network.” He continued to say that Apple was “”Our strategic partner.”

Tim Cook, chief operating officer for Apple, then joined Lowell onstage. Verizon’s iPhone “has all the features you would expect,” Cook said. “All of Apple is very, very excited to serve Verizon’s 93 million customers.”

The Verizon iPhone 4 will go on sale for existing Verizon customers on Fen. 3, and for everybody else of Feb. 10.

It will be available for approximately $199.99 for the 16Gb model and $299.99 for the 32Gb model. That’s with a two year contract.

Interestingly enough, after news of the partnership came out, Verizon (VZ) actually FELL two percent in the NYSE. In fact, out of the Verizon, Apple (AAPL), and AT&T (T), only Apple has managed to stay afloat, with AT&T taking a 1.4% hit as well.