Kind of. NtreevUSA has announced that the new Pangya website will be available on March 12th.
The update just states that the website will be available. The servers to play the game will be coming soon after.
Ntreev's really showing some promise, so I have no doubt that they'll keep their word, releasing the server before the end of March. Some push back wouldn't be too bad, as long as it isn't Starcraft Ghost.