Exhibit 99.1

                                   Mark Austin

                                      March 27, 2005

The Board of Directors
Xethanol Corporation
1185 Avenue of the Americas, 20th Floor
New York, New York   10036

Gentlemen:

      I  hereby  resign  as a  member  of the  Board of  Directors  of  Xethanol
Corporation (the "Company"),  effective as of the close of business on March 27,
2005. I agree to remain as a member of the Xethanol's Advisory Committee.

      This  resignation  is not the  result of a  disagreement  with  management
regarding the operations, policies or practices of the Company.

                                                     Sincerely yours,

                                                     /s/ Mark Austin

                                                     Mark Austin