SOURCE: Fidelis Energy Inc.

December 02, 2010 08:34 ET

Fidelis Acquires $35,000,000 Solar Technology Assets

LOS ANGELES, CA--(Marketwire - December 2, 2010) - Fidelis Energy Inc. (PINKSHEETS: FDEI) announced today a 420% increase in the value of its Assets with the signing of a technology transfer and joint development agreement with Prism Holdings, Ltd. ("PHL" -- a private company specializing in clean energy technologies) to acquire and develop a select group of proprietary technology Assets from PHL's portfolio.

The transaction is valued at $35,000,000, purchased through an equity-building issuance of preferred stock and will create no debt for the Company. This transaction is the first in a series of anticipated acquisitions planned as a result of the joint development acquisition within the framework of the Company's Solar Energy Acquisition and Development Initiative.

"Fidelis' new strategic direction is exciting and should allow us to attain significant growth," said James Poole, CEO and President. "The solar energy industry is expected to grow at a compounded annual growth rate of 55% and reach over $150 billion by 2015. Fidelis is strategically positioning itself to benefit from this industry growth and add to shareholder value."

Shareholders and anyone interested in monitoring the progress of the company are encouraged to subscribe to the electronic mailing list at

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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