Xethanol explores growth opportunities in California's ethanol market
NEW YORK , February 7, 2007 (press release) – Xethanol Corporation (OTCBB:XTHN - News), a biotechnology driven ethanol company, announced today that it has hired Christopher Dillow, a Newport Beach based venture capitalist, to explore strategic growth opportunities for Xethanol in the large and expanding California ethanol market.
Christopher d'Arnaud-Taylor, Xethanol's Chairman and Chief Executive Officer, commented: "As we are currently focused on our east coast regional roll-out, we are not yet ready to tackle the California ethanol market. However, now is the time to develop our market penetration strategy in that region. We have therefore hired Christopher Dillow to assist Xethanol in gaining greater visibility in the California market and to identify and evaluate potential strategic partners for us to team with. We have enjoyed an extensive and productive working experience with Christopher and we are delighted to formalize this relationship for California."
Mr. d'Arnaud-Taylor continued: "California's demand for ethanol is about one third of the current US market. Almost all of the 900 million gallons of ethanol consumed in California in 2004, equal to more than $1.3 billion, was imported by rail or ship, mainly from Corn-Belt ethanol producers. California presently hosts production of only 8 million gallons per year at two small-scale operations, although there are ambitious plans to build several more plants that will primarily use corn as feedstock. We expect that California will be a huge opportunity for us to deploy cutting edge technologies for the conversion of low cost biomass and other waste streams to ethanol."
About Xethanol Corporation
Xethanol Corporation's goal is to be the leader in the emerging biomass-to-ethanol industry. Xethanol's mission is to optimize the use of biomass in the renewable energy field and convert biomass that is currently being abandoned or land filled into ethanol and other valuable co-products, especially xylitol. Xethanol's strategy is to deploy proprietary biotechnologies that will extract and ferment the sugars trapped in these biomass waste concentrations. Xethanol's strategic value proposition is to produce ethanol and valuable co-products cost effectively with ethanol plants located closer to biomass sources. In Iowa, Xethanol owns two ethanol production facilities, where it is deploying these technologies. For more information about Xethanol, please visit its website at http://www.xethanol.com.
Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Certain matters discussed in this press release are "forward-looking statements." These forward-looking statements can generally be identified as such because the context of the statement will include words, such as "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe Xethanol's future plans, objectives or goals are also forward-looking statements. These forward- looking statements are not historical facts and are only estimates or predictions. Such forward-looking statements are subject to certain risks and uncertainties, including the financial performance of Xethanol, which could cause actual results to differ materially from those currently anticipated. Although Xethanol believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it cannot give any assurance that their expectations will be attained. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating any forward-looking statements. Certain factors could cause results and conditions to differ materially from those projected in these forward-looking statements. These factors are not exhaustive. New factors, risks and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. These forward-looking statements are only made as of the date of this press release and Xethanol does not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
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