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Director Michael Bay recently confirmed that the third instalment in the blockbuster franchise will be released on July 1, 2011.
The pair, who penned the first two chapters in the Autobots and Decepticons saga with Ehren Kruger, admitted that they did not have an "insight" for the follow-up, Sci-Fi Squad reports.
"We've been working on Transformers longer than I was in college. I feel like we have our degree in Transformers now," Orci said.
"The studio was nice to say, 'Oh, yeah, if you guys want to come back then come back'. But, we never want to do that, unless we have an idea. We always think the best idea should win, and that means opening it up to everybody."
Kurtzman added: "The franchise is so wonderful that it deserves to be fresh, all the time. We just felt like we'd given it a lot and didn't have an insight for where to go with it next and said, 'You should do it right'."
The two are currently at work on a sequel to Star Trek, a film adaptation of the View-Master toy and an update of Hawaii Five-O for CBS.
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