Series will run along side "Fairy Tail"
Fairy Tail author Hiro Mashima has Tweeted that he's planning on launching another manga series. However, don't fear about the implications for Fairy Tail. Mashima notes that FT is a long running manga and wants to also do something different. Both will be running at the same time.
And, as you'd hope/come to expect, he's recently posted some fun sketches.