The 3D CG animation film
Titan Rain was supposed to be a major international release for Production I.G in 2012, having been
announced last November as a collaboration with the Singapore-based studio Storm Lion Pictures (who previously assisted studio Madhouse in the making of last year's CG film
Yona Yona Penguin). But it looks like Titan Rain has been
cancelled by Production I.G's parent company, IG Port, in favor of two other anime films.

This could have been a great trade-off, save for one crucial detail: one of those two surviving projects will be "a large-scale film for children", which pretty much disqualifies it from our list of upcoming anime worth giving a damn about, right off the bat. As for the second project, it was only revealed that it will be a stereoscopic 3D film co-produced with a Singapore company. What about?... That is anyone's guess, at this time.
Both films are planned for release in the company's 2013 fiscal year (between June 1, 2012 and May 31, 2013), according to an earlier
announcement pulled out of some financial documents earlier this month. The same source revealed that a third anime project is also planned for release during that same timeframe (this one will be "a sequel to a popular franchise"), and that an unnamed TV anime series planned for the current fiscal year had been cancelled.
So apparently that makes two cancellations in the last month. Yet, in spite of this, IG Port has very high hopes for its 2013 fiscal year. At this rate, though, it's getting rather hard to share their optimism.