SOURCE: Fidelis Energy, Inc.

February 01, 2010 06:24 ET

Fidelis Energy Expands International Presence and Signs LOI for $18.4 Million in Commercial Projects in Greece

BEVERLY HILLS, CA--(Marketwire - February 1, 2010) - Fidelis Energy Inc. (PINKSHEETS: FDEI) ("Fidelis" or the "Company") announces it has signed a Letter of Intent (LOI) with multiple Greek multinational corporations to install and operate approximately 10 megawatts (MW) of photovoltaic (PV) systems on all of their large-scale manufacturing facilities located throughout Greece.

The company will provide all solar equipment for the installation on the sites, as well as sell the newly generated solar energy to the buildings at a discounted rate compared to the previous electricity provider.

"Due to robust government tax incentives, Greece has emerged as a leading market for solar power energy, and for Fidelis as we continue to launch on our aggressive international expansion program," said James Poole, President and CEO of Fidelis. "Their current environment of available grants and favorable feed-in tariffs presents a great opportunity for the Company, and we fully expect to see an increase in projects within the region."

"We are encouraged with the recent influx of projects that the company is being offered, as well as our ability to secure multiple agreements simultaneously. Fidelis' proven business model which offers low cost, high return energy production to large-scale manufacturing facilities is rapidly being accepted throughout the alternative energy markets. The company will continue to leverage its strategic business model and growing market presence in order to expand its geographic presence, increase earnings, and improve shareholder value," said Mr. Poole.

About Fidelis Energy Inc.

Fidelis Energy Inc. ("FDEI") is an energy company focused on developing, constructing and operating solar energy projects exclusively or in partnership with other energy companies. Fidelis is also in the development stage of designing solar photovoltaic (PV) cell technology products and plans to manufacture and distribute these products in the future.

Fidelis owns a unique patent pending solar cell technology based on photovoltaic cells with integral light-transmitting wave guides in a ceramic sleeve. The advantage of this technology is the efficiency of less exposed surface area being required to generate electricity. The light-transmitting particles act as wave guides and allow the sun-exposed conversion area of the solar cell to be shifted readily from horizontal to vertical to capture more sunlight. The ceramic sleeve eliminates the need for expensive vacuum chambers, thereby allowing less expensive materials to be used in solar cell production.

We are developing, with plans to eventually manufacture and market, innovative solar cells and solar power products for a wide range of applications based on our technology that increases light-trapping while enabling a variety of materials to be used. Our technology employs multiple stacked solar cells in a ceramic sleeve that uses nano-particles and crystal wave guides to carry light from the opening down to the last junction in the solar cell. Competitors' processes that use vacuum chambers (instead of a ceramic sleeve) generally don't allow for material substitution because of contamination issues. We believe our technology will also allow manufacturers to quickly and economically shift to new materials if a shortage of any one type of material occurs. In general, our technology will offer a flexible, cost-effective solution for increased light-trapping and will provide increased efficiency.

Forward-Looking Statements

This news release contains "forward-looking statements," as that term is defined in Section 27A of the Act and Section 21E of the Securities Exchange Act of 1934. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with the development of an early stage company in the alternative energy industry, its products, and the entry into new markets for such products. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company's current and periodic reports filed from time to time with the Securities and Exchange Commission.

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