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. So basically these guys have some serious talent.

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. Sorry PS3 fans but it looks like they are not staying loyal to Sony. That’s really soon, considering  the fact that they just now announcing their existence to the world. Also that the new title is for next-gen systems, which are not exactly known for quick developments (except for the Wii of course). 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. But the studio had more than enough talent to print out quality games, so we really can’t wait to see what is up there sleeves.

[Via Joystiq]