The term "Beasties" is never used in the film, and is clearly designed to invoke Gremlins (which the box cites along with Back to the Future as influences), although the creatures are not the main focus of the film.
The film describes the carnage of extraterrestrial crafts landing on an area with many amorous teens. The plot deals with "Bionaut" (living) vessels, which have traveled back in time and have released small reconnaissance creatures that become violent when they get too far away from the Bionaut.
It was bought by David DeCoteau and 200 VHS copies were distributed in 1991. There were only 200 copies sold, before it was withdrawn for poor sales. Re-release to DVD 10/14/14 https://www.createspace.com/417464