Arika's footage featuring Street Fighter EX's characters was kind of an April Fools' joke and kind of not, title reportedly a proof of concept
Yesterday, the company revealed what many initially took for an April Fools' joke, but the joke was apparently the timing of when the game was unveiled by hiding its release from the public, not the fact that it exists.
We're using the term 'exists' loosely here though, as a playable version of the title has been showcased, running on the Unreal Engine, word on the street is that this is more of a proof of concept than any kind of game primed for release.
Apparently, Arika is putting this out there in hopes of getting picked up by a publisher, or to set the stage for crowdfunding, but the details aren't clear at this time.
The working title of the game is Fighting EX Layer.
Footage of the playable build of the game was streamed on YouTube last night, on Arika's official YouTube channel, but has been made private. Here's a short clip Furious captured from the stream.