Runic Games issued the following statement:

We've come to the realization, however, that getting a game of this scope up to the quality and polish level we want to achieve is going to take a little longer; especially since we want to run a small beta before release to ensure that our launch is smooth.

The first Torchlight was released in record time, but it had plenty of issues that a little more development could have resolved. We didn't have the resources at the time to give Torchlight that treatment. Right at this moment though, we do have those resources for the sequel, and we feel strongly that we should apply them to make this the best game we can make and hopefully one that you'll enjoy and continue to want to play in the future. We've probably had 18 months of full development time on it so far - not excessively long yet, as far as that goes. The amount of time we need to take it the rest of the way is relatively small.

We feel pretty safe in saying that if you enjoyed Torchlight at all, this sequel is superior in every respect. Right now our job is to ensure that the quality level is consistent all the way to the end.

Besides, you're all playing Skyrim right now anyway, aren't you? Or Battlefield 3? Or Uncharted 3? Or Saints Row 3? Or Arkham City? Or Skyward Sword? Or Minecraft? Or Modern Warfare 3? Or Dark Souls? Or Assassin's Creed Revelations?

Those are awesome games. When Torchlight 2 goes live, we want it to be awesome too - all the way through.

Torchlight II captures the quirky charm and furious action of the original, while expanding the world and including the features players wanted most. Torchlight II is fast, fun, and filled to the brim with action and loot. Adventure solo, or online with your friends!

The most exciting new feature of Torchlight II is the multiplayer component. Play with friends old and new, using the free matchmaking service. Together you'll discover expansive outdoor areas and ominous caverns; random dungeons teem with a huge variety of all new monsters and villains, powerful magical loot, and quests to complete. Journey through vastly differing locales, enjoying all new weather features, time of day events, and a new and more deeply developed story.

Years ago, the Heroes of Torchlight saved the world from the ancient evil, Ordrak. Now someone has stolen the essence of his power, and is using it to upset the balance of the six elements. After witnessing the destruction wrought by this terrible artifact, you'll begin a quest to uncover the villain's identity and avert disaster. The trail leads from the beleaguered Estherian Steppes, through the war-torn Mana Wastes and the haunted ruins of an ancient dwarven city, before descending to a realm where no mortal has set foot for thousands of years—and where an even more terrible evil struggles to unleash itself into the world.

• Multi-player – Play with your friends over the internet for free. No subscriptions, no item sales. And, our new matchmaking peer-to-peer service lets you find friends, start and join games for exciting co-op play. Of course, you can play single-player offline as well.
• Customizable Characters – Players will create and customize a character from one of four brand new classes. Each class can be played as either male or female, with customized cosmetic features and looks to make each individual character stand out. All new skills and loot give loads of opportunity for unique character builds.
• Moddability – Torchlight II will release with an all new version of TorchEd, the Torchlight editor. Players will have the option to create their own mods, adding even more content to the world. Have your friends download the same mod and play together.
• New User Interface – Torchlight II boasts a new and improved user interface, designed to be easier than ever for new players to pick up and play. This intuitive interface ensures you can focus on playing the game the way you want to.
• Open World – We’re not only in the town of Torchlight anymore! Explore vast overland areas and multiple hub towns, fight through rain, snow, day and night. Our level randomization ensures new layouts, paths, loot, and monsters every time you play.
• Retirement System – Once characters are sufficiently leveled up, they can ―retire‖ and bestow specific benefits and perks onto new characters. Their legacy will live on!
• Pets and Fishing – These popular features make their return in Torchlight 2 in improved form. More choices, better effects, and your pet will still make the run to town to sell your loot so you don’t have to.

Torchlight II will retail for $19.99 USD, the same price as the original Torchlight.