For those interested there will be a Kickstarter coming this month for a new Heavy Gear game called Heavy gear Assault. It's intended to be mainly multiplayer and be free to play (which isn't really what I was after for a third game). It's also running UE4 and they want $800,000 (another place says 900k so not sure) from the Kickstarter.
I loved Heavy Gear 2, I wonder if this will match up at all though i'm more comparing apples to oranges as I played the campaign not the multiplayer.
There's also a video on the GON mirror showing some graphics and a bad voice over.