As it turned out, Paramount did a press release that clears up the name problem and gives us a release date all at the same time. It looks like they’re banking on Shyamalan’s vision no matter what The Happening ends up doing this summer. You can check out the full press release below:

Paramount Pictures and Nickelodeon Movies have greenlit the live-action epic adventure “M. Night Shymalan’s The Last Airbender,” which will launch over the Independence Day weekend in 2010, opening Friday, July 2, 2010.

Shyamalan, the visionary creator of the Oscar nominated “The Sixth Sense,” “Signs,” and the upcoming “The Happening,” will direct and produce the epic action-adventure based on a script that he penned. Joining him as producers are Kathleen kennedy and Frank Marshall, who produced the blockbuster “Indiana Jones” and “Jurassic Park” franchises, Sam Mercer (“The Sixth Sense,” “The Happening”) and Scott Aversano(“Failure to Launch,” “The School of Rock”), Michael DiMartino & Bryan Konietzko, the creators of the popular TV series “Avatar: The Last Airbender,” that inspired the film, will serve as executive producers.

“I was drawn to the series because of its influences: one being Hayao Miyazaki, said Shyamalan. “I’ve always been a huge fan of Miyazaki’s work. He is one of the greatest storytellers in the world and makes anime films in Japan. His combination of spirituality and super natural elements have brought depth and meaning to his art form. In “The Last Airbender,’ I see an opportunity to make a live-action version of a Miyazaki film.”

“We’re delighted to be partnering with Nickelodeon to bring M. Night Shyamalan’s vision of “The Last Airbender” to the big screen and to audiences of all ages,” said John Lesher, President, Paramount Film Group.

“M. Night Shyamalan’s exciting vision for a film with the potential of ‘The Last Airbender,’ is another perfect fit for the Fourth of July holiday weekend that we have used to launch such blockbusters as ‘War of the Worlds’ and ‘Transformers,’” said Rob Moore, Vice Chairman, Paramount Pictures.

Based on the hugely successful Nickelodeon animated TV series, the live-action feature film is set in a world where human civilization is divided into four nations: Water, Earth, Air and Fire.

The Fire Nation is waging a ruthless, oppressive war against the other three nations. The film’s hero, the reluctant young Aang, is the “Last Airbender” – the Avatar who, according to prophecy, has the ability to manipulate all of the elements and bring all the nations together. Aided by a protective teenage Waterbender named Katara and her bull-headed brother Sokka, Aang proceeds on a perilous journey to restore balance to their war-torn world.

“M. Night Shyamalan’s The Last Airbender” promises to be a summer movie for the ages, combining the imagination and visual canvas of the “Lord of the Rings” saga with the action and spectacle of “Crouching Tiger, Hidden Dragon.”

According to Terminator mythology (which is getting more complicated all the time), Reese was born after the first war and survived the capture and killing of his fellow humans only to be put into one of Skynet’s concentration camps. John Connor, Reese’s son, led a resistance movement that freed Reese and some others from the Skynet camp. Reese then volunteered to go back in time to the year 1984 to protect Sarah Connor, the mother of John Connor who is the resistance leader, from a Terminator sent by Skynet to kill her before she can give birth to John to stop him from leading the resistance.

As will sometimes happen when you time travel, Reese gets into some shenanigans that actually bring about the future he’s trying to save…don’t ask me about the paradox effect. All I know is that while running from the Terminator (played by Arnold Schwarzenegger), Reese and Sarah have a night of “relations” that ultimately impregnates Sarah and brings about her son, John. Reese was later killed by his own pipe-bomb while attempting to destroy the Terminator. I’m not sure how the TV series has added to this story.

Now, from what we know about Terminator 4, Reese becomes friends with Marcus (played by Sam Worthington – now cutting his chops on James Cameron’s Avatar), an early version of the Terminator played by Arnold Schwarzenegger from the first film. Christian Bale will play a 30 year old John Connor now fighting desperately to save a decimated civilization against machines that have taken control. Other plot details are still sketchy.

With production scheduled to start in early May, Paul Haggis (writer of Crash, Casino Royale, Quantum Of Solace) also has been in talks about coming on board to do some rewrites on the script. David Campbell Wilson, John Brancato and Michael Ferris wrote the screenplay.

So what do you think? Will Anton Yelchin make a good Reese?

The move is said to be a win-win for both Fox and Cameron. The December start date not only holds happy memories, but the extra six months gives them more time to work on the ground breaking special effects. Even better, by waiting until December, “Avatar” will be able to take advantage of a steadily growing number of 3-D screens. Current estimates suggest that 4,000 3-D-ready screens will be in place in the U.S. by May 2009 with even more available by December of that year.

“Avatar” is the story of a wounded ex-marine, thrust unwillingly into an effort to settle and exploit an exotic planet rich in bio-diversity, who eventually crosses over to lead the indigenous race in a battle for survival.

Upon announcing the delay, Fox also announced a revamp of its 2009 release schedule. The Ben Stiller sequel “Night at the Museum 2: Escape From the Smithsonian” (the new title) will take over the May 22 spot that originally belonged to “Avatar.”

“Ice Age 3” will open July 1 and will be released in 3-D. The fourth installment of the X-Men franchise (spin-off really), “X-Men Origins: Wolverine” will be released on May 1.