Axsys Technologies Announces Pricing of Public Offering

Rocky Hill, CT - September 21, 2005 - Axsys Technologies, Inc. (NASDAQ: AXYS) announced today that its previously announced public offering of 3,000,000 shares of its common stock has been priced at $ 18.00 per share. The transaction is expected to close on September 27, 2005, subject to customary closing conditions. The underwriters have an option to purchase an additional 450,000 shares for a period of up to 30 days on the same terms. 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 was filed and declared effective by the Securities and Exchange Commission. 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. The offering of these securities may be made solely by means of the prospectus included in the registration statement.

About Axsys

Axsys Technologies, Inc. is a leading designer and manufacturer of precision optical solutions for defense, aerospace, homeland security and high-performance commercial applications. 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 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, including without limitation: changes in the 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 or 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 Company's ability to implement its acquisition strategy and integrate its acquired companies successfully, including the recently completed 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 reflect 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 these statements to become outdated with the passage of time, and we specifically disclaim any obligation to update these statements. For more information concerning the foregoing risks and uncertainties, see the Securities and Exchange Commission filings for Axsys.