SOURCE: Fidelis Energy, Inc.

March 10, 2010 16:00 ET

Fidelis Energy Announces Appointment of Eric Esposito to Board of Directors and Brings Aboard Two New Executives to Advance FDEI's Solar Development Plans

BEVERLY HILLS, CA--(Marketwire - March 10, 2010) -  Fidelis Energy Inc. (PINKSHEETS: FDEI) ("Fidelis" or the "Company") today announced several changes in management to strengthen the Company's focus and future direction.

Eric Esposito, the recently appointed COO of the Company, has been appointed to the Board of Directors. "With the addition of Eric to the Board, we now have the formation of a team committed to the Company's vision for the future and who understand the direction we are heading," stated James Poole, CEO of Fidelis. "Eric's understanding of the market, contacts within the clean energy area, and business savvy, will be a big help as we evaluate the opportunities before us."

Simultaneously, the Company announced the appointment of Demyan Bondarenko as the Director of Solar Project Development and Fedir Ruzicka as the European Solar Energy Operations Manager. Mr. Bondarenko has an extensive background in large scale renewable energy projects with recent emphasis on solar development in the Czech Republic; Mr. Ruzicka, a resident of the Czech Republic, has extensive background in solar development specific to site permitting, negotiations of grid interconnect and energy off-take agreements.

"I am excited to have Demyan and Fedir join our developing team and look forward to their management of our solar projects both internationally and domestically," said Eric Esposito. "I look forward to their assistance with the Solar projects that we are developing in the European Union. One of the driving forces to push for Solar energy in EU is the high Power Purchase Agreements they have entered into providing $.54 per kWh as compared to the United States where kWh prices range between $.12 to $.18. In many cases we can get 4 times the revenue for the same amount of power generated in Europe vs. the United States."

Mr. Poole continued, "We are excited that in such a short time, we have been able to tap into two experienced executives who share the vision we have for Fidelis."

In other news, the Company is continuing to work with its lawyers to begin the final leg for bringing the company current with the OTC Pink Sheets and looks forward to having that completed early April 2010.

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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