Without Sarah Michelle Gellar of course !

Synopsis :

"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 ?"

That’s not so much a sequel as it is the exact same thing as the first one. And don’t come at me "well, the first one was an accident and this one’s a prank". It’s the same thing. The proposed title is I’LL ALWAYS KNOW WHAT YOU DID LAST SUMMER and is scheduled to begin filming in Utah at the end of August 2005 under director Damon Santastefano (THREE TO TANGO) from a script by Michael Weiss (CROCODILE) with a theatrical release through Sony’s Screen Gems scheduled for the fall of 2006.

From Filmjerk.com :

Another ’’Last Summer’’ is being threatened

By EdwardHavens

Are you one of those doomsayers who proclaims cinema is dead, due to the uninterrupted stream of sequels, prequels, sidequels, continuations and reimaginations that clog theatre screens and video store shelfs year after year? If so, then you’ll have more fuel to add to your fire, as Sony Pictures has decided it’s time to pull the "I Know What You Did Last Summer" franchise out of mothballs, throw a new adverb into the title and pray there are still people out there who have been waiting for another chapter of the seven-years-dead series.

At least we can be thankful series producer Neal Moritz has blessed this movie with a Jennifer Love Hewitt and Freddie Prinze Jr.-free storyline. 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?

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.