Lewis Rosenthal announced at Warpstock that Arca Noae is now licensed by IBM to create a new OS/2 distribution; it is currently codenamed “Blue Lion” and has a tentative release of Q3 2016.
It will be based on OS/2 Warp 4.52 (MCP2) and the SMP kernel, with a new installer which does not require floppies or optical media (USB and possibly network installs), the Arca Noae driver updates including ACPI, USB, and MultiMac, and an updated version of SNAP Graphics.
Lewis made it clear that there is no agreement between Arca Noae and XEU (formerly Mensys), and they intend to be a better OS/2 distribution than eComstation. Note that eComstation has been effectively dead since December 2013, despite some vague promises earlier this year that 2.2 would finally be released this month.
Source: OS/2 Warp News and Rumors