The editorial board of the new Journal of K-Theory has put out a press release announcing the formation of the new journal. The journal will be published by Cambridge University Press. It will initially be owned by a private company, but ownership will be transferred to a non-profit foundation by 2009.
The press release also addresses the now-notorious backlog. Authors who had originally submitted to K-Theory can choose to have their manuscript remain at the new journal, or submit to another journal entirely.
The text of the press release was posted by AC at Noncommutative Geometry.