Matt Hannan returns under the direction of Gregory Hatanaka (Mad Cowgirl); the cast includes Bai Ling, Robert Z'dar, Joe Estevez, and Tommy Wiseau (The Room).
I'm not sure the plot matters too much, but here's the official description:
It's 25 years later, and Detective Frank Washington is forced to team up with his long estranged partner Joe Marshall to solve a series of assassinations.
You can watch the trailer below, and also get examine the new poster in all its glory (click to expand and see the big version).