It seems it's been canceled, as predicted by FinalMacstorm in this thread and now confirmed via his very own tweet a few moments ago.
EDIT: I don't wanna change the post's wording because I'm lazy but know that it was originally here http://www.neogaf.com/forum/showthread.php?t=472017 before some mod decided to make a new thread for it.
XSEED Games has confirmed it will not publish Grand Knights History in North America as previously announced. Unfortunately, it was determined that development resources required to localize the game were not available, necessitating its cancellation. We regret not being able to bring the game to our fans, but we are committed to our 2012 lineup and look forward to sharing more on these games in the coming weeks and months.