AXSYS TECHNOLOGIES RECEIVES INITIAL $4.4 MILLION ORDER FROM BAE SYSTEMS FOR THERMAL WEAPON SIGHTS

ROCKY HILL, CT - May 18, 2005 - Axsys Technologies, Inc. (NASDAQ:AXYS) today announced that it has received the initial infrared lens production order release from BAE Systems for the U.S. Army's Thermal Weapon Sight II (TWS) program. The order to date is valued at $4.4 million. The total BAE Systems contract opportunity ranges from $9 million to $24 million over 5 yea rs, depending on U.S. Army demand.

"TWS is a marquee program in the infrared industry," said Stephen W. Bershad, Chairman and CEO of Axsys Technologies. "This substantial production order is a credit to ou r newly expanded IR Systems organization and a positive indication that our enhanced market position will produce significant results for our shareholders."

About Axsys Axsys Technologies, Inc. is a vertically integrated supplier of precision optical solutions for high technology applications, serving the aerospace, defense and high perfo rmance commercial markets. For more information, visit www.axsys.com.

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 t o 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, including without limitation: changes in t he U.S. federal government spending priorities; the Company's ability to compete in the industries in which it operates, including the introduction of competing products o r technologies by other companies and/or pricing pressures from competitors and/or customers; the potential for the Company's backlog to be reduced or cancelled; the Compa ny's ability to implement its acquisition strategy and integrate its acquired companies successfully, including the recent acquisition of Diversified Optical Products; the Company's ability to manage costs under the Company's fixed-price contracts effectively; and changes in general economic and business conditions. These statements reflec t the Company's current beliefs and are based upon information currently available to Axsys. Be advised that developments subsequent to this release are likely to cause t hese statements to become outdated with the passage of time, and we specifically disclaim any obligation to update these statements. For more information concerning the f oregoing risks and uncertainties, see the Securities and Exchange Commission filings for Axsys.