"In acquiring ABGT, Xethanol's objective is to provide a lower cost alternative to steam boiler power generation with a small footprint waste-to-energy technology utilizing low-cost biomass feedstocks and waste streams," said Mr. Christopher d'Arnaud-Taylor, Chief Executive Officer of Xethanol. He added, "Creating energy from industrial and biomass waste such as lignin, a byproduct of cellulosic ethanol production, and is a critical component of our business model most especially in light of the high cost of oil and natural gas."Mr. d'Arnaud-Taylor continued, "This acquisition establishes a strategic alliance between Xethanol and EERC, a leader in the field of gasification, and represents a major opportunity to enter the market with a powerful waste-to-energy technology with broad applications in a multi-billion dollar global industry."Gerald Groenewold, Director of the EERC commented, "Numerous industries such as forest products, wood processing, agricultural processing and secondary milling can benefit from the waste utilization features of this MicroGasification technology. We are looking forward to working with Xethanol as they market our technology on a global scale.""UTEK is pleased to consummate this technology transfer with Xethanol Corporation and we look forward to continuing our efforts to identify additional technology acquisition opportunities for its consideration," said Joel Edelson, Vice President Technology Licensing for UTEK Corporation.