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Updated: July 8th, 2008 05:26 PM CDT

Irvine Sensors Acquires Optex Systems, Inc.

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Martin Hale , Jr., Managing Director of Pequot Ventures, will be nominated for election to Irvine Sensors' Board of Directors at that March 2006 AnnualMeeting. Mr. Hale said, "We believe that Irvine Sensors is precisely the kind of technology-rich company that can be the platform for highly accretive growth, if provided with appropriate financing. That is the role we play, andwe are delighted to be a part of this initial transaction toward that goal."

Irvine Sensors Corporation, headquartered in Costa Mesa, California, is primarily engaged in the development and sale of miniaturized infrared and electro-optical cameras, image processors and stacked chip assemblies and research and development related to high density electronics, miniaturized sensors, optical interconnection technology, high speed network security, image processing and low-power analog and mixed-signal integrated circuits for diverse systems applications.

Pequot Ventures is the direct venture investment arm of Pequot Capital Management, Inc. and has a direct investment focus on startup, growth stage and later-stage companies in the technology, defense and healthcare sectors. Pequot's goal is to create value by bringing energy and substantial industry expertise to its portfolio companies through the collective intellectual capital, deep operating experience and extensive network of its investment team. The firm leverages its multi-billion dollar presence across both public and private equity markets to help build competitive, sustainable businesses in fast changing environments throughout their lifecycle. Pequot accomplishes this goal in close partnership with the founders and management teams of its portfolio companies.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release may contain forward-looking statements based on our current expectations, estimates and projections about our industry, management's beliefs, and certain assumptions made by us. Words such as "anticipates," "expects," "projects," "intends," "plans," "believes," "seeks," "estimates," "may," "will" and variations of these words or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to funding of the existing military procurements supported by Optex Systems, Inc., the expected synergies resulting from the Company's acquisition of Optex and the future performanc of the Company. Such statements speak only as of the date here of and are subject to change. We undertake no obligation to revise or update publicly any forward-looking statements for any reason. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, our actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.

Important factors that may cause such a difference include, but are not limited to, our ability to integrate Irvine Sensors' technology with OptexSystems' products while maintaining production standards required by military customers; the costs of integrating Optex Systems' operations, systems and management team into Irvine Sensors; any unforeseen accounting charges or liabilities resulting from this acquisition; our ability to service the new debt obligations or to raise additional capital and control costs and expenses; the potential unforeseen impact of product offerings from competitors; Optex Systems' ability to maintain and expand its sales and profitability; government funding and budgetary processes and approvals and general economic and political conditions and specific conditions in the markets we address, particularly as it might effect the status of militarysystems presently deployed in combat operations. Further information on Irvine Sensors Corporation, including additional risk factors that may affect our forward looking statements, is contained in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K and our other SEC filings that are available through the SEC's website (www.sec.gov).


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