We (and by we I mean whatever scraps of the team we can find) are resuming active development on Adventure Ace, starting yesterday. On my side this mostly means cleaning up the horrible horrible systems I wrote during that 2-week contest and turning the game into something presentable. Expect much more polish, much less bugs.
Also more features. All of those little things that didn't seem quite there in the demo version should be coming, including a full growing guild, unique artifacts, cutscenes for treasures/deaths, more portraits, more missions, more content in general, and a few other surprises. (also you won't get Adventure Bum every single play, haha) We're going to cram as much stuff into the game during the month of June and then call it done.
As for everyone else... Happy and Zeuzio are working on content and uh I have no idea what happened to Penta.