SOURCE: Fidelis Energy Inc.

November 18, 2010 16:00 ET

Fidelis Energy Announces Completion of Second Financing Tranche With Empres Voss Capital

LOS ANGELES, CA--(Marketwire - November 18, 2010) - Fidelis Energy Inc. (PINKSHEETS: FDEI) today announced that the company has received $5 million from Empres Voss Capital ("EVC") as partial payment for the company's achievement of a milestone under the Securities Purchase Agreement dated January 19, 2010, as amended June 6, 2010. The milestone triggering this tranche was achieved in November, but the payment was only due by December 1, 2010. EVC is expected to deliver the remaining $5 million by the end of this month to complete this latest financing tranche.

"This latest financing should have us entering calendar year 2011 in great shape," said company CEO and President James Poole. "With this latest tranche, Fidelis will have closed on $18 million of a committed $30 million in milestone-triggered financing. With cash in the bank, an improved balance sheet, and $12 million more in financing committed from the Empres Voss Capital, the company should be in an excellent position to pursue its development plans and goals."

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

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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