2009-06-18 12:05:31 - Levi & Korsinsky (“L&K”) is investigating the Board of Directors of Axsys Technologies, Inc. for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to General Dynamics Corp.

New York, NY, June 18 2009 -- Levi & Korsinsky (“L&K”) is investigating the Board of Directors of Axsys Technologies, Inc. (“Axsys” or the “Company”) (NasdaqGS: AXYS) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to General Dynamics Corp. According to the merger agreement, Axsys shareholders will

receive $54 in cash for each share they own for a total transaction value of approximately $643 million. The price is appears to be unfair given that in 2008 Axsys generated $245.48 million in total revenue with a net income of $25.87million, Axsys shares traded over $72 per share as recently as December 2008 and analysts currently placed a median price target of $64 per share with a high price target of $80 per share.

Axsys operates in two business segments: the Surveillance Systems Group and the Imaging Systems Group. The Surveillance Systems Group designs, manufactures and sells highly precise camera systems for deployment on ground, marine and aerial vehicles. Also, Axsys reported $171.62 million in total revenue with a net income of $16.78 million in 2007 and $245.48 million in total revenue with a net income of $25.87 million in 2008.

If you own common stock in Axsys and wish to obtain additional information, please contact us at the number listed below or visit www.zlk.com/axys1.html.

Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.

Contact:
Levi & Korsinsky, LLP
Eduard Korsinsky, Esq.
Juan E. Monteverde, Esq.
30 Broad Street, 15th Floor
New York, NY 10004
Tel: 212-363-7500
Fax: 212-363-7171
www.zlk.com

Contact:
Joseph Levi
Levi & Korsinsky, LLP
30 Broad Street, 15th Floor
New York, NY 10004
212-363-7500
info@zlk.com
www.zlk.com