Xethanol Corp. (AMEX:XNL)
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Xethanol Corporation (AMEX: XNL), a renewable energy company, today
announced its subsidiary Southeast Biofuels LLC has entered into a
Cooperative Research and Development Agreement with the U.S. Department
of Agriculture's Agricultural Research Service (ARS). The agreement is
under the direction of Dr. Bill Widmer of the USDA-ARS Citrus and
Subtropical Products Laboratory at Winter Haven, Fla. His work focuses
on conversion of citrus waste to ethanol.
Widmer’s USDA research is the subject of the
April 2008 cover story in Biomass Magazine, called “Fresh-Squeezed
Feedstock.” The story explores the innovative
process developed by Dr. Widmer and Dr. Karel Grohmann -- showing how
citrus fruit waste can be turned into ethanol. The story explains to
readers, “Before you drink that next glass of
OJ, consider that half of the orange used to make that juice becomes
waste material.”
Xethanol’s Southeast Biofuels has the rights
to three patents pending concerning the work of Dr. Widmer. The article
reports the ethanol market in Florida is growing and the state will
continue to support waste to ethanol projects. Southeast Biofuels has
been awarded a grant of $500,000 by the State of Florida under its Farm
to Fuel Initiative.
As previously announced, Xethanol plans to build a demonstration plant
for converting citrus peel waste into ethanol. The company is
negotiating an agreement to locate the plant at an existing Florida
citrus facility owned by one of the largest citrus processors in the
world.
David Ames, the Company’s CEO commented, “Dr.
Bill Widmer has been at the forefront of researching the process of
converting citrus waste to ethanol so that it can be economically
feasible.” Added Mr. Ames, “We
look forward to continuing our collaboration with Dr. Widmer and the
USDA-ARS Citrus Lab.”
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 is focusing on 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 and when the research described
above will enable ethanol to be produced from citrus peel waste in a
demonstration plant and then on a commercial scale; and financing and
building a demonstration plant for converting citrus peel waste into
ethanol, such as obtaining the required debt and equity financing,
construction costs and delays and the implementation of new technology
on a larger scale in a demonstration plant. 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.