Game was already launched back in day, however due to big failure it came across, project was shut down. SevenOne, new MO's developer, apparently did not get discouraged 'cause it bought the rights for that dynamic MMO's re-make.
Due to the project's rebirth, closed beta stage will be held once again. To take a part in it, you'll require a special key you can obtain at this
Attaching some developers' early preview video
More info about Maestia Online