As earlier reported, Penelope was recently dropped by IFC films. IFC acquired domestic theatrical rights for Penelope last year at Toronto. It set release dates in April and then again in August before pulling the plug as part of its move to focus on its core business of smaller-budget indies. IFC was partnered with the Weinstein Co., which had acquired TV and homevid rights. Now it seems according to Variety, as if Summit Entertainment has acquired North American distribution rights.

Summit co-chair Rob Friedman made the announcement Wednesday. “It is the kind of material that will allow our marketing group to really shine,” he said.

Futhermore, Summit plans the film to be released on February 1st, 2008!