09/10/2013 06:13 EDT | Updated 11/10/2013 05:12 EST

New Anne of Green Gables film announced

A film based on the Charlottetown Festival stage show Anne of Green Gables: The Musical was announced Sunday at the Toronto International Film Festival.

The production company Film Farm, along with Side Road Media, said the project is in its early stages, but they have decided to shoot it in P.E.I.

The film's producer, Kelley Harron, is the daughter of one of the musical's co-authors, Don Harron. Harron said they hope to recruit a Canadian filmmaker for the project.

The musical is based on the 1908 book by Lucy Maud Montgomery, which has sold 50 million copies and has been translated into more than a dozen languages. Harron said that will give the film a worldwide audience.

"It's number 11 of all-time children's books in the world," said Harron.

"Being Canadian you kind of forget how Lucy Maud Montgomery made a legacy around the world with this beloved, iconic character. So it's super exciting."

The CEO of the Confederation Centre of the Arts was thrilled to hear the news, and she expects the Charlottetown Festival production will benefit.

"The more people that know about Anne of Green Gables: The Musical, the more people will want to come and see it," said Inman.

"Film is quite different from stage so we think the impact will be very, very excellent."

No release date has been set. The Confederation Centre isn't sure whether it will have any direct involvement in the project.