The announcement was made at the Sony presentation by Rory Bruer, president of Sony Worldwide Distribution, who also mentioned the studio was currently working on Ghostbusters 3 and Spider-Man 4 right now.
It was said that Bruer did mention the year 2011 in regards to the film, but it wasn't clear if that was when they were targeting these three films for release or not. We'll be sure to keep you posted on this breaking story as soon as more information comes in.
Men In Black was released July 2nd, 1997 and stars Tommy Lee Jones, Will Smith, Linda Fiorentino, Vincent D'Onofrio, Rip Torn, Tony Shalhoub, Siobhan Fallon, Mike Nussbaum. The film is directed by Barry Sonnenfeld.