I haven't played EIC, but AFAIK, it's not developed by Paradox, but rather only published by the company.
That's right, it's not by Paradox, but it is from Paradox... if you see the distinction. They put their name on it.
The basic game concept is ok, but it's only halfway towards a playable game. The one thing about it that stuck out is that total domination is not desirable - in other words capturing all the ports doesn't lead to success. Sadly the game is pretty much in pre-alpha stage. The basic game engine is there, but the gameplay isn't.
Anyway, I just saw it was a Paradox game (only the publisher) and I've liked that genre, so I just went and bought it without looking into any more detail