According to Marsden, Velocity Ultra (that's its name) is a "director's cut" of FuturLab's original release, and will be packed with all of the features that the company's meager budget prevented it from including first time around.
FuturLab has ditched the original release's cute pixel-art graphics in favour of an "edgy" cartoon style that's been designed at native PS Vita resolution, for example.
The studio has also recreated all of the in-game cutscenes to a higher standard, too.
Visuals aside, Velocity Ultra will house support for trophies, as well as PSN-powered online leaderboards.
So, when's it out?
Well, we don't know exactly, but Marsden is hoping to submit the game to Sony at the beginning of April, and release it sometime in May.
There may be a sequel in the works, too.
"Velocity Ultra is a way for us to establish the Velocity franchise for a wider audience, and we've got plenty more Velocity in the works," Marsden's blog post reads.