Here's a snip from the release: "Road to Purgatory will follow the character of Michael Sullivan, Jr., the son of Tom Hanks' character in the original film, who returns from World War II with a new determination to avenge his murdered father. His quest ultimately leads him to Frank Nitti, whom he is urged to kill on the orders of Al Capone. The second sequel will follow Sullivan's continued plight."
Looks like the third film will be called Road to Paradise, and that the second film will be dedicated to the memory of Paul Newman. Classy move. And since the franchise is now in the hands of the man who wrote the source material, we can move forward with some confidence that the follow-ups will be worth seeing. More on these sequels as info becomes available.