Fast and Furious 7 production has been officially put on hold in the wake of Paul Walker's death in tragic car crash on November 30, 2013.

In a media statement released yesterday, Universal Pictures announced, At this time, we feel it is our responsibility to shut down production on Fast & Furious 7 for a period of time so we can assess all options available to move forward with the franchise.'

The statement also read, 'We are committed to keeping Fast & Furious fans informed, and we will provide further information to them when we have it. Until then, we know they join us in mourning the passing of our dear friend Paul Walker.'

Fast and Furious 7 release date was scheduled to be July 11, 2014 and the speculations regarding the delay in production and release had started as soon as the news of Paul Walker's death broke out. Universal Pictures has not indicated whether the movie will release on the stipulated date or not.

Meanwhile, the Fast and Furious franchise released the Paul Walker Tribute Video 'In Loving Memory' of the late Brian O'Connor actor.

The video, that was released on YouTube, is a memorable journey of Walker's most famous scenes from the high speed car film series. The video is set to the tune of 'I'm Coming Home' and went viral amongst Paul Walker's fans within minutes of its release.

The tribute portrays the entire Fast and Furious crew as one big family, who held hands and went through the ups and downs together. Vin

Diesel's character Dominic Toretto's famous quote from Fast Five ended the video on the most apt note: "The most important thing in life will always be the people in this room," Toretto says. "Right here, right now. Salute, mi familia."

Watch the Paul Walker Tribute Video here: