The game was canceled in 2003 due to poor feedback during its testing period, though it would influence the release of Capcom Fighting Evolution the following year.
As a result of changes brought on by SNK's financial situation, a team of roughly 20 staff members left the company to join Capcom, including director Toyohisa Tanabe.
[5] The presence of several of their former staff on the team led SNK to grant Capcom permission to feature one of their characters, Kyo Kusanagi, as a special guest.
[4] Between 2002–2003, Capcom held a series of limited location tests for the arcade version, where they received negative feedback from players.
[5] Outside of a few minor details and limited screenshots and footage over the years, very little about the game would be publicly known until 2017, when Capcom published an interview with Tanabe on their Street Fighter V website that went into more detail about the game's development and cancellation, along with a pair of articles revealing previously unpublished artwork and screenshots.