Lionsgate has acquired the talents of "Project Almanac" director Dean Israelite to lead the "Power Ranger" reboot film.

A report from Variety claims that Israelite "blew away studio execs" with his presentation despite being a newcomer in the industry with only one film to his credit. It can all be attributed to his work in "Project Almanac," whose plot is similar to the original "Power Rangers" storyline.

The movie's official plot summary appears below via Screen Rant:

"From a story by Executive Producer Roberto Orci (TRANSFORMERS, STAR TREK, AMAZING SPIDER-MAN 2) and screenwriters Zack Stentz and Ashley Miller (X-MEN: FIRST CLASS, THOR) comes a modern reinvention of the Mighty Morphin Power Rangers, a group of ordinary high school kids who find themselves infused with extraterrestrial powers and must harness those powers as a team to save the world." 

"X-Men: First Class" writers Zack Stentz and Ashley Miller are working on the movie's script with Alison Shearmur, Brian Casentini and Haim Saban of Saban Enterntainment, the production that housed the TV series. 

The movie will be a retelling of the "Power Rangers," a group of ordinary high school students who are given special powers to defend Earth from sinister alien forces.

The franchise gained prominence in the early 90's, airing in Fox Kids TV in 1993. The TV series' success spawned a feature film called "Mighty Morphin Power Ranger: The movie," to years after the series aired. A sequel, "Turbo: A Power Rangers Movie" followed in 1997.

The TV series ran until 1996, featuring new characters and vehicles, changing its subtitle every season.

"Power Rangers" is loosely based from a similar Japanese franchise titled "Super Sentai Series." As a way to reduce costs in production, the U.S. version recycled footage from the Japanese show.

The film has been given a Jul. 22, 2016 release, facing with Guy Ritchie's retelling of "King Arthur" on the same date.