According to the Arca Noae site:
Arca Noae has become an IBM business partner and has an agreement in place that enables us to produce our own OS/2 distribution. We have given this project the code name “Blue Lion” (which probably won’t be the final release name!).
Arca Noae is developing a new full distribution of OS/2 that should ease the pain of upgrading or deploying the OS on modern hardware.
The Register: Is the world ready for a bare-metal OS/2 rebirth?