Sounds somewhat like The Blade Trilogy doesn't it?
The film was originally a vehicle for Chinese star, Chow Yun-Fat of Crouching Tiger, Hidden Dragon and Pirates of the Caribbean fame, amongst many other notable titles. But apparently, nothing came of his involvement. I wonder why...
Anywho... looks like the film may get a theatrical release after all. According to the film's financial backer, Snipes's recent public tax woes have given the star and the film some much needed, unexpected, free press! No idea when it'll be released, and by whom. Although Lions Gate (home to Tyler Perry's library of work) does own USA home video (DVD) rights. You can check out the film's official website HERE and read all about it and more.
Here's the just released trailer: