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From the liner notes

Taoist priests Pak (Liu) and Hak (Terry Fan) have been competing with each other for leadership of their school by using various sorceries. But when their battle accidentally awakens the King of the Vampires, who has laid dormant for a thousand years, Pak and Hak must unite and use the 5 Elements Formation to stop the demon and his army of darkness. Will their powers be enough to defeat this invincible immortal?