At the beginning of this month, the first FDEI promoter for this year received 10 million shares of the company as compensation for his personal involvement in raising the share price of the stock. Yesterday, two new promoters were disclosed, one of them got no compensation, the other one received $22,500 in cash from a third party. There was hardly any effect from the initial promotion and as the trading volumes did not even reach one million shares it looks like the first promoter has yet to bank his profits. But yesterday the promoting was finally worth the efforts.
FDEI share price soared 116.90%, overcame the 200-day MA and closed the day at $0.0154 on the second highest trading volume ever. 52.45 million shares were traded and the company helped the promoters by issuing its first press release since the end of July. The announcement sounds promising, if not for the the company’s business itself, then as a source of many follow-up PRs that could again attract new buyers.
The company said that it has signed a Letter of Intent to develop a solar park in Spain, where Fidelis would partner with a Spanish developer. The project is said to generate $350 million in revenues when completed. The updates on that issue will probably also be conducted over the press, as there are no SEC filing of the company since February this year. Fidelis has also yet to explain if its $500,000 in cash will be enough to realize such a project, or how it plans to repay the over $8.4 million debts it had at the end of June.
