Matt Reeves, a writer on Felicity, whose only feature film so far is The Pallbearer with David Schwimmer and Gwenyth Paltrow, is the man who will be directing the super secret Paramount project tentatively titled Cloverfield, which is being produced by JJ Abrams, according to AICN. Just a reminded that the trailer for the film, which features a giant "parasite", will be attached to Transformers this week and will hit theaters on January 18, 2008. I'm quite sure this is going to be a fun film to follow during production.
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