Power Rangers movie will hit theaters on a July 22, 2016, release date, as confirmed by both Lionsgate and Saban Brands.

Ashley Miller, who worked on films like "Thor" and "X-Men: First Class," will collaborate with Zack Stentz to pen the script of the flick.

The official Power Rangers movie synopsis mentioned a "modern reinvention" of the original Mighty Morphin Power Rangers, where a group of high school students were permeated with extraterrestrial powers and must work together as a team to save the world.

In May, Lionsgate and Saban Brands inked a deal to bring the live-action series to the big screen once again.

In the official press release, the executives of both organizations expressed excitement over the reboot of the 90's well-loved television series.

"Lionsgate is the perfect home for elevating our Power Rangers brand to the next level," said Saban. "They have the vision, marketing prowess and incredible track record in launching breakthrough hits from The Hunger Games toTwilight and Divergent.

It continues, "In partnership with the Lionsgate team, we're confident that we will capture the world of the Power Rangers and translate it into a unique and memorable motion picture phenomenon with a legacy all its own."

Saban launched the Power Rangers franchise two decades ago, and has sustained its brand over the years with not only television series and movies, but with comic books, apparel, toys and video games.

"We're thrilled to be partnering with Haim Saban and his team to maximize the potential of this immensely successful and universally recognized franchise," said Lionsgate Chief Executive Officer Jon Feltheimer.

"The Power Rangers stories and characters have been embraced by generations of audiences for more than 20 years, and today they are more powerful than ever. We have the ideal partner and the perfect brand with which to create a motion picture event that will resonate with moviegoers around the world for years to come," Feltheimer said.

Director and cast selection is rumored to be announced later in 2014.

The original Mighty Morphin Power Rangers movie was released 1995.