Loose Cannon Studios is a new independent development team set up by two Sucker Punch veterans, Dev Madan and Matthew Scott, along with Ricci Rukavina, who previously worked at Universal Interactive Studios and Vivendi. According to the company's website it was founded in 2005 and its employees have worked on such franchises as Sly Cooper, Spyro, Crash Bandicoot, Jak And Daxter and Uncharted. That's quite a pedigree.
Loose Cannon will reveal its first title at E3, which will be based on a new home-grown IP and aim for release on the PS3, 360 and Wii in late summer or early fall. That's really soon, considering they're just now announcing their existence to the world. We're definitely intrigued to see what the company has to show at E3, though the website also promises more announcements in the weeks leading up to the show itself.