November 26 [7:55 EDT] -- The gnashing metal purveyors known as Korn have added the title "record company CEOs" to their collective resume.

The band members are now the proud owners of Elementree Records, and recently signed their first act, a California act called Orgy. The group hopes to release Orgy's debut album next summer.

Meanwhile, Korn is also working on an album of its own, which should also arrive next summer, when the band hopes to tour with Orgy. The outing will mark the band's first round of dates since guitarist James "Munky" Schaffer contracted viral meningitis forcing the band to drop off of last summer's Lollapalooza tour.

Korn can also be heard on the soundtrack to the film "I Know What You Did Last Summer," which features the previously unreleased Korn cut, "Proud.