Update: In a statement to Engadget, Samsung has rebutted "Fast Company's interpretation," stating:

We disagree with Fast Company's interpretation. Samsung has not made any announcement concerning Android Wear and we have not changed our commitment to any of our platforms.

Original Story: Samsung has officially confirmed it has no plans to release any future smartwatches that will use Android Wear. This may not come as a shock to many as the company had only released one Android Wear smartwatch, the Gear Live, in 2014.

Samsung Gear Live

From Fast Company:

It was at Google I/O two years ago that Samsung announced its Gear Live smartwatch (now discontinued) running the Android Wear OS. Two years later the collaboration is over. Samsung executives told Fast Company today that no more Samsung Android Wear devices are in development or being planned.

Samsung has been using its own Tizen OS as the basis for the rest of their smartwatches, and the unnamed Samsung reps told Fast Company that it was "far more battery-efficient than Android Wear." The company is expected to launch its next wearable device, the Gear Fit 2, sometime in June.