Grand Theft Auto fans will have to wait a bit longer for the highly anticipated sequel as Take-Two Interactive Software yesterday announced it has pushed the next installment in the game series all the way back to an April 2008 release.

Grand Theft Auto IV, initially slated for an October 2007 release, is reportedly experiencing delays in the game development process. Although Take-Two's vague comments make it tempting to lay the blame on the newer hardware, the company's chairman declined to say if development for one platform was proving trickier than the other:

"We don't think it's helpful or beneficial to go into what the tech issues are. We are pushing the envelope on both platforms." Take-Two's chairman Strauss Zelnick said.
The delay spells disappointment for both Microsoft's Xbox 360 and Sony's PlayStation 3, as they were expecting holiday sales of GTA IV to be a driving factor in pushing up sales of their Gen-Next consoles. Following the announcement, shares of Take-Two Interactive also took a hit, falling over 18% to $13.75 in afterhours trading Thursday evening.