This ad was taken out sometime in the early '90s, to generate buzz for a second sequel to the original Piranha franchise, which was to be produced by Ovidio Assonitis, who produced Piranha 2 : The Spawning. Of course, the film was never actually made, and there are no indications that I've seen that the movie was even written. The writer/director credited on the ad is Oliver Hellman, which was actually a pseudonym of Assonitis'. So it seems this was just a case of the producer getting a little too excited, before anything was ever set in stone. Assonitis also took out an ad for a Humanoids From The Deep sequel around the same time, another film that never actually came to fruition.
Now the interesting thing here is that Assonitis again teased a second Piranha sequel, back in 2007. This time the film was to be called Piranha 3-D : The Invisible Menace, and oddly enough was announced right around the same time as Alexandre Aja's 3D remake of Piranha. Once again, a poster is all that exists of that project...
Invisible piranha in the snow ... am I the only one that kinda sort wishes this was actually made?! They 'hungrier then ever', yo!!!
Assonitis also teased remakes of Demons & Beyond The Door back in 2007, both of which suffered the same fate as Humanoids 2 and Piranha 3.
Mr. Assonitis hasn't actually produced a film since 2003's Italian horror flick Red Riding Hood.
Keep dreaming Ovidio. And keep living up to your last name!