Believe or not, this is actually THE PRIMEVALS.
At one point, during pre-production for the '90s version, it was going to be a Moonbeam title. Not sure if that would've been a wise move, though: the story on the brochure still reads like the original treatment that Allen envisioned in the 70s/80s, and I don't think anything in terms of violence/action would've changed. I don't think parents would've taken kindly to their children watching aliens experiment on humans.
The only two reasons I could see them doing this as a Moonbeam release is:
1. The origins of the film spawning in the 70s, resulting in a nostalgic Ray Harryhausen-esque adventure tale, and...
2. Reportedly, the kids/family films had larger budgets than the typical Full Moon projects. An average Full Moon movie was budgeted at $1.5-2 million, but they were willing to spend up to $5 million for Moonbeam titles (taking a look at this film's deeply troubled history of getting off the ground, it does seem smart to get it going in the easiest way possible, and for as much as an investor was willing to put towards it).
With all that being said, I'm not sure if the film moved forward into filming as a Moonbeam production or if it just became a standard Full Moon project. We all know that post-production is still left unfinished, so the latter seems likely, but the split with Paramount could also be a factor.
"I saw this on Springer the other day!"