Bounty Hounds Online is developed by Taiwanese studio, XPEC, which also developed the PSP version of the game (released in 2006). You can click here for more information for the handheld version.
Bounty Hounds Online was just revealed today at the Tokyo Game Show (TGS) in Japan, and its looking really good for something in supposed Alpha stages.
The sci-fi MMORPG is aiming for gamers between ages 18 to 30, and some early mentioned feature of the game include the ability to equip various different weapons/equipment and transformable robotic pets.
And of course, the graphics is boasted as one of the main attractions together with the sci-fi settings (slaying fugly aliens). More information to come when the official website is up and running.