Check this out. This was posted on June 1st of 2006 on the Chair forums. Donald Mustard was, along with his brother, the main driving force in creating the game.
"We may not be able to respond to all the speculation about Advent on the forums, but we are certainly aware of it and we'd like to take the opportunity to address a few outstanding questions.
First, I'd like to confirm that our next project is NOT the second installment of the Advent trilogy or anything related to Advent. We are currently working on a completely new franchise, which you'll hear more about later.
Second, although our Core Design Team is comprised of several key members of the Advent team, we currently do not own the rights to the franchise (Majesco owns the IP) so we don't have the ability to continue the series at this time.
Lastly, I love Advent. We all LOVE Advent. It was designed as a trilogy and it's an incredible story. I will always remain committed to the franchise and would be happy to finish the series if the opportunity presented itself. For now, we've got much bigger things in store for you.
We're moving in a new and very exciting direction, a direction that we control. We'll keep you as up-to-date as possible and hope you'll continue to always let us know your thoughts.
Donald Mustard"
http://chairentertainment.com/community/forums/viewtopic.php?t=28/
With such a gap on this, I think, sadly, we may never see a sequel. Not even a crummy PSP version in Advent Shadow.