Good news: the restructured Sega has not canceled the western release ofAnarchy Reigns. However, Sega has delayed the release of Platinum's brawler again. Once set for July 2012 (which was a delay), then "to be confirmed," Sega has now given the game a Q1 2013 window in a brief message on Twitter. This game was supposed to be released in fall 2011.
If you have access to a PS3 and a Japanese PlayStation Network account, you can download a demo of the game right now, under its Japanese name, Max Anarchy. The Japanese version comes out July 5, right around the time of its former US/Europe release window.