Well Go USA has acquired North American rights to Ip Man and Ip Man 2 directed by Wilson Yip and starring Hong Kong action idol Donnie Ye.

Ip Manis a biopic based on the life of Ip Man, a grandmaster of the martial art Wing Chun, and the first person to teach Wing Chun openly. He was also teacher and mentor to Bruce Lee.

Well Go USA plans a theatrical release in early 2011, following the home entertainment rollout this year. Well Go USA said Ip Man grossed more than $21m in Asian theatres and Ip Man 2 will open in theatres there on April 29.

Ip Man is an amazing story and the film has had such a phenomenal response overseas from critics and audiences alike that I am so proud to be able to bring it to the American audience,” Well Go president of home entertainment, Doris Pfardrescher said.

“This acquisition is a big move forward for Well Go USA especially as the popularity of Asian cinema continues to grow in North America.”