Showing he has relinquished little control of all aspects of the "Transformers" franchise, director and producer Michael Bay released a statement on Monday providing new details on the third installment of the Robots vs. Robots series.

Bay announced that Oscar winner Frances McDormand and John Malkovich will join the cast of "Transformers 3."  It appears McDormand will have an integral role in the film as the National Intelligence Director.  Malkvoich will play franchise lead Shia LaBeouf's first boss (whether he's already out of college is unclear).  Bay also disclosed that popular character actor Ken Jeong is on board and just in case you didn't know he who was, Bay describes him as, "the super funny actor stuck in the trunk from 'Hangover' and the Doctor from 'Knocked Up.'"

The populist filmmaker also revealed that the newest Autobot will be based on a Ferrari 458 Italia.

The Paramount Pictures production will begin pre-shoots in a month in multiple locales including Los Angeles, Chicago, Washington, D.C., Florida, Texas, Moscow and China.  "Transformers 3" was written by Ehren Kruger and is scheduled for release on July 1, 2011.

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