FilmJerk reports that Sony's Screen Gems and series producer Neal Moritz, are planning yet another sequel to 1997's, I Know What You Did Last Summer.

Our source tells us this time around, "I'll Always Know What You Did Last Summer" will focus on -- see if this sounds familiar -- 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? RELATED: Ryan Phillippe Is Open to an I Know What You Did Last Summer Amazon Series Cameo

Filming is set to begin in Utah at the end of August, under the direction of Three to Tango director Damon Santostefano, from a script by Michael Weiss, whose credits include such cinematic treats as "Crocodile," "Octopus" and "Octopus 2: River of Fear" and the upcoming "Butterfly Effect 2." A theatrical release through Sony's Screen Gems division is expected in the fall of 2006.

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