As part of their Peace Out tour, the iconic rock band, formed in 1970, will make 40 stops across North America.

The tour will begin in Philadelphia on September 2nd. The 40-city tour, which includes a New Year's Eve stop in Boston, will culminate on Jan. 26 in Montreal.

Perry believes the time has come to say farewell, especially since every founding member is above the age of 70. Tyler, 75, is the group's senior member.

Perry stated that the tour was their way of commemorating their 50th year on the road and that they weren't sure how long they would be able to do so.

Tyler and Perry stated the band is looking forward to delving into their extensive catalogue of rock classics such as "Crazy," "Janie's Got a Gun," and "Livin' on the Edge."

Aerosmith, which debuted in 1970, has won four Grammy Awards over the years. The band pushed the frontiers of rock and hip-hop with their epic collaboration with Run-DMC on "Walk This Way."

Aerosmith performed at the Super Bowl halftime show in 2001 and had their own theme park attraction at Disney World in Florida and then in Paris in 1999.

According to the band, Kramer has opted not to participate in the current dates of the next tour. He is still a member of the band, but the drummer is on leave.

Perry referred to Kramer as their brother. According to the band, his "legendary presence behind the drum kit will be sorely missed."

Before the 40-city tour concludes, Perry stated that additional domestic and international cities could be added.