I don't think they are releasing a second edition. There was some talk for a while about releasing the Western Front expansion. They even produced several minis for it. I know that it isn't in the same situation as Sedition Wars, which can often be found for less than $20. I have not seen Rivet Wars for less than $40.
They could be clearing out space or seeding the market for another Kickstart. Then again, they may be done with it. Who knows?
It's a fun game, with cool minis, that I can play in under 2 hours. If I didn't already have two copies of everything, I'd buy some more stuff.
I think the reason the game didn't take off was because the expansions' retail price was about 20% too high.