CP Global, the parent company of Michael Cerenzie and Christine Peters' Cerenzie-Peters Productions, has signed a first-look deal with Japan's Formula Entertainment.

CP Global and Formula chief Daisuke 'Dais' Miyachi and CP are preparing to adapt John Woo's 1986 crime drama A Better Tomorrow and are in talks on developing two manga properties.

Cerenzie will help Miyachi launch Formula's Los Angeles office and the partners are currently in the process of interviewing staff.

'Essentially, the idea is to use Dais' insight to produce American content that is better received in these territories,' Cerenzie said. 'In turn, we use our insight to provide Formula Entertainment with more American content. Ultimately, this is a co-beneficial approach that considers the shrinking gap between the countries in terms of media content.'

'The world isn't growing,' Peters said. 'It's the same size now as the day it came to be. The fact is that we all have something to learn from another and such is the case here. I have total faith in Dais as his track record proves. If we have learned anything from the recent increase in Asian horror films, it's that other cultures provide financially viable content for the American film Industry.'