There is hope!
Along with their new Flare phones, Cherry Mobile also announced that they will be pushing Lollipop update to a few of their previous models. This includes the Flare X, Flare S3 Lite, Flare S3 Octa and the Flare S3 Power.
This might not be the news that some people are waiting for (especially with Android Marshmallow around), but at least owners of these phones will be getting updates. The new updates should hit around November as an OTA.