Silverchair [ tickets ], in the wake of its recent departure from Sony’s Epic Records, has signed on with a newly launched Australian indie label founded by the group’s manager. Epic, meanwhile, has announced plans to release a compilation album next month that will contain previously released material from the group.

Band manager John Watson announced on Saturday (11/11) the launch of Eleven: a music company, according to a statement posted on silverchair’s official website. In the statement, Watson describes the label as a “boutique operation” that currently boasts only silverchair and fellow Australian artist Paul Mac, who is also managed by Watson.

Last month, silverchair parted ways with Epic when its contract with the label expired. A message on the group’s website explained that the decision was reached because Epic “was unable to give the band the kind of future controls over their music which other labels are offering, so it was simply time to move on.”

The statement said that the group's arrangement with Eleven “sees silverchair forsaking the opportunity for windfall signing bonuses in exchange for longer term benefits such as ownership of their copyrights and complete control over the creation and marketing of their music.”

EMI Australia has landed rights to release and market works from the new label in Australia, New Zealand and South East Asia, according to the statement. For distribution outside of those areas, the band will sign a separate recording contract with a different company to be announced within the next two weeks.

Eleven’s first release will be an EP titled “I Can’t Believe It’s Not Rock,” which is a collaboration between Mac and silverchair singer Daniel Johns, according to the statement. The EP will feature five experimental home recordings by Mac and Johns that will be made available via the Internet on Dec. 1.

On Dec. 12, meanwhile, Epic plans to release “Silverchair: The Best of Vol 1,” an album that helps to satisfy the band’s recently expired contract with the label. The compilation comprises 13 previously released tracks, as well as 10 tracks and B-sides that have never been released in the U.S., according to a Sony spokesperson. Tracks include hits such as “Tomorrow” and “Freak,” as well as covers of Black Flag’s “Wasted” and “Fix Me,” and an acoustic remix of “Ana’s Song (Open Fire).”

Silverchair is scheduled to perform on Dec. 31 at the eighth annual The Falls Festival in Victoria, Australia, according to the group’s website. The band will also join Red Hot Chili Peppers in Brazil on Jan. 21 to perform on the last day of the upcoming Rock In Rio festival.

“Frogstomp,” Silverchair’s 1995 Epic debut, has been certified double-platinum by the Recording Industry Association of America for shipping over 2 million copies in the U.S. The group’s subsequent releases for the label--1997’s “Freak Show” and 1999’s “Neon Ballroom”--have both been gold-certified for shipping over 500,000 copies in the U.S.

The band will start recording its next album in 2001.