Supposedly, the fan forum
http://www.noscamp.com/ has direct contact with the developers, so keep checking that site for news. The latest news comes from February 11th:
Quote:
An Update from Entwell Director, Chris
Hi guys. Chris contacted me again two days ago, February 07. 2007, at around 19:00, GMT+8 on www15.meebo.com, here in Quezon City, Philippines, located in South Eastern Asia.
He told me that the contract was approved on February 06, 2007 and by next week, it will be signed by both parties. He also mentioned that that translation will be completed by the end of this month(February) including in-game text and website text, which will all be revised.
The game will undergo a server stability and network testing by Mid March and will go Open Beta by the end of March. In definition, it's a Closed Beta period but no one will be invited to this as they will be doing the tests themselves (seeing that the previous GSP version has gone through long long periods of testing). It'll be really short and would probably take a week or two. In other words, we will all start at OB by April and be sent our respective invites by then.
They have everyone's e-mails so rest assured, those who played Nostale, even those who stopped playing, will all be sent individual invites so expect a reunion to happen. Rekindle long forgotten Nostale memories. 
He explained that in India, online gaming is just growing and people don't really understand CB, OB and such terms. They think it's a professional jargon and fear playing the game. So to make it less intimidating and more inviting, it'll start with Open Beta.
And on the issue of what version, he clarified the following:
Chris: There are mainly several versions of Nostale:
a. GSP Version- The oldest Version. No need to mention. It's antique.
b. Closed Beta Version
c. Commercial Version
d. Current Version.
Basically, through these several upgrades, probably more than 80% of the game has been changed or improved. So you will feel it's an altogether new game. So have fun!
It's going to be a big game and I plan on announcing Nostale globally.
Me: Thanks again Chris!
So that sums it all up folks. We've got, at max, 2 months to wait. Enjoy people. The wait starts now. :P
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Also it's been confirmed that if you played the last version, the GUI has gone through a (pretty) and drastic update:
To keep getting the latest news on Nostale, feel free to register at
http://www.noscamp.com/ ! The # 1 Nostale Fan Site!