"This is the most exciting time to be in the gaming business in the past ten years," said Clenendon. "With much of the industry rehashing the same formula hoping to realize the success experienced by a select few, a vast opportunity exists for Heatwave which is dedicated to creating innovative character-based experiences."

Little is known about Heatwave's games in development, though this week's announcement states that the studio has "a library of original IP in pre-production." The company is currently soliciting investor offers.

"This is not 'just another MMO' company," said Mr. Castoro about his MMO company. "The current crop of 'massively multiplayer' games only provides a glimpse into the power of connected gaming. Heatwave Interactive's mission is to create original games that unite the power of online gaming with the excitement of traditional single-player video games."