Snipes has quite a cast lined up, including appearances by fighters and martial artists like Chuck Norris, Chiba, Frazier, Gracie, Hung, Inosanto, Jaa, Rhee, Kim, Lee Mosely, Bob Wall, Rampage, Anderson Silva and Ron Van Cleff. Basically, all your favorites. The report from Variety also mentions the Rock Steady, the Jabbawakkies and Quest Crew, three acts that suggest this might also be... a musical? Tayrona Media Group is producing, and they've only been responsible for a couple of direct-to-DVD actioners recently (notably "Havana Heat" starring the unstoppable duo of Michael Dudikoff and... Joey Lawrence!), so don't count on this showing up on a big screen anytime soon.
That said, a 2011 "release" is being eyed. Amusingly enough, no director has been named in this initial report, perhaps because a director really doesn't matter.