Indie dev Combit Studios is working closely with IP holder Million Co.
A sequel to classic NES brawler River City Ransom? Hmmm... now where have I heard that before...? That's right! Back in 2011, a Japanese studio called Miracle Kidz was working on just such a project for PC and home console digital storefronts, including WiiWare. Turns out development was suspended indefinitely in October 2012, leaving the door wide open for others to try their luck.
Bearing the torch currently is Combit Studios, a small Canadian team that has obtained a license from RCR IP holder Million Co. to produce this currently unnamed sequel -- it won't just have a "2" tacked on to the end. Combit is aiming for an August 2014 release on PC and home consoles, and it will be announcing a crowdfunding campaign in the near future to get the ball rolling. If you want to stay abreast of updates and such, keep your eye on the game's web page.
Oh, and I'm sure you're wondering about those toys in the header. Yes, they are totally real.