IG Port, the parent company of the anime studios Production I.G and Xebec, has revealed at its general meeting of stockholders on Friday that it is developing stereoscopic 3D film work, but also that its Singaporean co-production Titan Rain has been cancelled. After describing its stereoscopic 3D development (which is enjoying a recent renaissance in Hollywood with Avatar and computer-animated films), the company noted that it was putting together a large-scale film for children. Production I.G's Maki Terashima-Furuta revealed at Anime Expo in July that her studio was working on a co-production for a children's project. IG Port had also revealed in its financial documents earlier this month that it was working on two theatrical films for the 2012 fiscal year, which runs from June 2012 to May 2013.

Despite the cancelation of Titan Rain, I.G Port will not take a loss since its partner assumed the costs. Production I.G had announced last year that it was working with the Singaporean production company Storm Lion Pictures (Yona Yona Penguin), writer Tow Ubukata (Le Chevalier D'Eon, Fafner, Heroic Age), and director Atsushi Takeuchi (Star Wars: The Clone Wars' "Lair of Grievous") on Titan Rain as a 3D computer-animated feature film. However, I.G Port is already working on another co-production with Singapore, and Production I.G revealed at Anime Expo that this co-production is a separate work from the children's project.

I.G Port also confirmed its collaboration with Avi Arad, the Hollywood producer behind the Marvel Studios projects such as X-Men, Spider-Man, and Iron Man. (Arad is still involved in the Marvel films, but he resigned from Marvel Studios to form his own production company.) Terashima-Furuta said at Anime Expo that Production I.G "may participate" in Avi Arad's upcoming live-action adaptation of Ghost in the Shell. I.G and Arad are also working together on a new comic titled Innocent (not to be confused with Ghost in the Shell 2: Innocence).

Update: Sudo emphasizes that his reports are not officially from animeanime.jp, but his own personal account.