Via TotalFilm:

“It seems that the film’s UK distributors, Entertainment Films, aren’t convinced by the merits of another 3D phallus popping out at British audiences, and have instead pencilled in a DVD release on 19 March 2012.

To our minds, this seems a slightly bemusing move, particularly since the first film performed respectably at the box office and even won over some of the grumpiest critics with its deliriously OTT sense of fun.”

The magazine goes on to the note that, for U.S. fans, the sequel will get a proper theatrical release:

“It became clear very early on that our goals were not realistic because we needed sun, water slides, and bikini-clad coeds,” says [writer Patrick] Melton, “three things not very prevalent in the United States during the months of January and February.”

Here’s the teaser trailer (added bonus! David Hasselhoff!):