EXCLUSIVE: Act Of Valor director Scott Waugh is set to helm Outlaws Inc., a fact-based drama about military men who turn to mercenary work. The script is by Banshee co-creator David Schickler, and it’s set with Thunder Road and Fundamental Films, with Basil Iwanyk and Mark Gao producing. Gao is the chairman and founder of Fundamental Films, which will fully finance the film.

Waugh told a grounded story in the sleeper hit Act of Valor using real Navy SEALs, and he followed by directing Need For Speed at Disney. Outlaws Inc. is based on a true story penned by journalist Matt Potter. He documents his exploits following a gang of military men, who find themselves without work or prospects in the 1990s, and buy a decommissioned plane to start an international cargo delivery business. In keeping with the other films directed by former stuntman Waugh, this one also will be heavy on action.

“Scott Waugh is one of the smartest and most inventive action directors working today,” Iwanyk said. “We are thrilled to have him join Outlaws Inc. to make a big, fun, commercial film.” Iwanyk produced the Denis Villenueve-directed Sicario, which premiered at Toronto and also has the Alex Proyas-directed Gods of Egypt for Lionsgate’s Summit, and a sequel to John Wick that begins shooting in the fall.

Fundamental Films, part of the Chinese film distribution giant, continues to branch out in the funding and co-production of big movies for the global marketplace. That includes Luc Besson’s Valerian, Replicas with Keanu Reeves, Transporter Refueled and the Matthias Hoene-directed Warrior’s Gate. Fundamental’s Gregory Ouanhon and Thunder Road’s Erica Lee will be exec producers, and FF’s Gary Glushon is overseeing development. Waugh is repped by WME and attorneys at Bloom Hergott Diemer.