Queensryche and Geoff Tate have officially announced a settlement in their long-running battle over the band's name.

The joint statement from both sides says, "We wanted to let Queensryche fans around the world know that an amicable settlement has been reached between Eddie Jackson, Scott Rockenfield, Michael Wilton and Geoff Tate with regard to the future of the Queensryche name."

The agreement says that the group, with Todd LaTorre on vocals, will record and tour as Queensryche. Tate will perform, record and pursue "other creative endeavors" without using the Queensryche name. But he will have the exclusive right to perform the band's concept albums Operation: Mindcrime and Operation: Mindcrime II.

Guitarist Michael Wilton tells the Seattle Times the band is very happy to move. He says the settlement means "the rebirth of Queensryche and the way it used to be. We’re rebuilding the Queensryche name.”

Tate is also pleased, explaining that, "They bought the name from me. But I retain Operation Mindcrime. It’s sort of similar to the Pink Floyd situation where Roger Waters retained The Wall. Mindcrime was my thing and my story, so it’s appropriate that I keep that. So they will continue on as Queensryche, and I will continue on as me."

Tate says he'll do a brief Queensryche "farewell" tour this summer before launching the next chapter in his career.

Click here to win tickets to see Queensryche featuring Geoff Tate at Bogart's May 14!