Armored Core V is not the fifth game in the Armored Core series. Funny that.
If you count cell phone games, there have been over 20 or so AC, but Armored Core V is the fourteenth entry in the series. The title is being developed by From Software, of Dark Souls fame.
The game will be out in 2012 and will feature mechas, because that’s what the AC games do.
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