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Jimmy EnslashayIt's confirmed that Tool are releasing a new album, and it is highly possible that it will be released in May. There has been a lot of angered fans that have lashed out at Maynard, claiming that he's focusing too much on A Perfect Circle, and if I'm not mistaken, he replied telling the fans that he is, in fact, spending more time with APC currently.
I think the word "currently" is a glimmer of hope. Besides, I just think this is how Maynard is deciding to work: creating speculation of moving off from Tool, and coming back with a surprise album. I personally believe that he will come back and spend more time with Tool after the release. I suppose it's not easy coping with demand for two bands with such large followings.
Anyway, that date is not official, as far as I recall. However, it is a most likely date for the release.
Yes, the new album has been been mastered as of last month, although an official release date hasn't been given yet. People close to the band do expect it to be out sometime this year, with most sources saying that it will be near May as you indicated, which usualy tends to be the month most bands like to release new albums.
As for the time spent away from TOOL. It was mainly due, as far as I can understand, to contract problems with TOOL and their original lable. Apparently the company never had a renewal option on their original contract... As a result, we almost never got Lateralus at all. At any rate, with these conflicts and still full of creative juices, Maynard had little or no option but to seek employment elsewhere... as did the other members of the group with side projects. Maynard's only problem was that he was blessed/cursed with, as you said, two bands that grew large and devoted fan bases... Though given the choice, I think 90% of APC's fan base would choose to have TOOL over APC if one of the bands had to go away for a while.
All that to say that they've settled their differences with the lable and are now back at doing what they do best... Making great music... Though many srouces say a "sound" change may not site well with hard core fans. However, I'm thinking it'll be a little more APC, due to the airplay that the band has enjoyed since Maynard started to play with them as well. Keep your fingers and toes crossed that it makes it out on time...
P.S. Check out Wikipedia for tons of info on the band... Really good read.