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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><a name="eolPage1"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></a><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><a name="FIS_FORM"/></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>UNITED
      STATES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
      AND EXCHANGE COMMISSION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>WASHINGTON,
      DC 20549</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>FORM
      8-K</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CURRENT
      REPORT PURSUANT</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>TO
      SECTION 13 OR 15(D) OF THE</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
      EXCHANGE ACT OF 1934</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
      of
      report (Date of earliest event reported): June 12, 2006</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Xethanol
      Corporation</strong></font>
      <div>
        <hr style="COLOR: black" align="left" noshade size="1" width="100%">
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
      Name of Registrant as Specified in Its Charter)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Delaware</strong></font>
      <div>
        <hr style="COLOR: black" align="left" noshade size="1" width="100%">
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State
      or
      Other Jurisdiction of Incorporation)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
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          <tr>
            <td valign="top" width="38%" style="border-bottom: black thin solid;">
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            </td>
            <td align="left" valign="top" width="20%" style="border-bottom: black thin solid;">
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            </td>
            <td align="left" valign="top" width="2%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td valign="top" width="38%" style="border-bottom: black thin solid;">
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="left" valign="top" width="2%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td valign="top" width="38%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(IRS
                Employer Identification No.)</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="top" width="38%" style="border-bottom: black thin solid;">
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                Avenue of the Americas</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>New
                York, New York</strong></font></div>
            </td>
            <td align="left" valign="top" width="2%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="left" valign="top" width="20%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="left" valign="top" width="2%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td valign="bottom" width="38%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>10036</strong></font></div>
            </td>
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          <tr>
            <td valign="top" width="38%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
                of Principal Executive Offices)</font></div>
            </td>
            <td align="left" valign="top" width="2%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="left" valign="top" width="20%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="left" valign="top" width="2%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td valign="bottom" width="38%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Zip
                Code)</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(646)
      723-4000 </strong></font>
      <div>
        <hr style="COLOR: black" align="left" noshade size="1" width="100%">
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Registrant&#8217;s
      Telephone Number, Including Area Code)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <div>
        <hr style="COLOR: black" align="left" noshade size="1" width="100%">
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Former
      Name or Former Address, if Changed Since Last Report)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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 ( </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>see</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      General
      Instruction A.2. below):</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

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            <td align="left" valign="middle" width="2%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</font></div>
            </td>
            <td align="justify" valign="middle" width="94%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Written
                communications pursuant to Rule 425 under the Securities Act (17
                CFR
                230.425)</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
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          <tr>
            <td align="left" valign="middle" width="2%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</font></div>
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                material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
                240.14a-12)</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="middle" width="2%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</font></div>
            </td>
            <td align="justify" valign="middle" width="94%">
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                communications pursuant to Rule 14d-2(b) under the Exchange Act (17
                CFR
                240.14d-2(b))</font></div>
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          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="middle" width="2%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</font></div>
            </td>
            <td align="left" valign="middle" width="94%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
                communications pursuant to Rule 13e-4(c) under the Exchange Act (17
                CFR
                240.13e-4(c))</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
      <div id="HDR">
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        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECTION
      1 REGISTRANT&#8217;S BUSINESS AND OPERATIONS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ITEM
      1.01. Entry into a Material Definitive Agreement.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Agreements
      with H2Diesel, Inc.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>First
      Amendment to Investment Agreement</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      June
      15, 2006, Xethanol Corporation (&#8220;Xethanol&#8221;) entered into a First Amendment to
      Investment Agreement ("First Amendment to Investment Agreement") with Crestview
      Capital Master, LLC, TOIBB Investment, LLC (together, the &#8220;Investors&#8221;) and
      H2Diesel, Inc. (&#8220;H2Diesel&#8221;), amending the Investment Agreement dated April 14,
      2006 (the &#8220;Original Investment Agreement&#8221;) by and among Xethanol, the Investors
      and H2Diesel. The Original Investment Agreement was previously disclosed in
      Xethanol&#8217;s Current Report on Form 8-K filed on April 20, 2006 (the &#8220;April 20,
      2006 8-K&#8221;). The First Amendment to Investment Agreement provides that upon the
      Investors&#8217; exercise of the Put Right (as defined in the Original Investment
      Agreement) (i) the Investors&#8217; rights to exercise the Investor Options, the
      Investor Purchase Right and the Extended Option Purchase Rights (in each case
      as
      defined in the Original Investment Agreement) shall immediately terminate and
      (ii) Xethanol shall have the right to exercise and to transfer all or any part
      of the Investor Options. Additionally, the amendment provides that Xethanol
      may
      exercise the Xethanol Option (as defined in the Original Investment Agreement)
      to purchase 1,500,000 of the Xethanol Option Shares (as defined in the Original
      Investment Agreement) or the Investor Option to purchase 1,500,000 of the
      Investor Option Shares (as defined in the Original Investment Agreement) and
      that, upon any such exercise, the Investors shall have the right to purchase
      the
      remaining 500,000 Xethanol Option Shares or the remaining 500,000 Investor
      Option Shares, as the case may be. To the extent that the Investors do not
      timely exercise their right to purchase the remaining Xethanol Option Shares
      or
      Investor Option Shares, Xethanol shall have the right to purchase those shares.
      The First Amendment to Investment Agreement provides that it shall be effective
      as of the date of the Original Investment Agreement. Except as amended by the
      First Amendment to Investment Agreement, the Original Investment Agreement
      remains in full force and effect. As disclosed in Xethanol&#8217;s Current Report on
      Form 8-K filed on April 26, 2006, the Investors exercised the Put Right on
      April
      14, 2006. If all of such options are exercised, based upon the fully diluted
      number of shares of H2Diesel&#8217;s common stock on the date of this Current Report
      on Form 8-K, Xethanol would own a majority of the outstanding shares of
      H2Diesel.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Amended
      and Restated Sublicense Agreement</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      connection with the First Amendment to Investment Agreement, H2Diesel and
      Xethanol entered into an Amended and Restated Sublicense Agreement dated June
      15, 2006 (the &#8220;Amended and Restated Sublicense Agreement&#8221;), amending and
      restating the Sublicense Agreement dated April 14, 2006 (the &#8220;Original
      Sublicense Agreement&#8221;) between H2Diesel and Xethanol. The Original Sublicense
      Agreement was disclosed in the April 20, 2006 Form 8-K. Pursuant to the Amended
      and Restated Sublicense Agreement, Xethanol was granted a sublicense to use
      a
      certain chemical additive (the &#8220;Additive&#8221;) in making bio-fuel for internal
      combustion engines and related technology. The sublicense was granted by
      H2Diesel pursuant to a license agreement between H2Diesel and the inventor
      of
      the Additive and the related technology.</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Amended and Restated Sublicense Agreement provides that Xethanol has the
      exclusive right to use the licensed rights and to sell products based thereon
      within certain states in the United States that are listed in the Sublicense
      Agreement and the non-exclusive right to such products elsewhere within North
      America, Central America and the Caribbean</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Xethanol
      is obligated to pay certain royalties to H2Diesel based upon sales of products
      utilizing the licensed technology, including a minimum royalty equal to the
      royalty payable upon sales of 20,000,000 barrels of such products for the twelve
      months beginning on the date (the &#8220;Trigger Date&#8221;) on which H2Diesel notifies
      Xethanol that it is able to produce Xethanol&#8217;s requirements for the Additive
      (and is able to do so) and provides Xethanol with the technical and engineering
      specifications necessary for a process plant to produce the products
      contemplated by the Amended and Restated Sublicense Agreement. The minimum
      royalty will increase to the royalty payable upon sales of an additional
      10,000,000 barrels of such products for each subsequent twelve months thereafter
      throughout the term of the agreement. H2Diesel may terminate the agreement
      or
      convert Xethanol&#8217;s exclusive license to a non-exclusive license if Xethanol
      fails to achieve the mandatory minimum sales required in the first three
      twelve-month periods after the Trigger Date, subject to Xethanol&#8217;s right to cure
      such failure by paying H2Diesel the difference between minimum royalty payable
      for that twelve-month period and the amount of the royalties actually paid
      by
      Xethanol during that twelve-month period. H2Diesel may convert Xethanol&#8217;s
      exclusive license to a non-exclusive license if Xethanol fails to achieve the
      mandatory minimum sales required in any subsequent twelve-month period, subject
      to Xethanol&#8217;s right to cure such failure by paying H2Diesel the difference
      between minimum royalty payable for that twelve-month period and the amount
      of
      the royalties actually paid by Xethanol during that twelve-month period.
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Amended and Restated Sublicense Agreement is for an initial term of ten years.
      It can be terminated by Xethanol at any time upon 30 days notice. It can be
      terminated by H2Diesel at any time upon 30 days notice, but only for cause.
      It
      automatically renews for successive one-year terms provided that there is no
      default under the agreement and that no party has given a notice of termination
      as described in the preceding sentences. The royalty rate is subject to
      adjustment in each successive one-year term. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Technology
      Access Agreement</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      connection with the First Amendment to Investment Agreement, H2Diesel and
      Xethanol also entered into a Technology Access Agreement dated June 15, 2006
      (the &#8220;Technology Access Agreement&#8221;), pursuant to which H2Diesel agreed to
      deliver to Xethanol no later than June 30, 2006 the formula for the composition
      of the Additive and all other information and know how related thereto in its
      possession or available to it from the licensor and to deliver to Xethanol
      at
      least semi-annually all improvements to the Additive or the related know how.
      The agreement provides that, upon the occurrence of an Event of Default (as
      defined in the Technology Access Agreement), Xethanol shall have a license
      to
      use the technology delivered under the agreement to produce the Additive (or
      have Additive produced for it) in quantities necessary to meet its requirements.
      The Technology Access Agreement terminates upon the termination of Xethanol&#8217;s
      rights under the Amended and Restated Sublicense Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      First
      Amendment to Investment Agreement, the Amended and Restated Sublicense Agreement
      and, the Technology Access Agreement are attached to this Current Report on
      Form
      8-K as Exhibits 10.1, 10.2 and 10.3, respectively.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Agreements
      relating to Advanced Biomass Gasification Technologies, Inc.
</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      June
      13, 2006, Xethanol entered into an Agreement and Plan of Acquisition (the
      Agreement and Plan of Acquisition&#8221;) with UTEK Corporation (&#8220;UTEK&#8221;) and Advanced
      Biomass Gasification Technologies, Inc. (&#8220;ABGT&#8221;), pursuant to which Xethanol
      purchased all of the outstanding capital stock of ABGT from UTEK in exchange
      for
      136,838 shares of Xethanol&#8217;s common stock. ABGT is the licensee from the Energy
&amp; Environmental Research Center (the &#8220;Center&#8221;) of certain patents and
      know-how related to lignin and biomass gasification in Imbert gasifiers (the
      &#8220;Gasification Technology&#8221;). ABGT is also a party to a Base Research Agreement
      with the University of North Dakota Energy &amp; Environmental Research Center,
      which has agreed to perform initial research, development, demonstration,
      productizing and project implementation work with respect to the Gasification
      Technology, to provide the results of that work to ABGT, to give ABGT a one-year
      exclusive right of first negotiation to license inventions, discoveries or
      computer software developed as a result of that project and to grant ABGT a
      nonexclusive right to use any such invention, discovery, computer software
      or
      improvement internally to ABGT.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      license that the Center granted to ABGT is a worldwide license having a term
      that is the longer of 20 years or the life of the licensed Gasification
      Technology. Subject to the satisfaction by ABGT of certain royalty obligations,
      the license is exclusive in the fields of Lignin and Biomass Feedstock
      Gasification in Imbert gasifiers of up to 10 megawatt thermal. ABGT has the
      right to sublicense its rights. ABGT is obligated to pay the Center royalties
      based upon its sales of equipment that use the licensed technology, the fuel
      and/or electricity savings of ABGT&#8217;s customers and ABGT&#8217;s sublicensing income If
      ABGT does not meet certain minimum royalty thresholds, which apply on a
      country-by-country basis, its rights in that country become nonexclusive and
      extend for the term of the license agreement. ABGT also has certain obligations
      to commercialize the technology based upon milestones that are set forth in
      the
      license agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Agreement and Plan of Acquisition, the Base Research Agreement, and the
        Exclusive Patent and Know-How Final License Agreement are attached to this
        Current Report on Form 8-K as Exhibits 10.4, 10.5 and 10.6,
        respectively.</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECTION
      3 - SECURITIES AND TRADING MARKETS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      3.02 Unregistered Sales of Equity Securities</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      disclosure provided in Item 1.01 of this Current Report on Form 8-K is
      incorporated herein by reference. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECTION
      5 - CORPORATE GOVERNANCE AND MANAGEMENT</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      5.02 Departure of Directors of Principal Officers; Election of Directors;
      Appointment of Principal Officers</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 54pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      June
      12, 2006, Jeffrey S. Langberg resigned from his position as a director of
      Xethanol effective immediately. Mr. Langberg&#8217;s resignation was not the result of
      a disagreement with management regarding the operations, policies or practices
      of Xethanol. <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
      Langberg&#8217;s letter of resignation is attached to this Current Report on Form 8-K
      as Exhibit 99.2.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECTION
      9 - FINANCIAL STATEMENTS AND EXHIBITS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ITEM
      9.01. Exhibits</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Following
      is the Index of Exhibits furnished in accordance with Item 601 of Regulation
      S-K, filed as part of this Current Report on Form 8-K or incorporated by
      reference herewith:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.1</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">First
                Amendment to Investment Agreement, dated as of June 15, 2006, by
                and among
                Xethanol Corporation, a Delaware corporation, H2Diesel, Inc., a Delaware
                corporation, and the Investors.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td align="left" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.2</font></td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amended
                and Restated Sublicense Agreement, dated as of June 15, 2006, by
                and
                between Xethanol Corporation and H2Diesel,
                Inc.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td align="left" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.3</font></td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Technology
                Access Agreement, dated as of June 15, 2006, by and between Xethanol
                Corporation and H2Diesel, Inc.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.4</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Agreement
                and Plan of Acquisition, dated as of June 13, 2006 by and between
                Advanced
                Biomass Gasification Technologies, Inc., UTEK Corporation and Xethanol
                Corporation.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.5</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Base
                Research Agreement, dated as of May 24, 2006 between the University
                of
                North Dakota Energy and Environmental Research Center and Advanced
                Biomass
                Gasification Technologies, Inc.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.6</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exclusive
                Patent and Know-How Final License Agreement dated as of May 24, 2006
                between the Energy and Environmental Research Center Foundation and
                Advanced Biomass Gasification Technologies,
                Inc.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td align="left" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1</font></td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
                Release dated June 14, 2006.</font><a name="FIS_SIGNATURES"/></div>
            </td>
          </tr>

      </table>
    </div><a name="FIS_SIGNATURES"/>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td align="left" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.2</font></td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Letter
                dated June 12, 2006 from Jeffrey S.
                Langberg.</font></div>
            </td>
          </tr>

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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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                Corporation</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:
                June 16, 2006</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">s/&#160;Lawrence
                S. Bellone</font></div>
            </td>
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          <tr>
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            <td align="left" valign="top" width="4%">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chief
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{"company-data": {"conformed-name": "XETHANOL CORP", "cik": "0001145061", "assigned-sic": "3250", "irs-number": "841169517", "state-of-incorporation": "CO", "fiscal-year-end": "0205"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-50154", "film-number": "06910623"}, "business-address": {"street1": "1185 AVENUE OF THE AMERICAS,", "street2": "20TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10036", "phone": "6467234000"}, "mail-address": {"street1": "1185 AVENUE OF THE AMERICAS,", "street2": "20TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10036"}, "former-company": {"former-conformed-name": "ZEN POTTERY EQUIPMENT INC", "date-changed": "20010717"}}
Unassociated Document
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): June 12, 2006
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))
SECTION
      1 REGISTRANT'S BUSINESS AND OPERATIONS
ITEM
      1.01. Entry into a Material Definitive Agreement.
Agreements
      with H2Diesel, Inc.
First
      Amendment to Investment Agreement
On
      June
      15, 2006, Xethanol Corporation ("Xethanol") entered into a First Amendment to
      Investment Agreement ("First Amendment to Investment Agreement") with Crestview
      Capital Master, LLC, TOIBB Investment, LLC (together, the "Investors") and
      H2Diesel, Inc. ("H2Diesel"), amending the Investment Agreement dated April 14,
      2006 (the "Original Investment Agreement") by and among Xethanol, the Investors
      and H2Diesel. The Original Investment Agreement was previously disclosed in
      Xethanol's Current Report on Form 8-K filed on April 20, 2006 (the "April 20,
      2006 8-K"). The First Amendment to Investment Agreement provides that upon the
      Investors' exercise of the Put Right (as defined in the Original Investment
      Agreement) (i) the Investors' rights to exercise the Investor Options, the
      Investor Purchase Right and the Extended Option Purchase Rights (in each case
      as
      defined in the Original Investment Agreement) shall immediately terminate and
      (ii) Xethanol shall have the right to exercise and to transfer all or any part
      of the Investor Options. Additionally, the amendment provides that Xethanol
      may
      exercise the Xethanol Option (as defined in the Original Investment Agreement)
      to purchase 1,500,000 of the Xethanol Option Shares (as defined in the Original
      Investment Agreement) or the Investor Option to purchase 1,500,000 of the
      Investor Option Shares (as defined in the Original Investment Agreement) and
      that, upon any such exercise, the Investors shall have the right to purchase
      the
      remaining 500,000 Xethanol Option Shares or the remaining 500,000 Investor
      Option Shares, as the case may be. To the extent that the Investors do not
      timely exercise their right to purchase the remaining Xethanol Option Shares
      or
      Investor Option Shares, Xethanol shall have the right to purchase those shares.
      The First Amendment to Investment Agreement provides that it shall be effective
      as of the date of the Original Investment Agreement. Except as amended by the
      First Amendment to Investment Agreement, the Original Investment Agreement
      remains in full force and effect. As disclosed in Xethanol's Current Report on
      Form 8-K filed on April 26, 2006, the Investors exercised the Put Right on
      April
      14, 2006. If all of such options are exercised, based upon the fully diluted
      number of shares of H2Diesel's common stock on the date of this Current Report
      on Form 8-K, Xethanol would own a majority of the outstanding shares of
      H2Diesel.
Amended
      and Restated Sublicense Agreement
In
      connection with the First Amendment to Investment Agreement, H2Diesel and
      Xethanol entered into an Amended and Restated Sublicense Agreement dated June
      15, 2006 (the "Amended and Restated Sublicense Agreement"), amending and
      restating the Sublicense Agreement dated April 14, 2006 (the "Original
      Sublicense Agreement") between H2Diesel and Xethanol. The Original Sublicense
      Agreement was disclosed in the April 20, 2006 Form 8-K. Pursuant to the Amended
      and Restated Sublicense Agreement, Xethanol was granted a sublicense to use
      a
      certain chemical additive (the "Additive") in making bio-fuel for internal
      combustion engines and related technology. The sublicense was granted by
      H2Diesel pursuant to a license agreement between H2Diesel and the inventor
      of
      the Additive and the related technology.
The
      Amended and Restated Sublicense Agreement provides that Xethanol has the
      exclusive right to use the licensed rights and to sell products based thereon
      within certain states in the United States that are listed in the Sublicense
      Agreement and the non-exclusive right to such products elsewhere within North
      America, Central America and the Caribbean
.
Xethanol
      is obligated to pay certain royalties to H2Diesel based upon sales of products
      utilizing the licensed technology, including a minimum royalty equal to the
      royalty payable upon sales of 20,000,000 barrels of such products for the twelve
      months beginning on the date (the "Trigger Date") on which H2Diesel notifies
      Xethanol that it is able to produce Xethanol's requirements for the Additive
      (and is able to do so) and provides Xethanol with the technical and engineering
      specifications necessary for a process plant to produce the products
      contemplated by the Amended and Restated Sublicense Agreement. The minimum
      royalty will increase to the royalty payable upon sales of an additional
      10,000,000 barrels of such products for each subsequent twelve months thereafter
      throughout the term of the agreement. H2Diesel may terminate the agreement
      or
      convert Xethanol's exclusive license to a non-exclusive license if Xethanol
      fails to achieve the mandatory minimum sales required in the first three
      twelve-month periods after the Trigger Date, subject to Xethanol's right to cure
      such failure by paying H2Diesel the difference between minimum royalty payable
      for that twelve-month period and the amount of the royalties actually paid
      by
      Xethanol during that twelve-month period. H2Diesel may convert Xethanol's
      exclusive license to a non-exclusive license if Xethanol fails to achieve the
      mandatory minimum sales required in any subsequent twelve-month period, subject
      to Xethanol's right to cure such failure by paying H2Diesel the difference
      between minimum royalty payable for that twelve-month period and the amount
      of
      the royalties actually paid by Xethanol during that twelve-month period.
The
      Amended and Restated Sublicense Agreement is for an initial term of ten years.
      It can be terminated by Xethanol at any time upon 30 days notice. It can be
      terminated by H2Diesel at any time upon 30 days notice, but only for cause.
      It
      automatically renews for successive one-year terms provided that there is no
      default under the agreement and that no party has given a notice of termination
      as described in the preceding sentences. The royalty rate is subject to
      adjustment in each successive one-year term.
2
Technology
      Access Agreement
In
      connection with the First Amendment to Investment Agreement, H2Diesel and
      Xethanol also entered into a Technology Access Agreement dated June 15, 2006
      (the "Technology Access Agreement"), pursuant to which H2Diesel agreed to
      deliver to Xethanol no later than June 30, 2006 the formula for the composition
      of the Additive and all other information and know how related thereto in its
      possession or available to it from the licensor and to deliver to Xethanol
      at
      least semi-annually all improvements to the Additive or the related know how.
      The agreement provides that, upon the occurrence of an Event of Default (as
      defined in the Technology Access Agreement), Xethanol shall have a license
      to
      use the technology delivered under the agreement to produce the Additive (or
      have Additive produced for it) in quantities necessary to meet its requirements.
      The Technology Access Agreement terminates upon the termination of Xethanol's
      rights under the Amended and Restated Sublicense Agreement.
The
      First
      Amendment to Investment Agreement, the Amended and Restated Sublicense Agreement
      and, the Technology Access Agreement are attached to this Current Report on
      Form
      8-K as Exhibits 10.1, 10.2 and 10.3, respectively.
Agreements
      relating to Advanced Biomass Gasification Technologies, Inc.
On
      June
      13, 2006, Xethanol entered into an Agreement and Plan of Acquisition (the
      Agreement and Plan of Acquisition") with UTEK Corporation ("UTEK") and Advanced
      Biomass Gasification Technologies, Inc. ("ABGT"), pursuant to which Xethanol
      purchased all of the outstanding capital stock of ABGT from UTEK in exchange
      for
      136,838 shares of Xethanol's common stock. ABGT is the licensee from the Energy
& Environmental Research Center (the "Center") of certain patents and
      know-how related to lignin and biomass gasification in Imbert gasifiers (the
      "Gasification Technology"). ABGT is also a party to a Base Research Agreement
      with the University of North Dakota Energy & Environmental Research Center,
      which has agreed to perform initial research, development, demonstration,
      productizing and project implementation work with respect to the Gasification
      Technology, to provide the results of that work to ABGT, to give ABGT a one-year
      exclusive right of first negotiation to license inventions, discoveries or
      computer software developed as a result of that project and to grant ABGT a
      nonexclusive right to use any such invention, discovery, computer software
      or
      improvement internally to ABGT.
The
      license that the Center granted to ABGT is a worldwide license having a term
      that is the longer of 20 years or the life of the licensed Gasification
      Technology. Subject to the satisfaction by ABGT of certain royalty obligations,
      the license is exclusive in the fields of Lignin and Biomass Feedstock
      Gasification in Imbert gasifiers of up to 10 megawatt thermal. ABGT has the
      right to sublicense its rights. ABGT is obligated to pay the Center royalties
      based upon its sales of equipment that use the licensed technology, the fuel
      and/or electricity savings of ABGT's customers and ABGT's sublicensing income If
      ABGT does not meet certain minimum royalty thresholds, which apply on a
      country-by-country basis, its rights in that country become nonexclusive and
      extend for the term of the license agreement. ABGT also has certain obligations
      to commercialize the technology based upon milestones that are set forth in
      the
      license agreement.
The
        Agreement and Plan of Acquisition, the Base Research Agreement, and the
        Exclusive Patent and Know-How Final License Agreement are attached to this
        Current Report on Form 8-K as Exhibits 10.4, 10.5 and 10.6,
        respectively.
SECTION
      3 - SECURITIES AND TRADING MARKETS
Item
      3.02 Unregistered Sales of Equity Securities
The
      disclosure provided in Item 1.01 of this Current Report on Form 8-K is
      incorporated herein by reference.
SECTION
      5 - CORPORATE GOVERNANCE AND MANAGEMENT
Item
      5.02 Departure of Directors of Principal Officers; Election of Directors;
      Appointment of Principal Officers
On
      June
      12, 2006, Jeffrey S. Langberg resigned from his position as a director of
      Xethanol effective immediately. Mr. Langberg's resignation was not the result of
      a disagreement with management regarding the operations, policies or practices
      of Xethanol.
Mr.
      Langberg's letter of resignation is attached to this Current Report on Form 8-K
      as Exhibit 99.2.
3
SECTION
      9 - FINANCIAL STATEMENTS AND EXHIBITS
ITEM
      9.01. Exhibits
Following
      is the Index of Exhibits furnished in accordance with Item 601 of Regulation
      S-K, filed as part of this Current Report on Form 8-K or incorporated by
      reference herewith:
10.1
First
                Amendment to Investment Agreement, dated as of June 15, 2006, by
                and among
                Xethanol Corporation, a Delaware corporation, H2Diesel, Inc., a Delaware
                corporation, and the Investors.
10.2
Amended
                and Restated Sublicense Agreement, dated as of June 15, 2006, by
                and
                between Xethanol Corporation and H2Diesel,
                Inc.
10.3
Technology
                Access Agreement, dated as of June 15, 2006, by and between Xethanol
                Corporation and H2Diesel, Inc.
10.4
Agreement
                and Plan of Acquisition, dated as of June 13, 2006 by and between
                Advanced
                Biomass Gasification Technologies, Inc., UTEK Corporation and Xethanol
                Corporation.
10.5
Base
                Research Agreement, dated as of May 24, 2006 between the University
                of
                North Dakota Energy and Environmental Research Center and Advanced
                Biomass
                Gasification Technologies, Inc.
10.6
Exclusive
                Patent and Know-How Final License Agreement dated as of May 24, 2006
                between the Energy and Environmental Research Center Foundation and
                Advanced Biomass Gasification Technologies,
                Inc.
99.1
Press
                Release dated June 14, 2006.
99.2
Letter
                dated June 12, 2006 from Jeffrey S.
                Langberg.
4
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.
Xethanol
                Corporation
Date:
                June 16, 2006
By:
/
s/ Lawrence
                S. Bellone
Lawrence
                S. Bellone
Chief
                Financial Officer
(principal
                financial officer)
5