An MMO that got shut down before its release by a developer that went out of business a few months later is now being revived over two years later. Heatwave Interactive announced today they have bought the rights to Gods and Heroes, the Greek-Roman mythology themed MMO that was previously in development by the now defunct Perpetual Entertainment.

First announced in 2005 by Perpetual, the game got its release date pushed back several times before Perpetual put the game on "indefinite hold" in October 2007 (even though the game was being advertised in PC gaming magazines at the time). Perpetual itself, which was also the first developer of Star Trek Online, shut down in January 2008.

It now appear that some of the co-founders of Perpetual got together again to form a new company called PlayGrid, a technology company for making MMO games. Heatwave Interactive has bought a source code license from PlayGrid, two game engines and all the rights to Gods and Heroes. There's no word on when the revived Gods and Heroes will launched. Our sister site Massively has posted up a brief Q&A with Heatwave on the acquisition.