According to an interview, after completing "Hard Target", John Woo was doing pre-production work on a film called "Tears of the Sun" which was an adventure film set in the Brazilian rainforest. When the plug was pulled, Woo moved on to other projects. The script was eventually optioned for possible use in the fourth installment of "Die Hard". Where it's going now is anybody's guess.
Update 2003/03/20: Actually, it ended up as a film directed by Antoine Fuqua and starring Bruce Willis and Monica Bellucci.