Vector Intersect Security Acquisition Corporation Secures $4.75 Million Through a...

Vector Intersect Security Acquisition Corporation Secures $4.75 Million
Through a Direct Investment by Catalyst Fund

RIDGEFIELD PARK, N.J., Sept. 5 /PRNewswire-FirstCall/ -- Vector Intersect
Security Acquisition Corporation (OTC Bulletin Board: VTRQ), a special purpose
acquisition company, today announced that it has secured up to $4.75 million
through a private placement of common shares and warrants to Catalyst Equity
Management, an Israeli-based private equity group that seeks to invest in
growth companies as they expand development, production and marketing efforts.
Through an agreement executed on September 3, 2008, Catalyst Equity
Management will purchase 593,750 common shares at $8.00 per share, in addition
to warrants to acquire 118,750 shares of the Company's common stock with an
exercise price of $9.00 per share. After a holding period of one year,
Catalyst will have the option of requiring registration of one third of its
shares, followed by similar options after 18 months and two years
respectively. As part of the transaction, Yair Shamir, Chairman and Managing
Partner of Catalyst, will join Vector's board of directors. Mr. Shamir is
also the Chairman of Israeli Aerospace Industries (IAI) and was recently the
Chairman of El Al, Israeli Airlines and lead the privatization process of the
firm.
On February 14, 2008, Vector announced it had reached a definitive
agreement to acquire Cyalume Light Technologies, Inc., a leading provider of
safety, security and training products for the US other militaries. The
acquisition is subject to the approval of existing Vector shareholders, among
other closing considerations.
Commenting on the Catalyst investment, Yaron Eitan, President and CEO of
Vector said, "This is an important transaction for Vector on several levels.
First, we secure a long term investment from a sophisticated, strategic
partner which should send a strong message to the investment community about
their belief in the merger. In fact, Catalyst has recently purchased close to
300,000 warrants because they are so excited about the future of our company.
Second, we will benefit from the knowledge and experience of Yair Shamir,
whose contributions to our board will be invaluable. Thirdly, and perhaps
most importantly, we secure $4.75 million in funds that we will use to
opportunistically purchase common stock in order to help secure a successful
outcome to the upcoming shareholder vote."
About Vector Intersect Security Acquisition Corp.
Vector Intersect Security Acquisition Corp. is a blank check company
recently formed for the purpose of effecting a merger, capital stock exchange,
asset acquisition or other similar business combination with an unidentified
operating business in the security and defense industries.
About Cyalume Light Technologies
Cyalume Technologies is the world leader in the chemiluminescent industry.
We provide dependable light for uses by militaries, police, fire and other
public safety organizations in the U.S., NATO countries and the Middle East.
Our chemical lights are depended on in emergencies such as blackouts,
industrial accidents, acts of terrorism and natural disasters. We manufacture
a full complement of Military grade Cyalume(R) brand, Industrial grade
SnapLight(R) brand and Consumer grade SafetyBright(R) brand emergency lighting
solutions. The company employs 200 people at its locations in West
Springfield Massachusetts and Aix-en-Provence, France.
Safe Harbor
This press release may contain certain forward-looking statements
including statements with regard to the future performance of Vector Intersect
Security Acquisition Corporation ("Vector"). Words such as "believes,"
"expects," "projects," and "future" or similar expressions are intended to
identify forward-looking statements. These forward-looking statements
inherently involve certain risks and uncertainties that are detailed in
Vector's Prospectus and other filings with the Securities and Exchange
Commission. The Company undertakes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new information, future
events or otherwise.
Stockholders of Vector are advised to read, when available, each
preliminary proxy statement of Vector and its definitive proxy statement in
connection with its solicitation of proxies for a special meeting of
stockholders because they will contain important information. The definitive
proxy statement will be mailed to stockholders as of a record date to be
established for voting on the acquisition of Cyalume. Stockholders will also
be able to obtain a copy of the definitive proxy statement, without charge, by
directing a request to: Vector Security Intersect Acquisition Corporation, 65
Challenger Road, Ridgefield Park, NJ, 07660. Each preliminary proxy statement
and definitive proxy statement, once available, can also be obtained, without
charge, at the U.S. Securities and Exchange Commission's internet site
www.sec.gov.
Vector and its directors and executive officers may be deemed to be
participants in the solicitation of proxies for the special meeting of
Vector's stockholders to be held to approve the acquisition of Cyalume.
Information regarding Vector's directors and executive officers is available
in its Form 10-K for the year ended December 31, 2007, filed with the U.S.
Securities and Exchange Commission, and such information will be available in
the proxy statements. No person other than Vector has been authorized to give
any information or to make any representations on behalf of Vector or Cyalume
in connection with the acquisition, and if given or made, such other
information or representations must not be relied upon as having been made or
authorized by Vector.
SOURCE Vector Intersect Security Acquisition Corporation

Company Contact: Yaron Eitan of President and Chief Executive Officer, Vector
Intersect Security Acquisition Corporation, +1-201-708-9803,
yeitan@selway.com; or Investor Relations: John McNamara of Cameron Associates,
+1-212-245-8800 Ext. 205, john@cameronassoc.com