Back in May, we got our first look at director Todd Phillips' new movie Arms and the Dudes, starring Jonah Hill and Miles Teller. Today, Warner Bros. has unveiled the first trailer and poster, giving this true-life tale the new title War Dogs. This project marks the first from the production company Joint Effort, which was formed by director Todd Phillips and Bradley Cooper, who can be spotted in the trailer during a casino scene.

Based on a true story, War Dogs follows two friends in their early 20s (Jonah Hill and Miles Teller) living in Miami Beach during the Iraq War who exploit a little-known government initiative that allows small businesses to bid on U.S. Military contracts. Starting small, they begin raking in big money and are living the high life. But the pair gets in over their heads when they land a 300 million dollar deal to arm the Afghan Military-a deal that puts them in business with some very shady people, not the least of which turns out to be the U.S. Government.

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The film also stars Ana de Armas and Oscar nominee Bradley Cooper (American Sniper, American Hustle). The screenplay is by Stephen Chin and Todd Phillips & Jason Smilovic, based on the Rolling Stone article titled Arms and the Dudes by Guy Lawson. Mark Gordon, Todd Phillips and Bradley Cooper are the producers, with David Siegel and Bryan Zuriff serving as executive producers.

War Dogs reunites Todd Phillips with several of his collaborators from The Hangover trilogy, including director of photography Lawrence Sher, production designer Bill Brzeski and editor Jeff Groth. Joining the team is costume designer Michael Kaplan (Star Trek, Star Trek Into Darkness). The music is by Cliff Martinez (Drive, Traffic).

Warner Bros. Pictures' War Dogs has been given an August 19, 2016 release date, where it will go up against Focus Features' animated adventure Kubo and the Two Strings and STX Entertainment's sci-fi adventure The Space Between Us. In addition to the trailer, we also have the first poster for War Dogs, which you can check out below the first footage. Do you think War Dogs has what it takes to become a late summer hit at the box office? It stands a better chance than Miles Teller's last big August release Fantastic Four, right?

War Dogs Poster