No Avatar Sequels Until 2014?

"Avatar" director, James Cameron has announced that he is not planning to make the back-to-back "Avatar 2 & 3" films until 2014. That really sucks! Cameron says that the first sequel won't come out until 2014.
He's right at this moment, in the middle of finalising the contract with Fox on the sequels. He is also writting a "Avatar" novel, which he explained, would take up a couple of years. Then after that, he'll move onto the big-screen sequels.