In the announcement it said that the movie is currently in pre-production, which means the ball is finally rolling.
According to a breakdown of the movie-making process on slideshare.com, pre-production is the phase where producers and executives begin to get things lined up so the movie can be made. This process includes assembling a crew, picking the cast, costume design, scouting for shooting locations and putting together a storyboard.
This is a very important step in the movie-making process. This is also the phase casting news should be announced to the public which means... fans should be getting official casting news soon, any day now.
According to several rumors, "Fifty Shades of Grey" is scheduled to begin shooting in the fall. More than likely before they begin shooting they will reveal the cast. Since the casting call says the time to submit anything has closed that could mean they are narrowing down their choices and making a final decision.
After pre-production comes production. This is when the filming takes place and if we're lucky we'll get behind-the-scenes photos, trailers, posters, sneak peeks from the cast etc.
After that phase is post-production when the editing and perfection takes place and then the movie is released!
It sounds like a lot but it's probably going to be a lot of fun. E.L. James is known for teasing her fans and the things that will be "leaked" during the next couple months will definitely keep fans anxiously waiting for the movie. Make sure to continue checking HNGN for all your "Fifty Shades" news.