Pete Wentz confirmed the signing of New Jersey-based Lifetime to his Decaydance label. Wentz explained the signing:

I am excited to announce that Lifetime has signed to Decaydance (FBR) records. mostly, because the world needs another Lifetime record. This is a partnership before it is anything else and I have an intense respect for this band. How they go about things will be unchanged whether they play 2 shows or 200 shows - or who they record with or what the new stuff sounds like.

I am a super fan and its exciting to have the chance to hear new songs! More than anything i hope new kids who are fans of bands from this scene can see where all of us got much of our influence from.

The band released two full lengths on Jade Tree, Jersey's Best Dancers and Hello Bastards , before splitting up to form Kid Dynamite, Zero Zero and Paint It Black. The band reunited last year, and has since been playing a number of shows. Last week, Jade Tree issued a compilation of early material from the band titled Somewhere In The Swamps Of Jersey.

Update: Both Lifetime and Pete Wentz have issued statements:

Lifetime:

Pete and Decaydance are giving us an opportunity to the make the record we want to make while still staying in control of our music and our lives. They are behind us as artists and because of that, we're backing them as a label.

Pete Wentz:

I am very excited to be a part of the future of Lifetime. Fall Out Boy would not be a band or have the sound that we do if it wasn't for them. I think it is important to for everyone to hear another Lifetime record. Besides the fact that I feel like a kid on Christmas just knowing one is coming out. This is a partnership. But make no mistake this will be a Lifetime record, unchanged and the way they and they alone envision it.