Axsys Technologies Announces the Addition of a New Independent Director.

Business Editors/High-Tech Writers

ROCKY HILL, Conn.--(BUSINESS WIRE)--May 14, 2003

Axsys Technologies, Inc. (Nasdaq: AXYS), a global leader in the design, manufacture and distribution of precision opto-mechanical components and assemblies found in high- performance aerospace, defense and commercial equipment for high-technology markets, yesterday announced the election of Mr. Robert G. Stevens to our Board of Directors.

Mr. Stevens, age 49, is the President of Growth Insight, Inc., a strategic planning management consulting firm, which helps corporate and nonprofit clients develop and improve customer-centric business models. Prior to that time, Mr. Stevens had been the Executive Vice President of Bluefly, Inc., a publicly traded internet retailer of off-price fashion merchandise, for three years. From 1992 until 1999, Mr. Stevens served as Vice President and Partner of Mercer Management Consulting, Inc., the management consulting arm of Marsh & McLennan, Inc. Mr. Stevens serves as a Director of Bluefly, Inc. and as Vice Chairman of the Board of Trustees of the Shambhala Center of New York.

Mr. Stevens was elected to the Axsys Board of Directors at our Annual Meeting held May 13, 2003 along with returning Board members Mr. Stephen W. Bershad, Mr. Anthony J. Fiorelli, Jr., Eliot M. Fried and Richard Hamm, Jr. Mr. Stevens replaces Mr. Robert G. McConnell, who was not nominated for reelection due to recent changes in his employment.

Mr. Stephen W. Bershad, Chairman of the Board, announced the changes and commented; "Mr. McConnell and his extensive experience in technology, operations and marketing will be missed. We wish him well in his future endeavors. Mr. Stevens brings over 20 years of experience developing customer-centric strategies in a variety of industries. We believe his background and experiences will assist us in our market-focused orientation. "

Axsys Technologies, Inc. is a vertically integrated supplier of precision optical and motion control components and assemblies for high-technology applications, serving the aerospace, defense, semiconductor and graphic arts markets. For more information, contact Axsys Technologies Inc, at www.axsys.com.

This press release may contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. One can identify these forward-looking statements by the use of the words such as "expect," "anticipate," "plan," "may," "will," "estimate" or other similar expressions. Because such statements apply to future events, they are subject to risks and uncertainties that could cause the actual results to differ materially. Important factors, which could cause actual results to differ materially, are described in Axsys' reports on Form 10-K and 10-Q on file with the Securities and Exchange Commission.