No, Imageepoch isn’t developing a new Luminous Arc game or another Black Rock Shooter title. Famitsu reports they are working on a Nintendo 3DS game titled Toushin Toshi, the same name as a racy visual novel from Alicesoft. The PC game series had an OVA that was released in North America as Tournament of the Gods. Just a heads up, these are not safe for work. We’re looking for more information about the game.
Toushin Toshi is slated for release on January 30.
Update: This is a remake of the Alicesoft game Toushin Toshi that uses the PC game Toushin Toshi II as a base. Ryoei Mikage, Imageepoch CEO, is the producer and Alicesoft is supervising development.