A game is apparently already in development at the studio, though its name and nature are yet to be announced. The developers have stated that they will produce games for all levels of hardware, not just high-end machines - 'This includes games and their engines that deliver stellar performance even on modest platforms right up to the most enthusiastic levels of performance hardware'.
The press release and this sub-site suggest Futuremark Games Studio will be operating in both Europe and the US. The studio will apparently have a presence at GDC 2008.
Futuremark is best known for its 3DMark software, used to benchmark the 3D processing capabilities of a PC, and ORB, which can be used to compare your system with millions of others. Thirty-five million plus copies of 3DMark have been distributed worldwide.

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