Synopsis: Plot will borrow elements from Warren Ellis' six-issue Iron Man: Extremis, which also influenced the first Iron Man installment, and focuses on the spread of a virus through nanotechnology. Ashley Hamilton ('Dancing with the Stars', 'Extra') will play a government cyborg named Firepower. The character is the pilot of an experimental armored suit under the secret mission dubbed Project: Firepower. He eventually uses the suit to battle Iron Man.
added verbatim from variety.com on May 29, 2012
Notes: Rumored to involve a Chinese-related storyline (due to the expected filming in the country and co-production/investment by Beijing-based DMG Entertainment). More specifically, the classic Iron Man enemy, the Chinese character Mandarin, might make an appearance in the third film (Hollywood Reporter, 4/16/12).
The creative production team on the film includes two-time Oscar-winning director of photography John Toll, ASC (Braveheart, Legends of the Fall), production designer Bill Brzeski (The Hangover, Due Date), editors Jeffrey Ford, A.C.E. (Marvel's The Avengers, Captain America: The First Avenger) and Peter S. Elliot (Fantastic 4: Rise of the Silver Surfer), and costume designer Louise Frogley (Quantum of Solace, Contagion").