It is a warning light that in some cars needs to be reset, it is cause by a short detected in the system notifying you that maybe someone try to jump something in the car, when changing the battery a light short normally happens and being this about
SOURCE: 1994 cadillace anti theft system
I just had this same problem with a '96 . do you have a vats key in your '94? you need to bypass the VATS system. read some of the blogs on this site and it will tell you how to do it. I fixed mine with a $2 resistor from radio shack.
SOURCE: 2001 ford taurus wont start and anti-theft light is blinking
Either you may be using a key that you had copied from the original or your chip went bad in your original key. Most of cars now a days have the key censor in the key so if it is the incorrect key it will not start your car or if it does not read that chip it will not start
SOURCE: Car won't start - anti-theft light flashing
it sounds like the immobilizer is faulty. this will shut off the electrical feed to the starter motor. you will need to take it to a garage to get this fixed.
hope this helps.
SOURCE: Hello accent 2004 with anti theft system battery flat anti theft
Have you verified this system is running the battery down? The system you describe is called the Remote Keyless Entry System (Electronic Time/Alarm & Control System - ETACS Module). It cannot be 'disconnected' without disabling other systems (intermittent wipers, Chime bell, Door Warning, Dimming Off Room Lamp, Seat Belt indicator, remote power door lock/unlock system, etc.)
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