GameFAQs, Bob Chamot, a designer at the studio said, "We haven't forgotten about Conduit over here, either. I would expect some new Conduit-related news before the year is out."
High Voltage Software has been working on several projects, including the Zone of the Enders: HD Collection. We've followed up with the developer to see if there's anything more it can share about the Conduit project. Whatever it is, we hope it'll be an improvement over Conduit 2.