I think it's a safe bet that it will get released, but there's no announcement yet.
The series pretty much died after the pilot was shown opposite a big football game that was delayed, and the ratings, although not really that bad, were not high enough to satisfy the skiffy channel.
Some fans also think the pilot sucked.
EDIT: The ratings WERE bad, but they shouldn't expect it to remain on the 1.7 level of the pilot. Wasn't the ratings OK in other time zones/re-runs?
EDIT: Here's the JMS post about B5LR and the movie set: post