Red 5 CEO, Mark Kern confirmed the release to be in December this year. Firefall is a free-to-play shooter that is set to hit just in time during holidays. He also mentioned that development is only 50% done. We have no idea if they will be able to complete it before December, but hey, only time will tell.
But people interested in the game will be glad to know that vital components of the game are closer to being finished. Kern mentioned that PvE content is 75% done and map creation is almost finished at 90% done.
We will keep you updated once we get our hands on more information.