Under the agreement, Fidelis also has an option to buy the remaining stake in ASDR. Following the acquisition, Fidelis completed a $2.5m private placement with private alternative energy investment firm Global Solutions funding $1.2m of the total. The balance of the private placement was funded by management, associates of management and former Fidelis shareholders.
James Poole, president and CEO of Fidelis, said: “As we continue to attract additional funding for these projects from our partners we will bid on new projects that make strong economic sense for our company.
“The deployment of these large scale projects will accelerate our manufacturing process which will enhance our overall margins and drive our profitability. Management believes that the signing of the solar park acquisitions will assist us in working with additional municipalities and land owners to obtain additional contracts, increase our earnings and achieve our primary goal of improved shareholder value.”
Fidelis Energy is focused on developing, constructing and operating solar energy projects exclusively or in partnership with other energy companies. The company is also in the development stage of designing solar PV cell technology products and plans to manufacture and distribute these products.
