imdb board post suggests that he-man.org has confirmed this movie isn’t happening:
It is very confirmed from he-man.org that this movie isn’t happening. There is hope that one day it will happen, but it won’t come out in the next few years. If it does happen, it will come out in 2010 or 2011.
this is posted with no reference link, and searches of the last 6 months of archives on he-man.org show no such confirmation.
this news post has a little more detail:
Just got back from karate practice. A guy at my xxxx, xxxx, is a casting agent. He was doing some casting for John Woo’s U.S arm last year – something called “Spy Hunter” and a film based on the “He-Man” comics. Anyway, just wanted to let you know that – well, he says – those films are not getting up “anytime soon”, because 1) the studio got cold feet on both 2) Woo has gone onto other projects.