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It was not shown at madridc and it was stated it wouldn't be release. ron is usually overzealous about releases and when he gets any information about something presents it as if it is to be released.
This is not really a continuation of Icarus, from what I've heard from Zezu and drk, this was a bit of a side project to an emulator for one of the arcade systems. The information that was found when working on Icarus was used, but it isn't Icarus reborn or anything, it's an all new project. At least, that's what I've gathered.
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