Imagi Animation Studios, the Hong Kong- and Los Angeles-based group behind TMNT, has acquired all rights to the screenplay Fluorescent Black, Variety reports.

The script written by sci-fi writer and maker of film shorts Matt Wilson, will first be adapted as a graphic novel to be illustrated by Nathan Fox with text by Wilson. The futuristic action story is set in Singapore and the Malaysian peninsula. The book is scheduled for completion by mid-2008 and will be featured on the cover of the July edition of Heavy Metal magazine. Imagi has not detailed its plans for a movie adaptation of the property.

Imagi is currently in production on two other adaptations of superhero characters, Gatchaman and AstroBoy. Flourescent Black marks the first time outfit has set its own material into development in the comic book sphere.

"We believe this project has the potential to become a huge cult phenomenon," said Galen Walker, Imagi VP of development and producer of TMNT.