GSI Lumonics Inc. Announces that its Annual General Meeting will be held on June 24, 2003

BILLERICA, MASSACHUSETTS (May 22, 2003): GSI Lumonics Inc. (NASDAQ: GSLI and TSX: LSI) today announced that its Annual General Meeting will be held at 10:00 a.m. on Tuesday, June 24, 2003 at the Renaissance Bedford Hotel, Bedford, Massachusetts.

At the meeting, shareholders will be asked only to vote on the election of directors and the reappointment of Ernst & Young LLP as the Company�s auditors. Definitive proxy materials relating to this annual general meeting were filed yesterday with the Securities and Exchange Commission (the Commission). Due to the Commission�s current review of the registration statement on Form S-4 filed by GSLI Corp, the Company�s wholly-owned subsidiary, the proposal relating to the plan of arrangement discussed in the registration statement will not be submitted to our shareholders at the annual general meeting. Details of a special meeting to vote on the plan of arrangement will be announced once finalized.

GSI Lumonics supplies precision motion control components, lasers and laser-based advanced manufacturing systems to the global medical, semiconductor, electronics, and industrial markets. GSI Lumonics� common shares are listed on Nasdaq (GSLI) and The Toronto Stock Exchange (LSI).

Certain statements in this news release may constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the United States Securities Act of 1933 and Section 21E of the United States Securities Exchange Act of 1934. These forward-looking statements may relate to anticipated financial performance, management�s plans and objectives for future operations, business prospects, outcome of regulatory proceedings, market conditions, tax issues and other matters. All statements contained in this news release that do not relate to matters of historical fact should be considered forward-looking statements, and are generally identified by words such as �anticipate,� �believe,� �estimate,� �expect,� �intend,� �plan,� �objective� and other similar expressions. Readers should not place undue reliance on the forward-looking statements contained in this news release. Such statements are based on management�s beliefs and assumptions and on information currently available to management and are subject to risks, uncertainties and changes in condition, significance, value and effect. Other risks include the fact that the Company�s sales have been and are expected to continue to be dependent upon customer capital equipment expenditures, which are, in turn, affected by business cycles in the markets served by those customers. Other factors include volatility in the semiconductor industry, the risk of order delays and cancellations, the risk of delays by customers in introducing their new products and market acceptance of products incorporating subsystems supplied by the Company, similar risks to the Company of delays in its new products, our ability to continue to reduce costs and capital expenditures, our ability to focus R&D investment and other risks detailed in reports and documents filed by the Company with the United States Securities and Exchange Commission and with securities regulatory authorities in Canada. Such risks, uncertainties and changes in condition, significance, value and effect, many of which are beyond the Company�s control, could cause the Company�s actual results and other future events to differ materially from those anticipated. The Company does not, however, assume any obligation to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements.

For more information contact:

Investor Relations, 978-439-5511, Victor Woolley, (ext.6135)

GSI Lumonics

http://www.gsilumonics.com