Episode I in 3D Kicks Off New Annual Police-Academy-esque Tradition in Feb ’12

Ree-Yees must be psyched!!!

THR reports that 20th Century Fox and Lucasfilm are zeroing in on a February 2012 release date to launch the first of the “Star Wars” movies to be converted to 3D, “Star Wars: Episode I — The Phantom Menace.”

George Lucas hopes that releasing the film early in the year, outside of summer blockbuster season, will give it an open run at the box office and also set up the opportunity to sell merchandise through the balance of the year. The plan under discussion would make the release of the subsequent films in the series an annual event on the film calendar.

While Fox said it has not decided on a specific date, sources suggested that it is looking at a date around Valentine’s Day, which falls on a Tuesday in 2012. That would point to a release date as early as Friday, Feb. 10 or, more likely, Wednesday, Feb. 15, or Friday, Feb. 17, which also happens to be the beginning of the extended President’s Day holiday weekend.

More over at The Hollywood Reporter. For more on the lovable Ree-Yees, click HERE.