AXSYS TECHNOLOGIES CHOSEN TO PRODUCE BERYLLIUM MIRROR SUBSTRATES FOR USE ON THE JAMES WEBB SPACE TELESECOPE

ROCKY HILL, CT - Sep 22, 2003 -- Axsys Technologies, Inc. (Nasdaq:AXYS), a global leader in the des ign, manufacture and distribution of precision opto-mechanical components and assemblies found in high performance aerospace, defense and commercial equipment and systems announced today that it is part of the team that has been selected by Northrop Grumman Corporation to produce the mirrors to be included in NASA's James Webb Space Telesco pe ("JWST").

The beryllium mirror team is lead by Ball Aerospace & Technologies Corporation and, in addition to Axsys, includes Brush Wellman Inc. and Tinsley Laboratories. Brush Wellman will provide the beryllium material to Axsys. As a mem ber of the team, Axsys will produce the beryllium mirror substrates and support structures for an engineering deve lopment unit, 18 optical mirror segments and two spare units and support structures that comprise the 6.5 meter pr imary mirror as well as the secondary mirror. The mirror substrates would then be polished and tested by Tinsley L aboratories. Ball Aerospace would then assemble the mirrors and support structures into the optical subsystem.

As the world's leading fabricator of large beryllium mirror substrates and structures used on numerous space and d efense applications, Axsys expects its selection to result in a multi-year, multi-million dollar order with produc tion delivery beginning in 2005 and continuing for three years.

The selection of beryllium for the mirror components of the telescope provided significant weight savings for the JWST program. While the JWST will be 2.5 times the diameter of the Hubble Space Telescope, by using beryllium mirr ors as opposed to low-expansion glass optics, the JWST will weigh one-third as much. As a result of the large size of the mirror, the JWST will be orders of magnitude more sensitive than ground-based infrared telescopes in searc hing for the first stars and galaxies formed in the universe billions of years ago.

Stephen W. Bershad, Chairman and CEO commented: "All of us at Axsys are extremely proud to have our unique capabil ities applied to this important program. We look forward to the discoveries the JWST will bring about." C.R. "Bud" Jenkins, President of Axsys' Aerospace and Defense Group added: "Axsys' Precision Machined Products division, loc ated in Cullman, Alabama, has been the leading supplier of beryllium optical substrates and other precision machin ed structures for use in space exploration programs for decades. The years of experience, dedication and quality o f our employees was a significant factor in our being chosen as a participant on the JWST team."

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

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchang e Act of 1934, as amended. One can identify these forward-looking statements by the use of the words such as "expe ct," "anticipate," "plan," "may," "will," "estimate" or other similar expressions. Because such statements apply t o future events, they are subject to risks and uncertainties that could cause the actual results to differ materia lly. 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.