Axsys Technologies Announces Acquisition of Westlake Technologies.

Business Editors

ROCKY HILL, Conn.--(BUSINESS WIRE)--Oct. 4, 2000

Axsys Technologies, Inc. (Nasdaq: AXYS), a global leader in designing, manufacturing and distributing micro-positioning and precision optical products, today announced that it has acquired the assets of Westlake Technologies Corporation ("WTC") of Newbury Park, California, a leading supplier of high speed electronics used to test magnetic disk drive head gimbal assemblies (HGA) and head stack assemblies (HSA).

In August 1998, Axsys entered into a strategic alliance with WTC, giving Axsys the exclusive right to market and sell WTC's electronics. Since then, Axsys has been focused on integrating WTC's electronics into its high-performance magnetic disk drive HGA and HSA test products, thereby offering the market a turnkey test system, based on open-architecture design.

Mark Bonney, Axsys' President and COO said, "The addition of Westlake into Axsys Technologies increases our capabilities in high speed analog and digital electronics. While these capabilities are critical in our data storage applications, as part of Axsys, they may also be leveraged to support our other markets, including digital imaging and fiber optic automation equipment, in support of our new Fiber Automation Division."

This news release contains certain forward-looking statements. The Company's business is subject to various risks and uncertainties. As a result, actual future results and developments may be materially different from those expressed or implied in any forward-looking statement. Disclosure regarding factors affecting the Company's future results and developments is contained in the Company's public filings with the Securities and Exchange Commission, including the Company's annual report and Form 10-K for the fiscal year ended December 31, 1999.