diff --git a/HISTORY.rst b/HISTORY.rst
index 00fc70c2..86667d05 100644
--- a/HISTORY.rst
+++ b/HISTORY.rst
@@ -4,8 +4,8 @@ Release History
 1.0.0 (?)
 ---------
 
-0.5.0 (?)
----------
+0.5.0 (2014-08-04)
+------------------
 
 * Improved nested lookups for libraries
 * Disabled default warning flag "-Wall"
diff --git a/README.rst b/README.rst
index f1aef721..d5a398ae 100644
--- a/README.rst
+++ b/README.rst
@@ -26,8 +26,7 @@ PlatformIO
 `Blog <http://www.ikravets.com/category/computer-life/platformio>`_
 
 
-**PlatformIO** is a console tool to build code with different development
-platforms.
+**PlatformIO** is a cross-platform code builder and library manager.
 
 You have no need to install any *IDE* or compile any toolchains. *PlatformIO*
 has pre-built different development platforms including: compiler, debugger,
diff --git a/platformio/__init__.py b/platformio/__init__.py
index 01219250..ca8fbc5a 100644
--- a/platformio/__init__.py
+++ b/platformio/__init__.py
@@ -1,12 +1,11 @@
 # Copyright (C) Ivan Kravets <me@ikravets.com>
 # See LICENSE for details.
 
-VERSION = (1, 0, "0-dev")
+VERSION = (0, 5, 0)
 __version__ = ".".join([str(s) for s in VERSION])
 
 __title__ = "platformio"
-__description__ = ("A console tool to build code with different "
-                   "development platforms")
+__description__ = ("A cross-platform code builder and library manager")
 __url__ = "https://github.com/ivankravets/platformio"
 
 __author__ = "Ivan Kravets"