As far as I'm concerned, none of the things stated in the "Ask and Answer" website are true. To begin with, it has already past 2009 and 2010, so there couldn't be much time to make a decent movie, let alone it's too late. Even if The Lion King IIII was coming out in 2012, you can never trust anything from an unofficial source. I've done a little research and it seems quite final that Disney will not be making an more sequels, or prequels, to The Lion King.
You should always refer to a Disney-run website that is official and provides the real deal for upcoming Disney films. Not everything you read is true; I am sorry to say, but this probably will only result in false hope. One reason why I don't believe that they are making a sequel/prequel to the movie: I simply don't want to believe in something that is most likely false.
Besides, the film creators didn't have enough to work on to create yet another plot; which probably explains The Lion King 1 1/2. If they created a sequel, Simba and Nala could be alive, but it's not like they're going to live forever; and I'm sure it would break the hearts of old and young alike to see their favorite character decease. In the same way, if they made a prequel, it would mean that there should be some happy ending; there always has to be. In every film there is a solution to the problem and everyone is happy. According to the comics/books, however, Scar was jealous of Mufasa and something {not necessarily clarified yet} gave him his Scar. It's not like Scar is going to get defeated twice.