They are having a hard time finding a publisher for the North American market.
Often times publishers want things such as the rights to the name of a game. This is in fact the very reason why Armed Assault is named as it is instead of Operation Flashpoint 2. Codemasters was the publisher for Operation Flashpoint and they ended up owning the rights to the name.
Codemasters and BIS (Bohemia Interactive Studios) had a bit of a falling out, so BIS had to come up with a new name for their new game-and of course a new publisher. This is the basis for a lot of confusion, because there are 3 new games being developed now. The three games are Armed Assault, Operation Flashpoint 2, and ?game 2?. Codemasters has been developing Operation Flashpoint 2 themselves (as far as I know). Since they basically own the name Operation Flashpoint, their game will be under the name OFP 2.
The next game in question is Armed Assault, which is the true successor to Operation Flashpoint. Armed Assault is based on the same game engine as the one used in Operation Flashpoint, but with many enhancements. It is being developed by BIS. The release date for this game has been continuously pushed back but I think its release is imminent at this point.
The third game does not have an official name yet (as far as I know), so it is simply referred to as ?game 2?. Game 2 is from BIS and it is based on a new game engine. Personally I do not expect to see game 2 (under whatever final name it is under) available for at least two years, maybe even longer.
BIS forum link