AXSYS TECHNOLOGIES OPENS FACILITY TO PRODUCE
MIRROR SEGMENTS FOR JAMES WEBB SPACE TELESCOPE

ROCKY HILL, CONN. - November 15, 2004 - Axsys Technologies, Inc. (NASDAQ: AXYS) hosted a ribbon cutting for a new, state-of-the-art manufacturing facility that will produce the unpolished mirror segments for the James Web b Space Telescope (JWST), the nation's next-generation space telescope and successor to the Hubble.

The new $1.2 million, 20,000 square foot facility, located in Cullman, Alabama, houses advanced computer-aided man ufacturing and metrology equipment. Using these machines, Axsys will shape optical components for the Observatory 's telescope mirror to tolerances as close as four thousandths of an inch.

"I join the Cullman community in congratulating Axsys Technologies on their expansion here in North Alabama," said Congressman Robert Aderholt.\xa0 "This company has already shown excellent judgment in selecting a location that can provide the support and human resources to ensure that they can continue fulfilling such a prominent role in d riving the development of the nation's next-generation space telescope."

Neal Wade, Director of the Alabama Development Office, represented Alabama Governor Bob Riley at the ribbon cuttin g. In addition, staff members representing Sen. Richard Shelby and Sen. Jeff Sessions were also in attendance.

"The entire Axsys team is excited to be opening our new facility and commencing work on the JWST mirrors," said St ephen W. Bershad, Chairman and Chief Executive Officer of Axsys Technologies, Inc. "JWST is an epic project, and we are proud that our company's capabilities are fundamental in the ongoing challenge to develop increasingly adva nced optical solutions."

JWST will peer into the infrared at great distances to search for answers to astronomers' fundamental questions ab out the birth and evolution of galaxies, the size and shape of the universe, and the mysterious life cycle of matt er. A component of NASA's Origins Program, JWST will reside in an orbit 940,000 miles from Earth at the L2 Lagran ge point after its launch in 2011.

The Observatory features a 6.5-meter (20 feet) aperture primary mirror, comprised of 18 hexagonal shaped segments. One of the lightest of all metals, Beryllium was selected as the mirror technology for its demonstrated track re cord operating at cryogenic temperatures (around -370 degrees Fahrenheit) on space-based telescopes.

As part of the beryllium mirror manufacturing team, Axsys will produce beryllium mirror substrates and support str uctures for a primary mirror engineering development unit, 18 primary mirror segments, and the substrates and supp ort structures for the secondary and tertiary mirrors. Mirror fabrication in this facility is expected to begin November 2004 and be completed by January 2007.

The mirror manufacturing team is led by Ball Aerospace & Technologies Corp. and includes Brush Wellman, with respo nsibility for providing beryllium blanks, and Tinsley Laboratories, who has the responsibility for polishing the m irrors. Northrop Grumman Corporation is the prime contractor for JWST, leading the design and development under c ontract to NASA's Goddard Space Flight Center.

Axsys Technologies, Inc. (NASDAQ: AXYS), a fully integrated supplier of precision optical assemblies and component s used in a variety of high performance commercial, aerospace and defense applications. For more information cont act Axsys Technologies, Inc. at www.axsys.com.