They have just released this December a single on Vinyl:
Phalanx - Modern Hero, on Flashback Records.
The vocals are provided by Terence Holler, who has sung on Super Eurobeat before on the A-Beat-C label, with back up vocals by Clara Moroni (and possibley Newfield as well, see below for more info.)
"The goal is to achieve the 1985-1988 sound of italian Time Records label as much as possible on each release" -http://www.discogs.com/artist/3663622-Time-Machine-12
Project members: Kimmo Salo, Laurent Gelmetti, Rafał Lachmirowicz
Their releases are on a label called Flashback Records:
http://flashbackrecords.org/news.html
Male vocals by Terence Holler (of A-Beat-C fame, as well as vocalist for Italian metal band Eldritch!) Female backups by Clara Moroni! Written by Terence Holler and also Giuseppe Mauro (both from A-Beat-C records).
http://www.discogs.com/Phalanx-Modern-H ... se/6419256
(note that the vocals listed on discogs.com say it's Newfield, but according to the official site, the male vocals are by Terence Holler. Discogs also doesn't credit Newfield in the production for some reason, unless he really does also contribute to the vocals as well, making Terence the main vocalist, and Clara and Newfield as the back ups?).
""Phalanx - Modern Hero" (TMP 002) takes some influences from Dave Rodgers productions. The lead vocalist, Terence Holler, has been working with Rodgers in the past and the female vocalist is the one and only, Clara Moroni, who has given her beautiful voice to numerous Time Records productions as a lead and background vocalist." -Flashback Records
btw, the songs are up to listen to as well, even though some of them are short, and seem to be only long previews, and not full versions (only the first link below is a full version of one of the mixes. (please support this new project if you like the songs by purchasing the vinyl):
Modern Hero (NRG Mix) FULL VERSION
https://www.youtube.com/watch?v=xT5l4umrCE4
Modern Hero (Extended Mix) *short preview only
https://www.youtube.com/watch?v=CjCO2HFprFI
Modern Hero (NRG Mix) *short preview only
https://www.youtube.com/watch?v=d5EK3fGCxgM
Modern Hero (Dub Mix) *short preview only
https://www.youtube.com/watch?v=RKqSkBcLNxk
There is also another new production by Newfield earlier in 2014:
http://www.discogs.com/Time-Machine-12- ... se/5341139
This is probably the best news I have heard about anything in the Italo/Eurobeat community since Time Records' absent, as well as Newfield's.
If only we could try to support these artists more, so that they can continue to make new releases often enough.
Even though only 2 have released so far in 2014, just imagine getting more "Time Records"- like releases every now and then, released on vinyl!!!

btw, there are also some other good releases on Flashback Records site, such as some new Brian Ice and others.