AXSYS TECHNOLOGIES RECEIVES ORDER FOR SCANNERS
FROM KODAK'S HEALTH IMAGING GROUP

ROCKY HILL, CT - September 29, 2003 - Axsys Technologies, Inc. (Nasdaq: AXYS - News), a global leader in the design, manufacture and distribution of precision opto-mechanical components and assemblies, announced today that it has signed an agreement to sell high-performance airbearing scanners to Eastman Kodak Company's Health Imaging Group. The scanners are used in laser optics assemblies of imaging systems that print medical images from magnetic resonance imaging, computed tomography, computed radiography, digital radiography and other medical modalities onto radiographic film.

Mehrdad Ketabchi, General Manager of Axsys'; Imaging Systems division said, "Axsys has long been the leading supplier of high-performance airbearing scanners found in state-of-the-art equipment in graphic arts prepress, semiconductor and defense applications. Kodak's exacting specifications required us to develop the most advanced scanner we have designed to date in terms of positional accuracy. Incorporating newly developed airbearings and electronics, the scanner is about ten times more accurate than those produced for the graphic arts market."

The Axsys scanner, which has been incorporated into the optics assembly of the new Kodak DryView 8900 Laser Imaging System, enables the imager to produce medical images at 650 dots per inch. "The scanner developed by Axsys makes it possible for the DryView 8900 imager to print full-continuous-tone, 100 megapixel images with higher resolution, quality and speed than we were previously able to achieve," said Gregory Cefalo, Kodak's Director of Digital Output Marketing, Kodak's Health Imaging Group.

About Axsys Technologies, Inc.

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

About Kodak's Health Imaging Group

Kodak's Health Imaging Group is a world leader in developing, manufacturing and marketing intelligent imaging products from analog to digital. Its portfolio includes computed radiography (CR) and digital radiography (DR) systems, laser imagers, picture archiving and communications systems (PACS), radiology information systems (RIS), traditional mammography and x-ray film systems, dental imaging products and various services offerings. The group, with annual revenues of $2.27 billion, has served the global healthcare community for more than 100 years.

The Health Imaging Group and Kodak's other major businesses "Commercial Printing; Commercial Imaging; Display & Components; and Digital & Film Imaging Systems' together are leading participants in infoimaging, a $385 billion industry created by the convergence of image-and-information technology. Infoimaging unites three closely related imaging markets that enable end users to more easily capture, process and share images and information: devices (such as Health Imaging's CR and DR systems), infrastructure (online networks and delivery systems for images, including PACS) and services & media (software, film and paper).

For more information about Kodak's Health Imaging Group, contact your Kodak representative or visit Kodak's web site at www.kodak.com/go/health
(Note: Kodak is a trademark of Eastman Kodak Company.)

Forward-Looking Statements

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.