<SUBMISSION>
<ACCESSION-NUMBER>0000950152-05-003885
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20050502
<ITEMS>1.01
<ITEMS>2.01
<ITEMS>2.03
<ITEMS>9.01
<FILING-DATE>20050503
<DATE-OF-FILING-DATE-CHANGE>20050503
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>AXSYS TECHNOLOGIES INC
<CIK>0000206030
<ASSIGNED-SIC>3827
<IRS-NUMBER>111962029
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1228
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-16182
<FILM-NUMBER>05795928
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>175 CAPITAL BLVD SUITE 103
<CITY>ROCKY HILL
<STATE>CT
<ZIP>06067
<PHONE>2018711500
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>175 CAPITAL BLVD SUITE 103
<CITY>ROCKY HILL
<STATE>CT
<ZIP>06067
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>VERNITRON CORP
<DATE-CHANGED>19920703
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>l13731ae8vk.htm
<DESCRIPTION>AXSYS TECHNOLOGIES, INC.          FORM 8-K
<TEXT>
<HTML>
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<TITLE>AXSYS TECHNOLOGIES, INC.          Form 8-K</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">

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<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>


<P align="center" style="font-size: 10pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d) of the<BR>
Securities Exchange Act of 1934</B>


<P align="left" style="font-size: 10pt">Date of report (Date of earliest event reported):&nbsp;May&nbsp;2, 2005


<P align="center" style="font-size: 24pt"><B>AXSYS TECHNOLOGIES, INC.</B>


<DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in Charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0-16182
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">11-1962029</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or Other Jurisdiction of Incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission File Numbers)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer Identification No.)</TD>
</TR>
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</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="65%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">175 Capital Boulevard, Suite&nbsp;103</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Rocky Hill, Connecticut
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">06067</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Address of Principal Executive Offices)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">(Zip Code)
</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="left" style="font-size: 10pt">Registrant&#146;s telephone number, including area code:&nbsp;(860)&nbsp;257-0200



<P align="center" style="font-size: 10pt">N/A<BR>
<HR size="1" noshade color="#000000">


<DIV align="center" style="font-size: 10pt">(Former Name or Former Address, if Changed Since Last Report)</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following provisions:

<P align="left" style="font-size: 10pt"><FONT style="font-family: Wingdings">&#168;</FONT> Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)


<P align="left" style="font-size: 10pt"><FONT style="font-family: Wingdings">&#168;</FONT> Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)


<P align="left" style="font-size: 10pt"><FONT style="font-family: Wingdings">&#168;</FONT> Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))


<P align="left" style="font-size: 10pt"><FONT style="font-family: Wingdings">&#168;</FONT> Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))


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<P align="left" style="font-size: 10pt"><B>Item&nbsp;1.01 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entry into a Material Definitive Agreement.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;2, 2005, in connection with the acquisition of Diversified Optical Products, Inc., a
New York corporation (&#147;DiOP&#148;), Axsys Technologies, Inc., a Delaware corporation (&#147;Axsys&#148;), entered
into a new credit facility (the &#147;Credit Facility&#148;) with Fleet National Bank, a Bank of America
company (the &#147;Bank&#148;). The Credit Facility is comprised of a $15.0&nbsp;million three-year revolving
credit facility (the &#147;Revolving Credit Facility&#148;), a $20.0&nbsp;million five-year term loan (the &#147;Term
Loan A&#148;) and a $35.0&nbsp;million two-year term loan facility (the &#147;Term Loan B&#148;). Repayments of
amounts borrowed under the Credit Facility are secured by a lien on all of Axsys&#146; assets and the
assets of Axsys&#146; subsidiaries, including a pledge of all of the stock of Axsys&#146; subsidiaries. The
Credit Facility is also guaranteed by all of Axsys&#146; subsidiaries.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Credit Facility requires, among other things, that Axsys maintain certain performance
financial covenants, restricts its ability to incur additional indebtedness, and contains various
customary provisions, including affirmative and negative covenants, representations and warranties
and events of default.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Revolving Credit Facility is available through May&nbsp;2008, subject to optional prepayment in
accordance with its terms. Up to $2.0&nbsp;million of the Revolving Credit Facility may be utilized to
issue letters of credit. Axsys may elect to have any borrowing under the Revolving Credit Facility
bear interest either at the Bank&#146;s prime rate or the 1-month LIBOR rate plus a margin of 100 to 275
basis points, depending on Axsys&#146; consolidated funded debt-to-consolidated EBITDA ratio, as defined
under the Credit Facility. As of May&nbsp;2, 2005,there were no borrowings under
the Revolving Credit Facility.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Term Loan A is scheduled to mature in May&nbsp;2010, subject to optional and mandatory
prepayment in accordance with its terms, with quarterly principal payments, which begin August
2005, totaling $4.0&nbsp;million. The Term Loan A bears interest at a rate per annum equal to the
3-month LIBOR rate plus a margin of 100 to 275 basis points, depending on Axsys&#146; consolidated
funded debt-to-consolidated EBITDA ratio, as defined under the Credit Facility. As of May&nbsp;2, 2005,
the balance of the Term Loan A was $20.0&nbsp;million.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Term Loan B is scheduled to mature in May&nbsp;2007, subject to optional and mandatory
prepayment in accordance with its terms. Principal payments, which begin in February&nbsp;2006, will be
made in five quarterly installments of $500,000 each and a final installment of $32.5&nbsp;million on
May&nbsp;2, 2007. The Term Loan B bears interest at a rate per annum equal to the LIBOR rate plus a
margin of 100 to 275 basis points, depending on Axsys&#146; consolidated funded debt-to-consolidated
EBITDA ratio, as defined under the Credit Facility. Axsys has the option of selecting the 1-month,
2-month or 3-month LIBOR rate. As of May&nbsp;2, 2005, the balance of the Term Loan B was $35.0
million.


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt"><B>Item&nbsp;2.01 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Completion of Acquisition or Disposition of Assets.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;2, 2005, Axsys completed the previously announced acquisition of DiOP for approximately
$60.0&nbsp;million in cash. The acquisition was made pursuant to the Stock Purchase Agreement, dated
March&nbsp;23, 2005, among Axsys, DiOP and DiOP&#146;s stockholders: Louis R. Fantozzi, Lawrence Kessler and
Paul Parkas (the &#147;Stockholders&#148;), whereby, upon the terms and subject to the conditions set forth
therein, Axsys purchased from the Stockholders all of the outstanding capital stock of DiOP.
DiOP is a manufacturer of high-end thermal surveillance camera systems and lenses.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axsys announced the closing of the acquisition in a press release on May&nbsp;2, 2005. A copy of
this press release is attached hereto as Exhibit&nbsp;99.1 and incorporated herein by reference.

<P align="left" style="font-size: 10pt"><B>Item&nbsp;2.03 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creation of Direct Financial Obligation or an Obligation under an Off-Balance Sheet
Arrangement of a Registrant.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See the discussion under Item&nbsp;1.01 above, Entry into a Material Definitive Agreement, for
information regarding the Credit Facility. Axsys used borrowings under the Credit Facility to
finance the acquisition of DiOP and repay the approximately $4.0&nbsp;million outstanding under its
prior unsecured credit facility with the Bank.

<P align="left" style="font-size: 10pt"><B>Item&nbsp;9.01 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.</B>




<P align="left" style="margin-left:3%; font-size: 10pt">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements of Businesses Acquired.



<P align="left" style="margin-left:3%; font-size: 10pt">As of the date of filing of this Current Report on Form 8-K, it is impracticable for
Axsys Technologies, Inc. to provide the financial statements required by Item
9.01(a) of Form 8-K. In accordance with Item&nbsp;9.01(a)(4) of Form 8-K, such financial
statements will be filed by amendment to this Form 8-K no later than July&nbsp;18, 2005,
71&nbsp;days after the required filing date for this Current Report.



<P align="left" style="margin-left:3%; font-size: 10pt">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pro Forma Financial Information.



<P align="left" style="margin-left:3%; font-size: 10pt">As of the date of filing this Current Report on Form 8-K, it is impracticable for
Axsys Technologies, Inc. to provide the pro forma financial information required by
Item&nbsp;9.01(b) of Form 8-K. In accordance with Item&nbsp;9.01(b)(2) of Form 8-K, such
financial information will be filed by amendment to this Form 8-K no later than July
18, 2005, 71&nbsp;days after the required filing date for this Current Report.



<P align="left" style="margin-left:3%; font-size: 10pt">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.



<P align="left" style="margin-left:3%; font-size: 10pt">The following exhibits are filed with this report:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="94%">
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<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Exhibit&nbsp;No.</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>Exhibit&nbsp;Description</U></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press release issued by Axsys Technologies, Inc., dated May&nbsp;2, 2005</TD>
</TR>
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<P align="center" style="font-size: 10pt">&nbsp;
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<P align="center" style="font-size: 10pt"><U><B>SIGNATURES</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 hereunto duly authorized.

<DIV align="center">
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    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>AXSYS TECHNOLOGIES, INC.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">David A. Almeida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">David A. Almeida<br>
Chief Financial Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">Date: May 3, 2005</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
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</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
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<P align="center" style="font-size: 10pt"><B>EXHIBIT INDEX</B>


<DIV align="center">
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    <TD width="10%">&nbsp;</TD>
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    <TD width="87%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Exhibit&nbsp;No.</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>Exhibit&nbsp;Description</U></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press release issued by Axsys Technologies, Inc., dated May&nbsp;2, 2005</TD>
</TR>
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</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>l13731aexv99w1.htm
<DESCRIPTION>EX-99.1 PRESS RELEASE ISSUED BY AXSYS TECH., INC. 5/2/2005
<TEXT>
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<TITLE>EX-99.1 Press Release 5/2/2005</TITLE>
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<P align="right" style="font-size: 10pt"><B>EXHIBIT 99.1</B>



<P align="right" style="font-size: 10pt"><IMG src="l13731aaxsys.gif" alt="()">



<P align="center" style="font-size: 10pt"><B>AXSYS TECHNOLOGIES CLOSES DIOP ACQUISITION</B>


<P align="left" style="font-size: 10pt"><B>ROCKY HILL, CT &#151; May&nbsp;2, 2005 &#151; </B>Axsys Technologies, Inc. (NASDAQ: AXYS), a global leader in the
design, manufacture and distribution of precision optical solutions, today announced the completion
of its purchase of Diversified Optical Products, Inc. (DiOP), a leading supplier of infrared
surveillance camera solutions to military and homeland security customers, and a leading OEM
supplier of military-grade thermal targeting and imaging lenses, for $60&nbsp;million in cash.


<P align="left" style="font-size: 10pt">The Company has developed plans for the integration of DiOP into Axsys&#146; Optical Systems Group, and
implementation will begin immediately. Axsys intends to update its annual financial guidance for
2005 upon completion of the requisite post-closing audit.


<P align="left" style="font-size: 10pt">&#147;DiOP&#146;s capabilities in the development of infrared surveillance cameras and lenses are an
important factor in our strategic vision,&#148; said Stephen W. Bershad, Chairman and Chief Executive
Officer of Axsys. &#147;In addition, DiOP&#146;s strong reputation among military and homeland security
customers presents new growth opportunities for Axsys. We are very optimistic about the new, high
value technologies and customers that DiOP brings to Axsys, as well as the ability to further
leverage our existing capabilities and customer base. The entire Axsys organization
enthusiastically welcomes the DiOP team on board.&#148;


<P align="left" style="font-size: 10pt"><B>Acquisition Highlights:</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Dramatically enhances Axsys&#146; position as a leading supplier of vertically integrated
infrared surveillance systems.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Represents a significant step in Axsys&#146; strategy to leverage its optical and motion
control capabilities to address the fast growing homeland security market.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Enables Axsys to address new markets including aerial and shipboard surveillance that
neither company was able to address independently.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Directly supports Axsys&#146; strategy to increase the value-added content of its product
offerings.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Creates a substantial infrared lens design and manufacturing organization that can
better satisfy the growing demand for military grade thermal lenses than can either company
independently.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">Bank of America financed the acquisition of DiOP with a senior credit facility in the amount of $70
million.


<P align="left" style="font-size: 10pt"><B>About Axsys</B>


<P align="left" style="font-size: 10pt">Axsys Technologies, Inc. is a vertically integrated OEM supplier of precision optical solutions for
high technology applications, serving the aerospace, defense and high performance commercial
markets. For more information, visit <u>www.axsys.com</u>.



<P align="center" style="font-size: 10pt">&nbsp;
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<P align="right" style="font-size: 10pt"><B>EXHIBIT 99.1</B>


<P align="left" style="font-size: 10pt"><B>Conference Call</B>


<P align="left" style="font-size: 10pt">Management will conduct a conference call on Monday, May&nbsp;2, 2005 at 10:00 am ET. Interested parties
may participate in the call by dialing 706-679-3148 &#151; please call in 10 minutes before the call is
scheduled to begin and ask for the Axsys Technologies call. The conference call will be broadcast
live over the Internet via the Investors section of the
Company&#146;s web site at <u>www.axsys.com</u>. To
listen to the live call, please go to the web site at least 15 minutes early to register, download
and install any necessary audio software. If you are unable to listen live, the conference call
will be archived on the Company&#146;s web site.


<P align="left" style="font-size: 10pt">This press release contains forward-looking statements within the meaning of Section&nbsp;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. 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&#146; reports on Form 10-K and
10-Q on file with the Securities and Exchange Commission, including without limitation: changes in
the U.S. federal government spending priorities; the Company&#146;s ability to compete in the industries
in which it operates, including the introduction of competing products or technologies by other
companies and/or pricing pressures from competitors and/or customers; the potential for the
Company&#146;s backlog to be reduced or cancelled; the Company&#146;s ability to implement its acquisition
strategy and integrate its acquired companies successfully, including the recent acquisition of
Diversified Optical Products; the Company&#146;s ability to manage costs under the Company&#146;s fixed-price
contracts effectively; and changes in general economic and business conditions. These statements
reflect the Company&#146;s current beliefs and are based upon information currently available to Axsys.
Be advised that developments subsequent to this release are likely to cause these statements to
become outdated with the passage of time, and we specifically disclaim any obligation to update
these statements. For more information concerning the foregoing risks and uncertainties, see the
Securities and Exchange Commission filings for Axsys.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>CONTACT:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-OR-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>INVESTOR RELATIONS COUNSEL:</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">David Almeida
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>The Equity Group Inc.</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Chief Financial Officer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lauren Barbera</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Axsys Technologies, Inc.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(212)&nbsp;836-9610</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(860) 257-0200 Telephone
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><u>LBarbera@equityny.com</u></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(860) 594-5750 Facsimile</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Email:
<u>invest@axsys.com</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
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