If you were excited at the news of a new James Bond film, I hate to burst your bubble.

A press release was released Monday by producers Michael G. Wilson and Barbara Broccoli of EON Productions.  In the release, the producers stated that the film, which had previously been set to release in 2011/2012, is on hold indefinitely.

“Due to the continuing uncertainty surrounding the future of MGM and the failure to close a sale of the studio, we have suspended development on Bond 23 indefinitely,” said the joint statement. “We do not know when development will resume and do not have a date for the release of Bond 23. ”

There were rumors in January that this might happen due to MGM’s rather public financial troubles.

 Shortly after though it was announced Sam Mendes (director of American Beauty) was going into talks about directing Bond 23 and Daniel Craig was set to return as James Bond.

Craig let out that he believed filming would start towards the end of 2010, but Dame Judy Dench (who plays M in the movies) said, “I think I’m going to be needed in spring of 2011,” she said to MTV. “That’s a message I got. It would mean I could do something at the end of next year, something else, maybe be in the theater.”

In the meantime, Craig will be kept busy with Steven Spielberg’s The Adventures of Tintin and the sci-fi western Cowboys and Aliens with co-stars Jon Favreau and Harrison Ford.  At least no one’s hands are tied.