Sam Sherman and Sid Pink had announced plans for a sequel around 2001 or so, to be shot in Florida with a computer-generated monster, but plans fell through and Pink passed away not too long ago.
Before Pink died though, he had Gary Dohanish put together a demo to sell the movie to investors. Using photographs he had taken while in an airplane, Dohanish added a Reptilicus model to them. Below, courtesy of Mr. Dohanish's website we see what the pre-production model looked like. (Special thanks go Gfan516 for letting us know about these pics).