The official word, after the jump ...
Here's the Warner announcement:
Created by J. Michael Straczynski in 1993, Babylon 5 became a Sci-Fi cult fan favorite and a top rated show. Now in 2007, Warner Home Video (WHV) and Warner Bros. Television (WBTV) will take you to 2271 A.D. for Babylon 5: The Lost Tales, a made-for-video movie featuring the original cast including Bruce Boxleitner (“President John Sheridan”), Tracy Scoggins (“Captain Elizabeth Lochley”) and Peter Woodward (“Galen”). Babylon 5: The Lost Tales will be released on July 31, 2007 for $24.98, making it the first WHV made-for-video title for one of their popular TV franchises.
Written and directed by show creator J. Michael Straczynski and Executive Produced by Douglas Netter and J. Michael Straczynski, this made-for DVD movie is a spectacular vision of B5 and New York City in the 23rd century as it uses the most innovative filmmaking technology, which was unavailable during the original series.
On an immense space station built by the Earth Alliance, the crew of Babylon 5 is charged with maintaining the peace among the various alien races by providing a sanctuary where grievances and negotiations can be worked out among duly appointed ambassadors. Babylon 5: The Lost Tales picks up the dramatic series in 2271A.D, ten years after John Sheridan is appointed President of the Interstellar Alliance.
The Lost Tales follows Sheridan as he prepares for a fateful Babylon 5 reunion that could prevent Earth’s impending doom. Unfortunately, he is also forced to compromise his own principals in doing so. At the same time, commander Lochley confronts an unexpected interloper on the way station – a being whose presence makes the B5 freeport the crossroads between heaven and hell.