Technologies, Inc. , a global leader in the design,
manufacture and distribution of precision opto-mechanical components
and assemblies found in high performance aerospace, defense and
commercial equipment and systems announced today that it is part of
the team that has been selected by Northrop Grumman Corporation to
produce the mirrors to be included in NASA’s James Webb Space
Telescope (“JWST”).

The beryllium mirror team is lead by Ball Aerospace & Technologies
Corporation and, in addition to Axsys, includes Brush Wellman Inc. and
Tinsley Laboratories. Brush Wellman will provide the beryllium
material to Axsys. As a member of the team, Axsys will produce the
beryllium mirror substrates and support structures for an engineering
development unit, 18 optical mirror segments and two spare units and
support structures that comprise the 6.5 meter primary mirror as well
as the secondary mirror. The mirror substrates would then be polished
and tested by Tinsley Laboratories. Ball Aerospace would then assemble
the mirrors and support structures into the optical subsystem.

As the world’s leading fabricator of large beryllium mirror
substrates and structures used on numerous space and defense
applications, Axsys expects its selection to result in a multi-year,
multi-million dollar order with production delivery beginning in 2005
and continuing for three years.

The selection of beryllium for the mirror components of the
telescope provided significant weight savings for the JWST program.
While the JWST will be 2.5 times the diameter of the Hubble Space
Telescope, by using beryllium mirrors as opposed to low-expansion
glass optics, the JWST will weigh one-third as much. As a result of
the large size of the mirror, the JWST will be orders of magnitude
more sensitive than ground-based infrared telescopes in searching for
the first stars and galaxies formed in the universe billions of years

Stephen W. Bershad, Chairman and CEO commented: “All of us at
Axsys are extremely proud to have our unique capabilities applied to
this important program. We look forward to the discoveries the JWST
will bring about.” C.R. “Bud” Jenkins, President of Axsys’ Aerospace
and Defense Group added: “Axsys’ Precision Machined Products division,
located in Cullman, Alabama, has been the leading supplier of
beryllium optical substrates and other precision machined structures
for use in space exploration programs for decades. The years of
experience, dedication and quality of our employees was a significant
factor in our being chosen as a participant on the JWST team.”

Axsys Technologies, Inc. is a vertically integrated supplier of
precision optical and motion control components and assemblies for
high-technology applications, serving the aerospace, defense,
semiconductor, graphic arts and health imaging markets. For more
information, contact Axsys Technologies, Inc., at

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.