Saw a note in this article with John Travolta and Denzel Washington about a second "The Punisher" movie in the works. However, it looks like John Travolta will not be in this one. He was pretty good in the other one, and will be missed. I can't recall if his character was killed in the other one or not. It's been awhile since I saw it last.
Anyway, look closely in the second paragraph of the article to find the info about "The Punisher" movie:
http://movies.msn.com/movies/hitlist/10-30-07_4