Xethanol Corporation, formerly known as Zen Pottery Equipment, Inc., incorporated on January 24, 2000, produces ethanol and its co-products. The Company owns the Permeate Refining facility located in Hopkinton, Iowa, which consists of a 25,000-square-foot ethanol plant, and it also owns the Xethanol BioFuels facility located in Blairstown, Iowa, which consists of a 24,728-square-foot ethanol plant on 25.5 acres of land. Each plant also includes warehouse and distribution facilities. On February 2, 2005, Zen Acquisition Corp. and a wholly owned subsidiary of Zen Pottery Equipment, Inc. (Zen), merged with and into Xethanol Corporation (Old Xethanol). As a result of the merger, Old Xethanol became a wholly owned subsidiary of Zen and changed its name to Xethanol BioEnergy, Inc., and Zen discontinued its business and succeeded to the business of Old Xethanol as its sole line of business. Following the merger, Zen changed its name to Xethanol Corporation. On August 15, 2005, the Company acquired Xylose Technologies, Inc. Xylose Technologies owns certain rights to commercialize technology based on research done by the United States Department of Agriculture's Forest Products Laboratory, which has developed a genetically engineered xylose fermenting yeast strain that provides enhanced ethanol production from xylose. On January 11, 2005, Xethanol Corporation acquired Superior Separation Technologies, Inc. Superior Separation owns the rights to a technology developed by the National Renewable Energy Laboratory (NREL) for the enhanced separation of biomass feed stocks into their constituent fractions to facilitate subsequent conversion into ethanol and xylitol. As of December 31, 2005, the Permeate Refining plant had a capacity of 1.6 million gallons of ethanol per year. As of December 31, 2005, the Xethanol BioFuels plant had a nameplate production capacity of approximately 5.5 million gallons of ethanol per year. The Xethanol BioFuels plant using corn as its feedstock. The Xethanol BioFuels plant is producing approximately six million gallons of ethanol per year. In addition to ethanol production, the Xethanol BioFuels plant also produces distiller's wet grains, which is a by-product of the corn-to-ethanol process. The Company sells the ethanol from its Xethanol BioFuels plant under a marketing agreement with Aventine Renewable Energy, Inc. Aventine purchases all of Xethanol BioFuel's ethanol production under a renewable three-year, off-take agreement. Distiller's wet grains produced at the Xethanol BioFuels plant are sold into the animal feed market through a marketing agreement with a local agent. The Company has also entered into a research and development alliance with Bio-Process Innovation, Inc. to commercialize certain rapid fermentation yeast technology under a grant from the United States Department of Energy. This technology also offers the capability to increase the capacity of existing plants by accelerating the fermentation and ethanol production cycle, and thereby providing additional throughput.

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