Yes, this is really happening... its an adaptation of the super obscure Charlton Comics Reptisaurus the Terrible, which is actually what they re-named their Reptilicus book after the license ran out (after a mere 2 issues). They gave Reptilicus a new name and altered his look. The comic only ran for 7 issues. They are making it into a VERY low budget movie produced by the guy that gave us crap like ALIEN 3000. So in essence, we have another Reptilicus movie on our hands. Hopefully it'll at least be stupid and fun like Reptilicus.
Seriously, what the hell is going on with these goofy retro monster revivals? First, Guilala, now this? Now we just need a new Giant Claw.
More info here:
http://www.dreadcentral.com/node/26060