Xethanol Announces Final Approval of Settlement Agreement of Class Action Lawsuits

  
    
  
  
    
      Xethanol Corporation (AMEX: XNL), a renewable energy company, announces 
      that on October 6, 2008, the United States District Court for the 
      Southern District of New York approved the settlement agreement 
      negotiated between Xethanol and a class of plaintiff shareholders who 
      had sued the company on October 24, 2006. The Final Approval Order also 
      dismisses the action, which is now concluded.
    
    
      The settlement agreement was reached on November 28, 2007 during a 
      mediation overseen by a retired United States District Court Judge in 
      West Palm Beach, Florida, and attended by counsel for plaintiffs, 
      counsel for the company and the individual defendants and counsel for 
      the company’s insurance carriers.
    
    
      David Ames, President and CEO of Xethanol stated, “We 
      are very pleased that the court has approved the settlement and that 
      this matter is now behind us.”
    
    
      About Xethanol Corporation
    
    
      Xethanol Corporation is a renewable energy company focused on alternate 
      energy products and technologies as well as producing ethanol and other 
      co-products. For more information about Xethanol, please visit its 
      website at http://www.xethanol.com.