As we told you the other day, Wheelman has moved to Ubisoft. It would appear, however, that Midway has not given up all of the rights to Wheelman, but instead has formed a “strategic relationship” with Ubisoft.

From what we have been now able to uncover, Ubisoft will be responsible for the sales, marketing and distribution of the title in North America, South America, Australia, New Zealand, France, Germany, Austria, Switzerland, Ireland and the United Kingdom. Midway will sell, market, and distribute the title to all of the areas not previously listed.

Development of Wheelman will continue to be spearheaded by Midway’s Newcastle studio with the help and input from Tigon Studios, so nothing changes in this regard. Under this agreement Midway will continue to retain all future rights to the franchise, so if Wheelman is successful and Midway is still around, the sequel is likely to come from Midway.

The game is still on schedule to ship for the Xbox 360, PlayStation 3, and PC on March 24th in North America, with Europe seeing it released on March 27th. As of right now, the PC version of Wheelman is again confirmed. A pre-launch demo is being planned for both the Xbox 360 and PlayStation 3 versions of the game, but no timetable as to when it can be expected has been announced yet.

Both companies seem happy with the arrangement that will see Ubisoft do much of the heavy lifting while Midway tries to balance the risk of releasing Wheelman, while at the same time not drain much needed cash from Midway coffers.