LoPresti notes that the band is “only raising a certain amount of money”: a total of $2 million. He explains that while there have been “indications of interest” from potential investors, “we are hoping that we will engage more people instead of less, because for the guys, it’s about the music and it’s about the fans.” A prospectus will be available to potential investors to help evaluate whether they want to participate.
An internal board of directors comprising drummer Scott Rockenfield, bassist Eddie Jackson and guitarist Michael Wilton and band counsel Thomas Osinski will oversee the corporation. They are currently seeking an independent auditor to join the board; LoPresti expects one will be named soon.
The corporate opportunity will officially be announced at the beginning of November. At the same time, Queensryche will also be launching a separate PledgeMusic initiative that will act as a pre-order campaign for the band’s next CD. However, money generated from fan buy-ins of the Queensryche corporation is a means of raising capital to give the group “the flexibility to do a lot of things,” says Rockenfield. He adds that the band has “a lot of big-picture stuff going on” that it hopes to do, such as “touring and being able to present ourselves in bigger ways.”
Editor's note: A previous version of this story incorrectly stated that Queensryche would use the PledgeMusic campaign to raise funds for its next CD.
An edited version of this story first appeared in the Nov. 8 issue of Billboard.