RUMOR: Remake of forgotten 80's horror THE GATE?

Cinema Blend carry the rumor of a remake which quite honestly if it opened next week, I wouldn't have known it was based on anything at all. Ever heard of the late 80's horror flick THE GATE starring a young Stephen Dorff? Nope neither have I but it does have an awesome DVD cover...

Despite a 4.9 rating on IMDB, the original movie is still talked about today (well across the web anyway) and it appears to have generated something of a cult following. The PG-13 movie followed Glen (Stephen Dorff) and his best friend Terry (Louis Tripp) who accidentally open a gate to hell when a rotten tree is removed from the backyard of Glen's house. Demons come out of the hole looking for two humans who they can sacrifice in a bid to take over the world. Sounds pretty wicked. Apparantely the movie had many stop-motion sequences with Ray Harryhausen-esque creatures which helped the film generate this small fan following.

Wow, those creatures who are set loose when they leave their human host is a wicked idea.

We have very little to go on here, all the Blend have heard is that the a 'major Hollywood special effects house' is gearing to work on the remake. We don't know what studio is behind it or anything. It does sound like a neat idea for a film and with a budget and sophisticated special effects, they might just be sitting on a winner here. Anyone seen this movie?