UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 25, 2008
Xethanol Corporation
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
000-50154 | | | | 84-1169517 |
| (Commission File Number) | | | | (IRS Employer Identification No.) |
1185 Avenue of the Americas New York, New York | | | | 10036 |
| (Address of Principal Executive Offices) | | | | (Zip Code) |
(646) 723-4000
(Registrant’s Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events.
On December 18, 2007, Xethanol Corporation (“Xethanol”), the registrant, previously announced in a press release that its subsidiary Southeast Biofuels LLC filed a grant application with the Florida Department of Agriculture and Consumer Services to expand the company’s work on converting waste to energy, using citrus waste as the raw material and converting it into ethanol. On January 22, 2008, the Florida Department of Agriculture and Consumer Services approved a $500,000 grant to Southeast Biofuels. A copy of the press release issued by Xethanol on January 25, 2008 announcing the approval of a $500,000 grant to Southeast Biofuels is attached to this Current Report on Form 8-K as Exhibit 99.1.
Xethanol intends to build a demonstration plant for converting citrus peel waste into ethanol. Xethanol 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 $5,900,000.
The Xethanol citrus-to-ethanol project began with a Cooperative Research and Development Agreement with the U.S. Department of Agriculture's Agricultural Research Service (ARS) in 2004 at the USDA-ARS Citrus and Subtropical Products Laboratory in Winter Haven, Florida. The agreement is under the supervision of research chemist Dr. Bill Widmer of the USDA-ARS Citrus Lab. The results of citrus research done by the USDA were transferred to Southeast Biofuels LLC, by Renewable Spirits of Delray Beach, Florida. Renewable Spirits owns 20% of Southeast Biofuels.
All statements in this Current Report on Form 8-K that do not directly and exclusively relate to historical facts constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on Xethanol’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 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.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| 99.1 | Press release issued by Xethanol Corporation on January 25, 2008. |
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| | Xethanol Corporation |
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| Date: January 25, 2008 | By: | /s/ David R. Ames |
| | David R. Ames |
| | Chief Executive Officer and President |
