Arc System Works happens to be a very busy studio these days. They have just released Persona 4 The Ultimate in Mayonaka for home consoles and are currently at work developing a new 3DS eShop adventure game called Girl of the Old School Building (旧校舎の少女).
Now, they have also announced that they are working on a next installment in the BlazBlue series. Titled Chrono Phantasma, this new iteration promises a new set of moves, 3 new characters, improved visuals, and even a new score.
The arcade version will be released sometime this Winter. A home console version has not been announced, but stay tuned.