The long shelved Christina Ricci/Reese Witherspoon team-up Penelope has finally been given a release date. According to Variety, Summit Entertainment has obtained the rights to the film with plans to release it on February 1st, 2008.

This teen fable centers on a young woman with a pig snout. She must marry someone from her own class to break the evil spell that has been placed upon her. Rights to the film previously belonged to IFC, which originally planned to release the film in April, and then again in August, before pulling the plug completely to focus on smaller independent films.

James McAvoy, Catherine O'Hara, Peter Dinklage and Richard E. Grant also star in Penelope, with Mark Palansky directing. Summit co-chairman Rob Friedman stated, "It is the kind of material that will allow our marketing group to really shine."