Tommo Inc and Blaze will release the SNK-licensed device during the second fiscal quarter of 2012.
Leaked photographs of the system appeared online earlier this year, but it was not confirmed whether the pictures, or the machine itself were genuine.
The NeoGeo X launches with 20 pre-installed and features SD card expansion, a 3.5" LCD screen, A/V output, internal stereo speakers and a headphone socket.
Metalslug, The King of Fighters and Fatal Fury are among its pre-loaded library.
"The NeoGeo console has always been a personal favourite of mine and I am delighted to be involved with the development of this new handheld console," said Jason Cooper of Blaze.
"We hope to re-ignite the excitement many of us felt 21 years ago, in a more affordable manner, to a much wider audience."
The NeoGeo X will be available in the US, Europe, Middle East and Australia in Q2, 2012.
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