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The future of Digital Anvil's Loose Cannon remains in limbo. After the purchase of the company by Microsoft this title was sold to Ubisoft. Since then, there's been next to no news about the future of this title.
All that is known is that it's supposed to be an X-box title, and is projected to create a fully living and breathing 3D world, with fully functional cities including pedestrians and traffic.
With a gamestyle of first-person shooter and driving whilst taking on local crimelords it sounds quite a lot like GTA3 and its ilk.