GSI Group Accepts Shares in Tender Offer for Excel Technology and Commences Subsequent Offer...(ng period. All shares validlytendered du...)

Date:8/20/2008

ng period. All shares validly tendered during this subsequent offering period will be immediately accepted and payment will be made promptly after acceptance, in accordance with the terms of the offer. Procedures for tendering shares during the subsequent offering period are the same as during the initial offering period with two exceptions: (1) shares cannot be delivered by the guaranteed delivery procedure, and (2) pursuant to Rule 14d-7(a)(2) promulgated under the Securities Exchange Act of 1934, as amended, shares tendered during the subsequent offering period may not be withdrawn.

Pursuant to the terms of the previously announced merger agreement, GSI expects to effect a merger of EAC with and into Excel. In the merger, EAC will acquire all untendered Excel shares (other than those as to which holders properly exercise appraisal rights) at the same $32.00 per share price, without interest and less any required withholding taxes, that was paid in the tender offer. As a result of the merger, Excel will become an indirect wholly-owned subsidiary of GSI. GSI intends to complete the merger as soon as practicable. If, as a result of additional shares tendered and purchased in the subsequent offering period or otherwise, including through the possible exercise by EAC of its "top-up" option, EAC becomes the owner of at least 90% of the outstanding Excel shares, EAC will be able to promptly effect the merger without the need for a meeting of or approval by Excel's public stockholders. Excel stockholders who continue to hold their shares at the time of the merger and fulfill certain other requirements of Delaware law will have appraisal rights in connection with the merger.

About GSI Group Inc.

GSI Group Inc. supplies precision technology to the global medical, electronics, and industrial markets and semiconductor systems. GSI Group Inc.'s common shares are listed on Nasdaq (GSIG).

Contact:

Ray Ruddy

781-266-5873

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SOURCE GSI Group Inc. Copyright©2008 PR Newswire. All rights reserved

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