New York [RenewableEnergyAccess.com] Xethanol has entered into an agreement to manage the business of H2Diesel, which is to deploy the proprietary biodiesel conversion technology that H2Diesesl owns under an exclusive license for North America, Central America and the Caribbean. Xethanol received equity in H2Diesel for its management role and for entering into an option under which shares held by H2Diesel investors may elect to exchange their equity in H2Diesel for shares in Xethanol. In a separate agreement, Xethanol was granted a sub-license to produce and sell biodiesel using H2Diesel’s proprietary process in certain states. Under the agreements, Xethanol can acquire a majority interest in H2Diesel. Details and terms of the transaction are contained in the company’s filing on form 8-K with the Securities and Exchange Commission.