Image Credit: Merie W. Wallace“Mockbuster”-makers The Asylum are usually quick on their feet when it comes to producing straight-to-DVD films that, let us say, “pay homage” to big screen blockbusters. Thus, the company’s horror movie Paranormal Entity was available for purchase on DVD just a few months after the theatrical release of the not-so-dissimilar-sounding Paranormal Activity, while their fabulously craptastic, Tiffany-starring, Mega Piranha actually debuted on the Syfy network well before the upcoming, Elisabeth Shue-starring, Piranha 3D.

So why The Asylum decided to wait so long to tip a creative hat to James Cameron’s Titanic is anyone’s guess. Judging by the trailer for their latest work, Titanic II, they probably weren’t waiting for technology to catch up with their creative vision, as Cameron did with Avatar. Still, the modern day-set film does boast a couple of famous faces — Hey there, Bruce Davison! How’s it hanging, Brooke Burns? — and what appears to be a comparatively generous budget. (The comparison I’m making here is with Asylum’s previous output, rather than the original Titanic. I’m guessing the budget for Titanic II would barely have covered the amount Cameron spent on authentic-looking ship’s barf bags.)

You can check out the trailer for Titanic II, which has a street date of Aug. 24, after the jump. Will you be watching the film itself? And should Asylum have subtitled it “Aquatic Boogaloo”?