Mane6 have announced on their website that they are still working on their new project.
The indie game developers, who's video game Fighting is Magic, a fighting game featuring the Mane Six from My Little Pony: Friendship is Magic, was shut down by Hasbro last year after a legal challenge by the latter.
However, Mane6 said, in their latest update on their homepage, that they have been learning the mechanics of the Z-Engine, given to them by Skullgirl's director Mike Zaimont, and have even developed their own tools to work with it, known as "Hotbox and Saddle" a hitbox editor and game scriptwriter respectively.
They also said that in the first quarter of 2014, they will start an online fundraiser campaign to raise money for their project and buy a licence to use GGPO for their online play, amongst other things.
They also said that they would not be as "tight-lipped" about the development process as they were with Fighting is Magic, and that more about the character designs and lore would become available in the future.
Image by Lauren Faust. Source: Mane6.com.
"Somewhere, in the first quarter of 2014, Mane 6 will be starting a Kickstarter or Indiegogo campaign, with the objective of funding development for this project."
"It’s less building-with-legos and more actually having some proper tools than what FM2K has, and even though our DevTeam caught on the idea fast, practice and experimentation on just how much pushing can be done (a lot) in comparison with our old engine took us time."