A post called Some Information about Werewolf on the ASC Games Bulletin Board gives the status on the game from Travis Williams, a former member of the Werewolf: The Apocalypse-Heart of Gaia development team (now with Interplay). Thanks RPGvault.ign.com. The update gives the state of the game following the announcement that ASC was continuing its involvement (story), which apparently is not the case. To make it easy, PaxTravis finishes his own lengthy post with a summary of what we've learned:

So in case you don’t like to read long posts….

Werewolf is still in development.
Werewolf was looking GOOD when I left it.
Dreamforge is still working on the title.
ASC is gonna be around but in what “form” I dunno.
Yes Take Two looked at the title but I am not sure if it’s a fit for them.
I have no idea what these developments mean as they pertain to release dates.
Travis Williams is now at Interplay in Sunny Cali (YES!)
Richard Rosado is now at Rockstar Games in New York City