About a month ago Night Dive Studios, the team behind System Shock Enhanced Edition, announced it was developing a remake of the cult sci fi RPG. They also talked about the possibility of a System Shock 3. Night Dive recently picked up the rights to System Shock.
It seems though that now, that we will be getting a System Shock 3 from Otherside Entertainment. On Monday, Otherside put up a teaser site along with a countdown. The page source includes the text "Join the original team behind Ultima Underworld on a quest to rekindle this legendary fantasy RPG series." This could of course apply to Underworld Ascendant, but a member on RPG Codex did some digging and stumbled upon the final graphics on the teaser site revealing the game to be System Shock 3.
Otherside Entertainment is currently working on Underworld Ascendant which went through kickstarter. Otherside Entertainment is a small studio, so we bet that System Shock 3 will more than likely be funded via a new Kickstarter campaign, but that remains to be seen. Judging by the countdown we will know exactly what plans there are for System Shock 3 in five days time.