"Recently a new character was announced to appear, called CoCo. On January 25th, 2008, a couple of CoCo's character sketches were published at the official website. He appears to be a feminine looking, long-haired boy. He is also taller than Pico.
The promotional video of a third OVA titled Pico X CoCo X Chico is now available for viewing at the official website. This OVA is announced to include twice the content (about 70 minutes)."
That's all I can find about it.