Will funimation be releasing season 3 r not ?

late post, but you should check out the D.Gray-Man forum at Funimation's website for more information. I think this was the latest "update" about DGM

http://www.animenewsnetwork.com/anncast/2012-05-18

^ they talk about it at about 84 minutes into that show (someone asked if they were going to release the later half but they said they were working on it, but were having "difficulties")