No, it is not. The storyline is very different to that of the film "It".
The movie was originally intended to be a theatrical film, and even a theatrical trailer for the film, as well as a release date, were seen. The movie did, however, get a theatrical release in certain asian countries in November of 2008.
The reason for the Sraight-To-Video release is because the company who made the film, closed down permanently and were unable to release the film in theaters before closing its doors.
"New Line Home Entertainment" are distributing the film on Region 1 (US) DVD on January 20th 2009.
No.
This movie is not a remake, sequel or in any way a rip-off or relation to 2001's "Valentine", nor is it a remake of "It" or in any relation to any other clown film you've seen.
