That doesn't make a whole lot of sense.
Ico and SotC are both connected. SotC is the spiritual predecessor to Ico.
As I understand, they are working on another game in that world (Ico/SotC), and a PSN title. So, yes, the fact that they are working on two games is old news.
Threads of Interest:
The Movie Thread: http://www.vgchartz.com/forum/thread.php?id=6880
The Crow Eating Thread: http://www.vgchartz.com/forum/thread.php?start=0&id=3886
The Betting Thread: http://www.vgchartz.com/forum/thread.php?start=0&id=7104
Custom GIFs Thread: http://www.vgchartz.com/forum/thread.php?id=18963
The Greatest Game Ever Conceived On Any Platform
Tag: "I have tasted Obi-Wan's bitter tears"