Set in the near future, Lockout tells the story of a falsely convicted ex-government agent (Guy Pearce) whose only chance of freedom is to accept a dangerous mission to rescue the president's daughter (Maggie Grace) from rioting prisoners at an outer space maximum security prison.
"Luc and I, and everyone at EuropaCorp, are thrilled there is a new and exciting distribution company in the U.S. We have great respect for Peter and the team, and this deal is about friendship and creativity," EuropaCorp co-founder Pierre-Ange Le Pogam said.
EuropaCorp began pre-selling foreign rights to Lockout at the Cannes Film Festival's market in May -- most territories were sold out by the time of the Toronto fest in September.
"I'm glad to be in business with guys who produce, finance and distribute their own movies. It makes me confident that they are going to deliver a commercial picture, since they have to distribute it themselves," Schlessel added.
Production is set to begin early next year. Lockout will release the first quarter of 2012.