Fidelis Energy Announces Final Tranche of $30 Million Financing From Empres Voss Capital
23 December 2011 - 12:00AM
Marketwired
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.
Fidelis Energy Inc. Investor Relations (213) 457-3385 Email:
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