Well, I love to tell you "I told you so", but I told you so!
It looks like it has died. This probably happened quite a while ago, but I'm just now finding out about it after a visit to their webpage. Of course I could totally be wrong. But come on.
Critter Pix seems to be advertising a new film in pre-production called "Spy Guy". They go on to say:
Other movies we plan to make, besides SPY GUY 2 & 3, are Ollie the Otter, and Hollywood Vermin.
What happened here? They're already planning Spy Guy 1, 2, and 3, but the film they started with (Ollie) is now the fourth film? Something fishy happened here.