The game has been officially sanctioned by Hasbro, will be a role-playing game, and...will only be released (at least initially) in China, "Asia", Russia (and CIS states), the Middle East and North Africa. No North America, no Western Europe, no Australasia.
The game is being developed by Dungeon Runners publishers Net Dragon. Now contrary to popular hatred I actually liked Dungeon Runners. It was a fun fill in for a time when things looked bleak that we would never hear of Diablo 3. Once Diablo 3 was announced people stopped caring about Dungeon Runners.
Anyway if Transformers are your thing then there you go. (thanks Kotaku)