At E3 2005, an SNK-published sequel titled Twinkle Star Sprites - La Petite Princesse (ティンクルスタースプライツ ～La Petite Princesse～) was shown at the SNK Booth. It is an enhanced re-vamp of the Neo-Geo title featuring fully 3D environments and a host of new characters. Clearing the game opens up a perfectly emulated version of the original Neo-Geo title.
There was a possibility that this sequel would be released in North America, but after some consideration, at E3 2006, Ben Herman, president of SNK Playmore USA, stated that the game will not be published in North America. The decision was that it will not be marketable for the North American audience. The sequel was released exclusively in Japan for the PlayStation 2 on July 28, 2005, and was re-released for the same platform on November 22, 2006, with the green-label 'SNK Best Collection' added to the front cover. Content remains the same as the original print.
Source: Wikipedia, "Twinkle Star Sprites", available under the CC-BY-SA License.