SOURCE: Fidelis Energy Inc.

November 15, 2010 06:00 ET

Fidelis Energy Signs Letter of Intent to Build up to a 100 Mega Watt Solar Park in Spain

LOS ANGELES, CA--(Marketwire - November 15, 2010) - Fidelis Energy Inc. (PINKSHEETS: FDEI) today announced that it has signed a Letter of Intent ("LOI") to develop a 100 MW solar park in Spain.

Fidelis Energy Inc. has signed a Letter of Intent to develop approximately 1,500 acres of land for the design, construction and operation of up to a 100 MW solar park in Spain. It is anticipated that the project will generate up to $350 Million in revenue if fully completed. Solar Park Initiatives will partner with a Spanish developer to complete the project which is subject to permitting and financing approvals.

James Poole, CEO of the Company, stated, "Fidelis continues to search for good opportunities in the solar sector and develop host sites and relationships for its optimal use and value. This is a great opportunity for our company and we will keep investors informed of our progress on this very sizable project."

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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