ROCKY HILL, Conn., Aug. 4, 2008 (PRIME NEWSWIRE) -- Axsys Technologies, Inc. (Nasdaq:AXYS) has received a $10.3 million order for the U.S. Air Force's Integrated Base Defense Security System (IBDSS) program. As part of this state-of-the-art perimeter security system, Axsys' thermal camera systems are used to protect critical, high-value military assets. Axsys' newly revised 2008 financial guidance anticipated this contract award and shipment schedule, which requires the delivery of more than half of the order value in 2008.
"Long-range camera systems are vital for ensuring the security of our military personnel and assets," said Scott B. Conner, President and Chief Operating Officer of Axsys Technologies. "We are proud that Axsys' camera systems continue to be the infrared technology solution of choice for the U.S. Air Force."
About Axsys
Axsys Technologies, Inc. is a global leader in the design and development of high-performance surveillance cameras, imaging systems and related motion control technologies, serving the aerospace, defense, and high-performance commercial markets. 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 Form 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; 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 the Company. 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.