That Sinking Feeling, made by renowned Gregory's Girl director Bill Forsyth, was filmed in Glasgow in 1979 on a meagre £5000 budget.
Members of the Glasgow Youth Theatre made up the majority of the cast and included a small part for John Gordon Sinclair, who went on to star in Gregory's Girl.
More than three decades later, the flick is to be brought back into circulation with the authentic speech reinstated.
The previous DVD release was based on the US cinema version of the film which had the original audio re-recorded, the music changed and local references, including Irn-Bru, replaced.
The new version will be launched at a special screening at the revamped Glasgow Film Theatre next week, attended by members of the original cast including Robert Buchanan.
The British Film Institute and director Bill Forsyth worked together on the project, determined to restore its authenticity.
BFI DVD producer Douglas Weir said: "The BFI felt it was important to preserve the film and present it on Blu-ray and DVD exactly as it would have been seen when first screened at the Edinburgh Film Festival in 1979.
"Not only is That Sinking Feeling the first indigenously funded Scottish feature, but it's also the first film by one of the most important British filmmakers of the last 35 years - Bill Forsyth.
"The altered dialogue track ruined the pacing of Bill Forsyth's fantastic script by changing local references and slang which in turn made a lot of the gags fall flat.
"The original Glaswegian track has now been returned and the film can be enjoyed in its original form for the first time in many years."
The release comes in a dual disc format and contains extra features including audio commentary by Bill Forsyth and film critic Mark Kermode, one of its most high-profile fans.
Tickets for the GFT screening on Tuesday, at 6.30pm, are on sale now at www.glasgow film.org/theatre or from the box office.