There is still a CHANCE for this game to be released! Don't give up hope!
On his Twitter account yesterday, the creator of the Zero Escape series, Kotaro Uchikoshi says that the game is put on hold indefinitely (at this stage of the project). Apparently, the series did not sell well in Japan, which I thought was their biggest market. He says the biggest problem with development is the budget on which ZE3 is to made with, and says that he is trying to find investors. He thanks everyone who played 999 and VLR and says that he won't give up in getting Zero Escape 3 released "somehow, someday!"
And if it doesn't get released...