WEST SPRINGFIELD, Mass.--(BUSINESS WIRE)--
Cyalume Technologies Holdings, Inc. (OTCBB: CYLU) ("the Company" or
"Cyalume") today announced that it has appointed Michael J. Pellicci as
the Company's Chief Financial Officer, effective immediately. Mr.
Pellicci will succeed Michael Bielonko, who will assume the
responsibilities of Vice President of Finance.
Mr. Pellicci, 49, has extensive management experience with small- and
medium-sized companies. Most recently he held the positions of
President, Chief Executive Officer and Chairman of Tropical Shipping and
Construction Company Limited ("Tropical"), a containerized shipping
company that was a subsidiary of Nicor and then AGL Resources (through
the merger of Nicor and AGL Resources in December 2011). He joined
Tropical in March 2006 as its Chief Financial Officer. Prior to
Tropical, he was Senior Vice President — Finance and Planning, Treasurer
& Chief Accounting Officer at Seabulk International, Inc., a shipping
company operating in the tanker, towing and offshore segments. Seabulk
was acquired by SEACOR Holdings Inc. in July 2005, and Mr. Pellicci
remained with that company through January 2006 as Vice President —
Finance. Previously, he held several financial positions including
Director of Corporate Finance and Corporate Controller at Caraustar
Industries, Inc., a manufacturer of recycled paperboard and converted
products. Mr. Pellicci is a Certified Public Accountant. He holds a B.S.
in Business Administration from The Citadel and an M.B.A. from Georgia
Cyalume's President & CEO, Zivi Nedivi noted, "I am very pleased to
welcome Mike Pellicci to our team. I believe that his wealth of
financial experience coupled with his impressive roster of leadership
positions in a variety of industries will greatly benefit Cyalume. Mike
Bielonko has played an important role in Cyalume's growth and evolution
for the last several years, and I am happy that he has agreed to remain
an active member of our management team."
Mr. Pellicci noted, "I look forward to becoming an integral part of
Cyalume's management team and continuing to grow the business through
internal development and M&A activity. I am confident that this
management team can execute upon the vision and plan Zivi has
strategically laid out."
About Cyalume Technologies Holdings, Inc.
Cyalume designs and manufactures non-pyrotechnic tactical products and
training solutions for the world's militaries and law enforcement
agencies, as well as for certain safety markets. Cyalume is the
exclusive supplier to the U.S. and NATO-country militaries for all of
their chemical light needs and operates manufacturing facilities in the
U.S. and France. Through its subsidiary Cyalume Specialty Products,
Cyalume also manufactures specialty chemical components for various
This press release includes "forward-looking statements" within the
meaning of the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995, including but not limited to statements
regarding the Company's anticipated growth. These forward-looking
statements are based upon management's expectations and beliefs
concerning future events. Forward-looking statements are necessarily
subject to risks, uncertainties and other factors, many of which are
outside the control of the Company and which could cause actual results
to differ materially from such statements. These risks and uncertainties
include, but are not limited to: the effect of regional and global
economic and industrial market conditions including our expectations
concerning their impact on the markets we serve; the effect of
conditions in the financial and credit markets and their impact on the
Company and our customers and suppliers; the impact of the Company's
cost reduction initiatives; the Company's ability to execute its
business plan to meet its sales, operating income, cash flow and capital
expenditure guidance; the impact on the Company's gross profit margins
as a result of changes in product mix; the Company's vulnerability to
industry conditions and competition; the effect of any interruption in
the Company's supply of raw materials or a substantial increase in the
price of raw materials; ongoing capital expenditures and investment in
research and development; compliance with any changes in government
regulations and environmental and health and safety laws; the effect on
the Company's international operations of unexpected changes in legal
and regulatory requirements, export restrictions, currency controls,
tariffs and other trade barriers, difficulties in staffing and managing
foreign operations, political and economic instability, difficulty in
accounts receivable collection and potentially adverse tax consequences;
the effect of foreign currency exchange rates as the Company's non-U.S.
sales continue to increase; reliance for a significant portion of the
Company's total revenues on a limited number of large organizations and
the continuity of business relationships with major customers; the loss
of key personnel; the nature and extent of military operations being
conducted by customers.
Actual results and events may differ significantly from those projected
in the forward-looking statements. Reference is made to Cyalume's
filings with the Securities and Exchange Commission, including its most
recent annual report on Form 10-K, its quarterly reports on Form 10-Q,
and other periodic filings, for a description of the foregoing and other
factors that could cause actual results to differ materially from those
in the forward-looking statements. Any forward-looking statement speaks
only as of the date on which such statement is made, and the Company
undertakes no obligation to update any forward-looking statement,
whether as a result of new information, future events or otherwise.
Cyalume Technologies Holdings, Inc.
Michael Pellicci, 413-858-2500
The Equity Group Inc.
Source: Cyalume Technologies Holdings, Inc.
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