AXSYS TECHNOLOGIES ANNOUNCES PROPOSED PUBLIC OFFERING

Rocky Hill, CT - August 12, 2005 - Axsys Technologies, Inc. (NASDAQ: AXYS) today announced that it has filed a registration statement with the Securities and Exchange Commission for a public offering of 3,000,000 shares of its common stock. The underwriters will have an option to purchase up to an additional 450,000 shares of common stock from Axsys solely to cover over-allotments, if any. The Company will receive all of the net proceeds from the offering.

Bear, Stearns & Co. Inc. and Banc of America Securities LLC are acting as joint book-running managers of the offering.

When available, copies of the final prospectus relating to the offering may be obtained from Bear, Stearns & Co. Inc. at 383 Madison Avenue, New York, NY 10179 or Banc of America Securities LLC at 9 West 57th Street, New York, NY 10019.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

About Axsys

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