Xethanol Corp. (AMEX:XNL)
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Xethanol Corporation (AMEX:XNL), a renewable energy company, today
announced that it has formed a new operating division, Global Energy
Systems, Inc. (GES). This new division will focus on the multi-billion
dollar markets in landfill gas to energy, waste to energy, utility
energy service contracts and Xethanol’s
existing biofuels-ethanol business.
Mike Ellis, formerly with Jacoby Energy Development, has been named
president of GES. Mr. Ellis brings 29 years of experience in the energy
sector to his new role. From 2003 to 2007 he was with Energy Systems
Group (ESG), a division of Vectren Corporation (NASDAQ:VVC), where he
opened the Atlanta Regional office and was responsible for over $65
million in sales of which the majority was in the renewable energy
sector. Prior to ESG, Mr. Ellis was with Southern Company (NYSE:SO) for
23 years. In 1996, Mr. Ellis was one of the founding executives of
Southern Company’s energy services company,
Southern Company Energy Solutions (SCES). Mr. Ellis led SCES to annual
sales of over $100 million before leaving in 2003 to join ESG. Mr. Ellis
has managed renewable energy assets and developed renewable energy
projects in High-BTU landfill gas, biomass, solar and gasification since
1996. His extensive experience in sales, management and operations,
along with his solid track record of growing energy services companies
and his expertise in structuring transactions in this sector, will be of
significance to the future growth of the company.
David Ames, President and CEO of Xethanol, said, “This
new division is a very important step for Xethanol’s
growth strategy. As we sharpen our focus on renewable energy, we will
also seek alternative energy acquisition opportunities consistent with
our stated mission. Mike Ellis will use his expertise and extensive
experience in the energy sector to seek out growth opportunities for us
as we seek to increase shareholder value.”
The expansion of the renewable and alternative energy sectors is a
natural progression for the company. Xethanol believes that the new
division can fuel the company’s future growth.
The company intends to work with key strategic industry partners on
existing and new energy production facilities.
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. Xethanol may invest in renewable energy and clean
technology, including biomass gasification for electricity production,
wind power, solar power, energy storage, energy infrastructure, energy
efficiency, waste recycling and agricultural processes.
Xethanol has research agreements in place, including several aimed at
efficient production of cellulosic ethanol. The company is working with
some of the nation’s leading scientific
institutions, including the National Renewable Energy Lab in Golden,
Colorado; Virginia Tech in Blacksburg, Virginia; the USDA Forest
Products Lab in Madison, Wisconsin; and the Energy and Environmental
Research Lab in Grand Forks, North Dakota.
For more information about Xethanol, please visit its website at http://www.xethanol.com.
Forward Looking Statements
Some of the statements made in this press release may constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
based on management’s current expectations and
include known and unknown risks, uncertainties and other factors, many
of which the company is unable to predict or control, that may cause the
company’s actual results or performance to
differ materially from any future results or performance expressed or
implied by such forward-looking statements. These statements involve
risks and uncertainties, including risks and uncertainties associated
with whether the new division will be successful in the businesses it
intends to pursue, whether the financing that may be necessary to pursue
those businesses will be available, and whether the company will achieve
its growth expectations. These risks and uncertainties are in addition
to other factors detailed from time to time in the company’s
filings with the SEC, including the section entitled “Risk
Factors” in its annual report on Form 10-K
for the year ended December 31, 2007. The company cautions investors
that any forward-looking statements made by the company are not
necessarily indicative of future performance. The company is not
responsible for updating the information contained in this press release
beyond the published date, or for changes made to this document by wire
services or Internet services.