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<html>



<head>



<title>SECURITIES AND EXCHANGE COMMISSION</title>



</head>



<body>



<div style="font-family:'Times New Roman';">



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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>



</div>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION<br>

</font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">WASHINGTON, D.C. 20549</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;letter-spacing:-.15pt;">FORM 8-K</font></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;letter-spacing:-.1pt;">CURRENT REPORT<br>

PURSUANT TO SECTION 13 OR 15(d) OF THE<br>

SECURITIES EXCHANGE ACT OF 1934</font></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Date of the Report:&#160;

May 23, 2002</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Commission file number 0-16182</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;letter-spacing:-.15pt;">AXSYS TECHNOLOGIES, INC.<br>

</font></b><font size="2" style="font-size:10.0pt;letter-spacing:-.1pt;">(Exact name of registrant as specified in its

charter)</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



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<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.44%;">

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  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.15pt;">Delaware</font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="31%" valign="top" style="padding:0in .7pt 0in .7pt;width:31.78%;">

  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="31%" valign="top" style="padding:0in .7pt 0in .7pt;width:31.78%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.15pt;">11-1962029</font></b></p>

  </td>

 </tr>

 <tr>

  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.34%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(State or other jurisdiction of <br>

  incorporation or organization)</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="31%" valign="top" style="padding:0in .7pt 0in .7pt;width:31.78%;">

  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="31%" valign="top" style="padding:0in .7pt 0in .7pt;width:31.78%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(I.R.S. Employer <br>

  Identification Number)</font></p>

  </td>

 </tr>

 <tr>

  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.34%;">

  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.04%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="31%" valign="top" style="padding:0in .7pt 0in .7pt;width:31.78%;">

  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.04%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="31%" valign="top" style="padding:0in .7pt 0in .7pt;width:31.78%;">

  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

 </tr>

</table>



</div>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.15pt;">175 Capital Boulevard, Suite 103</font></b></p>



<h1 style="letter-spacing:-.15pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rocky Hill, Connecticut 06067</font></b></h1>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(Address of principal executive offices)</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">Registrant&#146;s telephone number, including area code: (860)

257-0200</font></b></p>



<div style="border:none;border-bottom:double windowtext 9.0pt;padding:0in 0in 0in 0in;">



<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



</div>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times" style="display:none;font-family:Times;font-size:10.0pt;">1</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 4.

Changes in Registrant&#146;s Certifying Accountant.</font></b></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Audit Committee of the

Board of Directors of Axsys Technologies, Inc. considers and recommends to the

Board of Directors the selection of Registrant&#146;s independent public

accountants. As recommended by Registrant&#146;s Audit Committee, effective as of

May 23, 2002 Registrant&#146;s Board of Directors dismissed Arthur Andersen LLP

(&#147;Andersen&#148;) as its independent public accountants and engaged Ernst and Young

LLP to serve as Registrant&#146;s independent public accountants for 2002.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Andersen&#146;s reports on

Registrant&#146;s consolidated financial statements for each of the years ended

December 31, 2001 and December 31, 2000 did not contain an adverse opinion or

disclaimer of opinion, nor were they qualified or modified as to uncertainty,

audit scope or accounting principles.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During Registrant&#146;s two most

recent fiscal years and through the date of this Form 8-K, there were no

disagreements with Andersen on any matter of accounting principles or

practices, financial statement disclosure, or auditing scope or procedure

which, if not resolved to Andersen&#146;s satisfaction, would have caused them to

make reference to the subject matter in connection with their report on

Registrant&#146;s consolidated financial statements for such years; and there were

no reportable events, as listed in Item 304(a)(1)(v) of Regulation S-K.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant provided Andersen

with a copy of the foregoing disclosures.&#160;

Attached, as Exhibit 16, is a copy of Andersen&#146;s letter, dated May 23,

2002, stating its agreement with such statements.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During Registrant&#146;s two most

recent fiscal years and through the date of this Form 8-K, Registrant did not

consult Ernst and Young LLP with respect to the application or accounting

principles to a specified transaction, either completed or proposed, or the

type of audit opinion that might be rendered on Registrant&#146;s consolidated

financial statements, or any other matters or reportable events listed in Items

304(a)(2)(i) and (ii) of Regulation S-K.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 7. Financial Statements

and Exhibits.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c) The following Exhibits

are filed as part of this report:</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit 16 &#151; Letter from

Arthur Andersen LLP to the Securities and Exchange Commission, dated May 23,

2002.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit 99.2 &#151; Press Release

dated May 23, 2002.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>





<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



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</font></div>



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<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIGNATURE</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160; Pursuant to the requirements of the Securities Exchange Act of

1934, the registrant has duly caused this report to be signed on its behalf by

the undersigned thereunto duly authorized.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.02%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.08%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.9%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AXSYS TECHNOLOGIES, INC.</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.02%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.08%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.9%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.02%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.08%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.9%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.02%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.08%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="48%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:48.9%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ David A. Almeida</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.02%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.08%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="48%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:48.9%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David A. Almeida</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.02%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.08%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.9%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer

  and Treasurer</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.02%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.08%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.9%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Authorized Officer of the

  Registrant, <br>

  Principal Financial Officer and Principal <br>

  Accounting Officer)</font></p>

  </td>

 </tr>

 <tr>

  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.02%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.08%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.9%;">

  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: May 23, 2002</font></p>

  </td>

 </tr>

</table>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



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<TYPE>EX-16
<SEQUENCE>3
<FILENAME>j4011_ex16.htm
<DESCRIPTION>EX-16
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<head>



<title>

Exhibit 16 </title>



</head>



<body>



<div>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 16 </font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Arthur

Andersen LLP Letterhead]</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 23, 2002</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Office of the Chief

Accountant</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities and Exchange

Commission</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">450 Fifth Street, N.W.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Washington, D.C. 20549</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Sir:</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have read the first,

second, third and fourth paragraphs of Item 4 included in the Form 8-K dated

May 23, 2002 of Axsys Technologies, Inc. to be filed with the Securities and

Exchange Commission and are in agreement with the statements contained therein.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Arthur Andersen LLP</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Arthur Andersen LLP</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="display:none;font-size:10.0pt;">1</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



</div>




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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>4
<FILENAME>j4011_ex99d2.htm
<DESCRIPTION>EX-99.2
<TEXT>
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<head>



<title>

Exhibit 99</title>



</head>



<body link="blue" vlink="purple">



<div style="font-family:'Times New Roman';">



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 99.2</font></b></p>



<p style="margin:0in 0in .0001pt 1.0in;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FOR IMMEDIATE RELEASE</font></u></b></p>



<h2 style="margin:0in 0in .0001pt 3.5in;page-break-after:avoid;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>



<div align="right">



<table border="0" cellspacing="0" cellpadding="0" width="49%" style="border-collapse:collapse;width:49.04%;">

 <tr>

  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.84%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Contact:</font></p>

  </td>

  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.84%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.96%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.34%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="37%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:37.7%;">

  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David

  Almeida</font></p>

  </td>

  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.96%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-indent:0in;">&nbsp;</p>

  </td>

  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.34%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-indent:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="56%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:56.66%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer</font></p>

  </td>

  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.34%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="56%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:56.66%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Axsys Technologies, Inc.</font></p>

  </td>

  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.34%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="56%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:56.66%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(860) 257-0200</font></p>

  </td>

  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.34%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="56%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:56.66%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">www.axsys.com</font></p>

  </td>

  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.34%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

</table>



</div>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AXSYS TECHNOLOGIES ANNOUNCES APPOINTMENT OF INDEPENDENT

AUDITORS</font></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ROCKY HILL,

CT &#151; May 23, 2002 &#151; </font></b><font size="2" style="font-size:10.0pt;">Axsys Technologies, Inc. (Nasdaq: AXYS), a global

leader in the design, manufacture and distribution of precision components and

systems for high-technology markets, today announced its determination to

dismiss its independent auditors, Arthur Andersen LLP and to engage Ernst and

Young LLP to serve as its new independent auditors for 2002. The change becomes

effective immediately. This determination was recommended by the Audit

Committee of Axsys Technologies, Inc. and approved by its Board of Directors.</font></p>



<p style="margin:12.0pt 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Axsys

Technologies, Inc. is a vertically integrated supplier of precision system

solutions for high-technology applications, including aerospace guidance,

graphic arts and electronics capital equipment, and serves the semiconductor

and photonic components markets. Axsys has created its precision system

capabilities by leveraging its unique component capabilities. For more

information, contact Axsys Technologies, Inc., at www.axsys.com.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 &#147;expect,&#148; &#147;anticipate,&#148; &#147;plan,&#148;

&#147;may,&#148; &#147;will,&#148; &#147;estimate&#148; or other similar expressions.&#160; Because such statements apply to future

events, they are subject to risks and uncertainties that could cause the actual

results to differ materially.&#160; Important

factors, which could cause actual results to differ materially, are described

in the Company&#146;s reports on Form 10-K and 10-Q on file with the Securities and

Exchange Commission.</font></p>



<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="display:none;font-size:10.0pt;">1</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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