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Really the release makes it sound more of a cloud based service then an actual new engine. They probably are using their new scalable engine that was recently released and do updates on that, as long as the developer stays current with the fees they will always have the latest update of the engine to use. The begining of the release does make it sound like they were announcing a new engine but this is the key part of press release.

 

with the launch of the new CRYENGINE; an ever-evolving technology service

 

Naming the service Cryengine makes it a little ambigious. (ie Wii/WiiU naming convension problems.)