The Combat Task Force 121 Website (thanks GameGossip) reveals development of an upcoming military shooter from Direct Action Games using the Unreal engine. No release date is offered, but the site does have some screenshots and a couple of gameplay movies. Word is:

You are a member of Task Force 121 an elite covert unit comprised of Navy Seals, Green Berets, and USMC Recon personnel - deployed with lightning speed into terrorist hotspots around the globe, with devastating force and then vanishing.