I'd like to know this myself.
Apparently, all rights are in the Warner Bros' hands at the moment, so whatever the reason, it's on their side.
This site chronicles the fans' campaign for the DVD. As you see, the last update is sadly from February, but at least it's a positive one (if based entirely on hearsay). Damn, I so want this movie.
Keep in mind that all news on that are rather unofficial (I don't think anyone would care to sustain such a long-running lie about the release of relatively little-known film, but still).
