SOURCE: Fidelis Energy Inc.

December 22, 2011 08:00 ET

Fidelis Energy Announces Final Tranche of $30 Million Financing From Empres Voss Capital

LOS ANGELES, CA--(Marketwire - Dec 22, 2011) - Fidelis Energy Inc. (PINKSHEETS: FDEI) today announced that the Company has closed on the final tranche of $12 million from Empres Voss Capital ("EVC"). EVC is expected to deliver the $12 million by the end of this month, which will conclude the $30 million non-convertible debt financing with EVC.

"This latest financing should have us entering 2012 in great shape," said company CEO and President James Poole. "With the closing of this final tranche, Fidelis will have completed the entire $30 million committed in milestone-triggered financing from EVC. With the proceeds from our recent delivery of solar modules to TinSol Energy (pty) Ltd. and this final $12 million from EVC, the Company's solid year-end balance sheet will be a prime position from which to meet the targets of our expansion and development plan for 2012."

In addition, the Company is pursuing a listing on the OTCQX and is in the process of retaining a leading Los Angeles based law firm to assist with the OTCQX listing procedures and provide guidance to satisfy the necessary listing requirements. The Company estimates that all the OTCQX listing requirements could be satisfied by the first quarter of 2012, given the solid growth of Fidelis' solar energy operations and revenues over the past several years.

Shareholders and anyone interested in monitoring the progress of the company are encouraged to subscribe to the electronic mailing list at www.fidelissolar.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 has designed and is developing solar photovoltaic (PV) cell technology products for manufacture and distribution worldwide. 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.

The Company is developing, manufacturing, and marketing 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.

Contact Information

  • Fidelis Energy Inc.
    Investor Relations
    (213) 457-3385
    Email: Email Contact