Xethanol Corporation issued a press release this week defending itself against “inaccurate and misleading statements” made in an article published by The Motley Fool on Friday, June 23. Xethanol took offense at the Fool’s suggestion that it “was formed simply to capitalize on the ethanol interest in today’s market.” To set the record straight, the release states that Xethanol was formed in 2001 with the express strategy to develop its business in the emerging biomass-to-ethanol industry. Since 2001, Xethanol has been engaged in the business of developing and operating facilities for the production of ethanol. It continues to be engaged only in that business and in the development of technologies and facilities for the production of other biofuels.
It’s worth noting that the Motely Fool did make some corrections to the article, although the general tone and the implication that Xethanol is simply “looking to exploit investor excitement for ethanol” remains. Xethanol says “the misleading statements in the article were so egregious that Xethanol felt compelled to respond.” You be the judge.