Sega has indeed announced the new episode for Blue Burst to be known as Episode 4. It takes place just a few months after the events of Episode 2. A few more weapons were introduced.
I'll get translations as soon as possible on these.
a new movie has been released for blue burst. Head to
this link and then click on the picture that keeps changing to load the video.
Update:
The double saber is called "Vivian" It is for Female Hunters only.
The Saber is "Kusanagi", one of three ancient japanese swords, for Hunters only.
The slicer is the "Slicer of (Crazy Believers)"
"rayju de fe" is the name of the gun, symbolizes Blue Burst.