Axsys Technologies Hires New Vice President of Strategic Planning and Corporate Development.

ROCKY HILL, Conn. -- Axsys Technologies, Inc. (NASDAQ:AXYS), a fully integrated supplier of precision optical assemblies and components used in a variety of high performance commercial, aerospace and defense applications, announced today that Scott B. Conner will be joining the company as Vice President - Strategic Planning and Corporate Development, effective July 19, 2004.

For the past four years, Mr. Conner has served as Vice President of Strategic Marketing and Business Development for Quantum Bridge Communications, formerly a privately held developer of Fiber to the Home networking equipment. In this position, he developed strategic partnerships and headed the negotiations that lead to the sale of Quantum Bridge to Motorola. Prior to Quantum Bridge, Mr. Conner was Director of Business Development and Strategy for ADC Telecommunications where he was responsible for identifying and implementing several acquisitions. Before joining ADC, Mr. Conner spent several years at Anderson Consulting.

Mr. Conner joins Axsys with an extensive background in strategy and business development with a variety of high technology companies. Stephen W. Bershad, Chairman and CEO of Axsys, said, "A key element of Axsys' strategy is continued growth through strategic acquisitions. Mr. Conner's extensive business development background and his strategic planning experience will play a key role in our ability to successfully execute this strategy. I think we were very fortunate to be able to attract a professional of Mr. Conner's caliber."

Axsys also announced that Kenneth F. Stern has resigned his position as Vice President - Strategic Planning and Corporate Development from Axsys and will be starting his own management-consulting firm, Veritas Consulting Group, LLC. Commenting on Mr. Stern's departure, Mr. Bershad said, "Ken and I have worked together at Axsys for nearly ten years. He has played a key role in defining and driving our strategy to become a leading manufacturer of precision optical products. His drive and dedication to the company will be missed and we wish him success in his new venture."

Axsys Technologies, Inc. is a fully integrated supplier of precision optical assemblies and components used in a variety of high performance commercial and aerospace/defense applications. For more information, contact Axsys Technologies, Inc. at www.axsys.com.

This press release contains 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, including without limitation: the introduction of competing products or technologies by other companies and/or pricing pressures from competitors and/or customers, a reversal or slowdown of the modest economic recovery presently being experienced in the United States, Axsys' inability to achieve synergies in connection with the acquisition of Telic Optics, Inc., the incurrence of unexpected costs in connection with the acquisition and other contingencies and risks relating to the integration of Telic's operations and business.