The AFM information said that this was being made through Intandem, who made "How To Lose Friends And Alienate People", which was distributed theatrically through Paramount. So pretty much a theater release.
Also, the FX are apparently by Pixomondo, who are doing Emmerich's "2012" right now. Check their website out...the stuff they did for "Red Baron" was incredible.
I'm stoked. This could rock.