Fans of Mike Wazowski and James “Sully” Sullivan will be excited to find out that today Disney has announced that they are indeed working on a sequel to the popular 2001 Pixar film “Monsters Inc.” The new film will be released on Nov. 16, 2012.

The announcement was made at The Walt Disney Studios by chairman Rich Ross to attending press. He did not name a director but it will likely be Pete Docter, who directed the first “Monsters, Inc” film.

Also announced was the release date of June 15, 2012 for Pixar’s film “Brave,” formerly known as “The Bear and the Bow.” This film will star Reese Witherspoon presumably in the “brave” title role of Merida, a Scottish princess. “Brave” will be a fairy tale – Pixar’s first.