Can you hear that? No, my friends, that’s not the sound of your 1994 wrist communicator that you got from KB Toys beeping away. That’s the sound of millions of ’80s and ’90s kids screaming in sheer and utter joy, and for a damn good reason.

Today, Lionsgate announced that they will be teaming up with Saban Brands to develop the first of a series of new live action Power Rangers films. The new Power Rangers franchise will “re-envision” our alien ass-kicking heroes for the modern big screen. This news comes after Haim Saban recently pulled back the curtain on Saban Films, his newly-formed North American movie distribution operation that will produce eight to ten films on a yearly basis.

“Lionsgate is the perfect home for elevating our Power Rangers brand to the next level,” said Saban in a press release. “They have the vision, marketing prowess and incredible track record in launching breakthrough hits from The Hunger Games to Twilight and Divergent.”

So many questions to be asked and answered now with this awesome announcement. Who will be cast as the Power Rangers in the new franchise? Will they be up against Rita Repulsa and/or Lord Zed? How will the Zords and Megazord look in this day and age of computer animation and technology? You better believe we’ll be following up on these questions as the answers unfold.