Here is what Avi Arad had to say.
"It's not a comeback. You have to look at it this way: Do you want to know more about The Amazing Spider-Man? This movie is going to tell stories that you didn't see in movies 1, 2, and 3."
Avi Arad went onto say that The Amazing Spider-Man doesn't erase the Sam Raimi films, but instead has a storyline that could have taken place in the context of the original Spider-Man.
The Amazing Spider-Man was released July 3rd, 2012 and stars Andrew Garfield, Emma Stone, Rhys Ifans, Denis Leary, Martin Sheen, Sally Field, Irrfan Khan, Campbell Scott. The film is directed by Marc Webb.