Xethanol Announces Receipt of Grant for Citrus Waste to Cellulosic Ethanol Production
25 Janeiro 2008 - 11:30AM
Business Wire
Xethanol Corporation (AMEX: XNL), a renewable energy company, today
announced that its subsidiary Southeast Biofuels LLC has received a
$500,000 grant from the Florida Department of Agriculture and
Consumer Services. Xethanol will use the grant to expand its work
on converting waste to energy, using citrus waste as the raw
material and converting it into cellulosic ethanol. 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 citrus facility in Florida owned by one of the
largest citrus processors in the state. The planned cost for the
two-year build-out of the demonstration plant is approximately $5.9
million. David Ames, President and CEO of Xethanol commented, �We
are delighted to have received the grant from the Florida
Department of Agriculture and Consumer Services, which we believe
validates our research efforts to convert waste to energy.� Mr.
Ames added, �Xethanol is extremely enthusiastic to take this
project forward with the USDA and the state of Florida.� 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. 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 obtaining the grant described and building a
demonstration plant for converting citrus peel waste into ethanol,
such as construction costs and delays and the implementation of new
technology on a larger scale in a pilot 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-KSB
for the year ended December 31, 2006, as amended. 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.
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