C.N. Blue (Code Name Blue) will be debuting in Japan on August 19th as an Indie band with an album called "Now or Never". They are already called the "Second F.T. Island" due to their similar sound and style. In fact, C.N. Blue is actually in the same company as F.T. Island, F&C Music (Fish and Cake Music).
The members are consisted of Jung Yong Hwa (vocal and guitar), Lee Jong Hyun (Vocal, guitar), Kwon Kwang Jin (basist), Kang Min Hyuk (drums). You can listen to their music on their myspace. I have to say, they do not sound exactly like F.T. Island, but they do share similar styles. C.N. Blue has a more street and raw sound.