This was an April Fool's Joke
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Following the announcement earlier of the Square-Enix buyout, President Hironobu Sakaguchi unveiled a few tidbits of information of yet another title in the Compilation of Final Fantasy series, Final Fatasy VII: EC, but at this time, the game's full title remains a mystery. Sakaguchi also mentioned was that it will be released for the Nintendo DS, and that it is being worked on jointly with Yoshinori Kitase of recent Final Fantasy fame and Tetsuya Nomura, producer of Final Fantasy VII: Advent Children.
FFVII: EC will take place directly following the end of Final Fantasy VII. With Midgar destroyed and the world in shambles, Cloud must step up and help restore order to the chaotic land while another force is secretly engineering the virus that causes the Seikon-Shoukougun sickness in Advent Children.
The events will fill the two-year gap between Final Fantasy VII and Advent Children, and will play similarly to the original Final Fantasy VII with new features for the touch screen. Reportedly, Final Fantasy VII:EC will feature battles in the touch screen, and the damage to certain bosses will vary depending on where they are attacked with the touch screen, similar to the already-released Egg Monster Heroes. When not in battle, the touch screen will be used for menu access, allowing items to be selected with ease or maps to be displayed.
Also announced was that the music is being composed by Sakaguchi's long-time friend, Nobuo Uematsu, who was specially asked for his help in this endeavor.
Other details are scarce at this moment, but Kitase was quoted as saying, "I'm really excited to work on the new handheld. Expect to see more at E3 in May." RPGamer will bring more details on this game as they emerge.