Billy Corgan says that there was a collective overreaction to his recent comments that Smashing Pumpkins will "step back and really evaluate where we're going" if the band's forthcoming 'Oceania' album "hits the same wall" that their other recent releases have hit. In other words, Smashing Pumpkins are not breaking up.

Many media outlets took his comments to and ran with them, suggesting the Pumpkins could potentially split if 'Oceania' doesn't sell well. But fans in the Pumpkins patch can rest easy: the band isn't going anywhere.

"I would say those reports are irresponsible," Corgan tells, a "positive news blog" about the band. "We are very happy together as a band and as friends, and there are no plans to disband, nor any discussions about disbanding. My point was if 'Oceania' is not well received, it would be time to change our focus as a band. I have plenty of projects that have been sitting on the shelf for awhile that I’d be more than happy for us to get into."

'Oceania' was originally not expected until sometime next year, but it's been pushed up and may be "available to be heard in November," Corgan told So, what's 'Oceania' sound like? "The general description I've heard from people who have heard it is that it reminds them of the Pumpkins in the way they like the Pumpkins, but somehow it sounds new," he says. "So there's a familiarity, but everybody says, 'OK, it does sound new. It doesn't sound like they went back to their old sound.'"

As for those projects "sitting on the shelf," Corgan isn't very forthcoming with information. But one Pumpkins project that's already being rolled is something called 'Teargarden By Kaleidyscope,' a sprawling, high-concept offering of 44 tracks that are being released online in a scattershot style. About a dozen already have surfaced.

Corgan hopes that the more traditional 'Oceania' release will draw attention to 'Teargarden,' and from there, there's no telling where the momentum will take the band. "We feel pretty confident ['Oceania'] is going to help make the progression of 'Teargarden' make sense to people," he said. "If we're able to get that sense that something is happening again and get people to rally behind us a bit, I think the next three, four years will be very interesting for the band.