I'LL ALWAYS KNOW is going to have a theatrical release. It's being released by Screen Gems. Here's the article I got from ComingSoon...

Filmjerk has learned that Sony's Screen Gems is moving forward on the third installment in the "I Still Know What You Did Last Summer" franchise, sans Jennifer Love Hewitt and Freddie Prinze Jr. Titled I'll Always Know What You Did Last Summer, the film is expected to hit theaters in the fall of 2006. Here's how the site describes the story:

Four teens from a small Colorado town will be victimized by a phantom menace one year after a July Fourth prank gone awry kills one of their buddies. Against the protestation of one of them, the group agree to keep this secret, only to find their friendships torn apart from the strain. The next Independence Day, just before the town's annual carnival, the four receive intimidating communiqués indicating someone is aware of what happened before. The group suspect the cousin of the dead friend, only to discover they are very much on the wrong track. Can the friends survive and figure out the identity of their tormentor before they end up dead themselves?

Filming will begin in Utah at the end of August, under the direction of helmer Damon Santostefano (Three to Tango), from a script by Michael Weiss.

Good good, can't wait for it!

Dumb, slasher exciting fun!

Well, if that is true expect a total gross of under $15 million.