ROCKY HILL, Conn., March 11, 2009 (GLOBE NEWSWIRE) -- In response to press reports, Axsys Technologies, Inc. (Nasdaq:AXYS), a global leader in the design and development of high-performance surveillance cameras, imaging systems and related motion control technologies, today announced that it is evaluating the possible sale of the company.
Notwithstanding strong historical and projected revenue and earnings growth, downward pressure on Axsys' publicly traded stock in recent months has led to an increasing number of overtures from interested strategic buyers. In order to evaluate the level of interest in a structured manner, management has engaged the investment banking firm, Jefferies & Company, Inc., to conduct a formal process.
The company's enviable balance sheet, growth prospects, and market presence, which make Axsys an attractive acquisition candidate, also position Axsys as an effective stand-alone company. As a consequence, while Axsys' board of directors feels that it is appropriate to evaluate offers for the company, it is under no obligation to accept an offer that it does not believe is in the best interest of its shareholders. There can be no assurance made that a transaction will be consummated, if at all, on terms acceptable to Axsys and its shareholders.
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 filed 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.