Axsys Technologies Announces Completion of Offering and Exercise of Over-Allotment Option

Rocky Hill, CT - September 27, 2005 - Axsys Technologies, Inc. (NASDAQ: AXYS) announced today that it has completed its offering of 3,000,000 shares of common stock and that the underwriters have exercised their over-allotment option in full to purchase an additional 450,000 shares of common stock.

Including the over-allotment shares, Axsys has issued and sold 3,450,000 shares at the public offering price of $18.00 per share. Axsys received all of the net proceeds from the offering after payment of underwriting discounts and commissions. Upon completion of the offering and exercise of the over-allotment option, as of September 27, 2005, Axsys had 10,572,832 shares outstanding.

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