Axsys Technologies Names President and Chief Operating Officer.

ENGLEWOOD CLIFFS, N.J.--(BUSINESS WIRE)--Aug. 26, 1999--

Axsys Technologies, Inc. (NASDAQ: AXYS), a leading manufacturer of micro-positioning and precision optical systems and components, today announced the appointment of Mark J. Bonney to the position of President and Chief Operating Officer, effective August 30, 1999. Mr. Bonney most recently served as Vice President of Operations at Zygo Corporation, a designer, developer, manufacturer and marketer of high performance measurement and yield improvement instruments, systems and accessories used in high technology industries, located in Middlefield, Connecticut.

Stephen W. Bershad, Chairman and Chief Executive Officer of Axsys, had been functioning as Chief Operating Officer prior to Mr. Bonney's appointment. Commenting on Mr. Bonney's appointment, Mr. Bershad stated "As we continue to integrate our technologies and operating capabilities, it is essential that we have in place senior management with a track record of accomplishment in this area. We are very fortunate at this critical time to be able to bring Mark Bonney, with his excellent credentials and exceptional operating capabilities, into our Company. Mark and I share a common set of values and principles and I am confident that he will help us grow Axsys in the future."

Mr. Bonney commented, "I am very excited to be joining Steve and his team at this time. The experience I bring to Axsys should serve as an excellent base as we further integrate and build the Company going forward. Axsys has some very strong individual brand recognition in the Speedring, Teletrac, Beau and AST product lines and, when combined with the developing strength of the Axsys name through the integration of the Precision Systems Group, we have a wonderful platform to build upon. I am looking forward to working closely with the Axsys team in the future."

Bershad further commented, "With Mark taking the lead in integrating our businesses, I will be able to focus more of my efforts on matters affecting the Company's long-term plans, including strategic and financial transactions that have been, and will continue to be, important contributors to the growth of the Company."

Mr. Bonney had been responsible for the Automation and Optics business units and the manufacturing facilities of Zygo since June 1998. Prior to that Mr. Bonney was Zygo's Chief Financial Officer and the General Manager of its Advanced Metrology Division. Mr. Bonney, 45, received a BS in Business Administration and Economics from Central Connecticut State University and an MBA from the University of Hartford.

Axsys Technologies, Inc. designs, develops, manufactures and markets micro-positioning and precision optical systems and components for a variety of industries including defense, space, digital imaging and electronic capital equipment. The Company also produces interconnect devices and distributes precision ball bearings for industrial, consumer and other commercial applications. For more information, contact Axsys Technologies, Inc., 910 Sylvan Avenue, Englewood Cliffs, NJ 07632 [phone], Fax [phone]; Internet: www.axsys.com

This news release contains certain forward-looking statements including, without limitation, statements regarding the Company's ability to further integrate its operations and to implement its strategy to develop and sell value-added precision measurement and positioning systems and the company's objective to pursue its business strategy in part through strategic and financial transactions. The Company's business is subject to a variety of risks and uncertainties in addition to those described above. 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 on Form 10-K for the fiscal year ended December 31, 1998.