At a press conference held today Apple CEO Steve Jobs acknowledged the iPhone 4 had some antenna problems but said similar problems affected all smartphones and that the problem had been greatly exaggerated.

“This has been blown so out of proportion that it is incredible,” said Mr. Jobs.

The CEO told the press that Apple employees have been working on the issue non-stop for the 22 days. The result of their investigation led to the conclusion that the drop in iPhone 4 reception when held in the so called `death grip` was no more of a problem with the iPhone 4 than any other smartphone.

In addition, reports, reports of dissatisfied customers and dropped calls were overstated. In fact, just 1.7% of the three million devices have been returned since they went on sale in June, compared to a 6% return rate for the iPhone 3GS during the same time period.

Going forward, to placate dissatisfied iPhone 4 customers who still have their phone, Apple is making two offers.

First, it will offer existing customers a free $29 bumper - a case that wrap around the iPhone and reduces signal drop - until September 30th. The existing 67,000 customers who have already bought a case from Apple can contact the company in order to find out how to get a refund for their bumper purchase.

Second, the company will offer anyone unhappy with their iPhone 4 the option of returning the phone for a full refund for 30 days after purchase without incurring the usual restocking fee. Jobs said AT&T would also let customers out of their two-year contracts penalty-free.

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