According to the Arca Noae site:
Blue Lion is Go!
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!).
Other sites:
TechRepublic: OS/2: Blue Lion to be the next distro of the 28-year-old OS
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.
OSNews: Blue Lion: new OS/2 distribution due 2016
The Register: Is the world ready for a bare-metal OS/2 rebirth?