Wow, for a game to shut down during a beta and when it's being actively updated is unusual. The statement doesn't say why they're shutting down, too.
I suppose that just means one fewer game to keep on my watch list.
i've played a few other games that got this treatment. In all of those cases it was a result of the executives suddenly pulling the plug, often without any explanation to the developers, but i assume it almost always just comes down to them deciding it wasn't going to meet their financial expectations and that it was better to cut their losses (or quit while they're ahead, as the case may be).