AXSYS TECHNOLOGIES HIRES NEW VICE PRESIDENT OF STRATEGIC PLANNING AND CORPORATE DEVELOPMENT

ROCKY HILL, CONN. - July 13, 2004 - Axsys Technologies, Inc. (NASDAQ: AXYS), a fully integrated s upplier of precision optical assemblies and components used in a variety of high performance commercial, aerospace and defense applications, announced today that Scott B. Conner will be joining the company as Vice President - St rategic Planning and Corporate Development, effective July 19, 2004.

For the past four years, Mr. Conner has served as Vice President of Strategic Marketing and Business Development f or Quantum Bridge Communications, formerly a privately held developer of Fiber to the Home networking equipment. In this position, he developed strategic partnerships and headed the negotiations that lead to the sale of Quantum Bridge to Motorola. Prior to Quantum Bridge, Mr. Conner was Director of Business Development and Strategy for ADC Telecommunications where he was responsible for identifying and implementing several acquisitions. Before joining ADC, Mr. Conner spent several years at Anderson Consulting.

Mr. Conner joins Axsys with an extensive background in strategy and business development with a variety of high te chnology companies. Stephen W. Bershad, Chairman and CEO of Axsys, said, "A key element of Axsys' strategy is con tinued growth through strategic acquisitions. Mr. Conner's extensive business development background and his stra tegic planning experience will play a key role in our ability to successfully execute this strategy. I think we we re very fortunate to be able to attract a professional of Mr. Conner's caliber."

Axsys also announced that Kenneth F. Stern has resigned his position as Vice President - Strategic Planning and Co rporate Development from Axsys and will be starting his own management-consulting firm, Veritas Consulting Group, LLC. Commenting on Mr. Stern's departure, Mr. Bershad said, "Ken and I have w orked together at Axsys for nearly ten years. He has played a key role in defining and driving our strategy to be come a leading manufacturer of precision optical products. His drive and dedication to the company will be missed and we wish him success in his new venture."

Axsys Technologies, Inc. is a fully integrated supplier of precision optical assemblies and components used in a v ariety of high performance commercial and aerospace/defense applications. For more information, contact Axsys Tech nologies, Inc. at 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, including without limitation: the introduc tion of competing products or technologies by other companies and/or pricing pressures from competitors and/or cus tomers, a reversal or slowdown of the modest economic recovery presently being experienced in the United States, A xsys' inability to achieve synergies in connection with the acquisition of Telic Optics, Inc., the incurrence of u nexpected costs in connection with the acquisition and other contingencies and risks relating to the integration o f Telic's operations and business.