Ultra Ultra studio will, unfortunately, be gone for good according to the latest tweet from their official account.
A team of ex-IO developers responsible for Echo has noted that "grateful to have had the chance to crystallize something truly from the heart" with this game. The whole release was very silent and it turned to be quite good.
Despite this unfortunate outcome, Echo will still be up for grabs and the studio wishes all the best to everyone who is affected by this scenario. Really sad to read these things, but at least their legacy will live on.