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The sequel of adventure comedy The SpongeBob SquarePants Movie: Sponge Out of Water has been announced and will be released next year in February, reports Contactmusic.The 2004 prequel of the film was based on the popular television cartoon series SpongeBob SquarePants, which shows the adventures of the title character and his various friends. The sequel will be produced by Nickelodeon & Paramount pictures.