Chembio Diagnostics to Join Russell Global Index
MEDFORD, N.Y., June 27, 2013 (GLOBE NEWSWIRE) -- Chembio Diagnostics, Inc.
(Nasdaq:CEMI) a leader in point-of-care ("POC") diagnostic tests for
infectious diseases, announced today that it will join the Russell Global
Index when Russell Investments reconstitutes its comprehensive set of U.S. and
global equity indexes on June 28, according to a preliminary list of additions
posted June 21 on www.russell.com/indexes.
Membership in the Russell Global Index, which remains in place for one year,
means automatic inclusion in the appropriate large-cap, small-cap, all-cap
indexes as well as the applicable style, sector and country indexes. Russell
determines membership for its equity indexes primarily by objective,
market-capitalization rankings and style attributes. Chembio's stock will be
included in Russell's Micro-Cap Index.
"Chembio has never been in a stronger position as we continue to build
momentum with both sales and product development," stated Lawrence A. Siebert,
Chairman and CEO of Chembio."Membership in the Russell Global Index comes at
a time when the company has achieved four consecutive years of profitability
and revenue growth.We now have three FDA-approved rapid HIV tests, including
our oral fluid HIV test that is pending CLIA waiver and strong sales
abroad.In addition, we are developing a robust pipeline of POC products based
on Chembio's patented DPP® technology.We are very pleased to join the list of
successful companies comprising the Russell Global Index and look forward to
the enhanced visibility of our membership."
Russell indexes are widely used by investment managers and institutional
investors for index funds and as benchmarks for both passive and active
investment strategies.Approximately $4.1 trillion in assets currently are
benchmarked to them.
The Russell Global Index, which captures approximately 98% of investable
securities globally, is reconstituted annually and all sub-indexes are
recalibrated simultaneously to accurately measure current market realities for
each market segment.These investment tools originated from Russell's
multi-manager investment business in the early 1980s when the company saw the
need for a more objective, market-driven set of benchmarks in order to
evaluate outside investment managers.
Russell launched the Russell Global Index in 2007, leveraging the popular
methodology from its U.S. indexes.The broad-market Russell 3000® Index serves
as the U.S. component to the Russell Global Index.
Total returns data for the Russell Global Index and other Russell Indexes is
Russell Investments (Russell) is a global asset manager and one of only a few
firms that offers actively managed multi-asset portfolios and services that
include advice, investments and implementation.Russell stands with
institutional investors, financial advisors and individuals working with their
advisors—using the firm's core capabilities that extend across capital market
insights, manager research, portfolio construction, portfolio implementation
and indexes to help each achieve their desired investment outcomes.
Russell has more than $173 billion in assets under management (as of
3/31/2013) and works with over 2,500 institutional clients, independent
distribution partners and individual investors globally.As a consultant to
some of the largest pools of capital in the world, Russell has $2.6 trillion
in assets under advisement (as of 12/31/2012).It has four decades of
experience researching and selecting investment managers and meets annually
with more than 2,200 managers around the world.Russell traded more than $1.4
trillion in 2012 through its implementation services business.
About Chembio Diagnostics
Chembio Diagnostics, Inc. develops, manufactures, licenses and markets
proprietary rapid diagnostic tests in the growing $10 billion point-of-care
testing market.Chembio's two FDA PMA-approved, CLIA-waived, rapid HIV tests
are marketed in the U.S. by Alere, Inc. (formerly, Inverness Medical
Innovations, Inc.).Chembio markets its HIV STAT-PAK® line of rapid HIV tests
internationally to government and donor-funded programs directly and through
distributors.Chembio has developed a patented point-of-care test platform
technology, the Dual Path Platform (DPP®) technology, which has significant
advantages over lateral-flow technologies.This technology is providing
Chembio with a significant pipeline of business opportunities for the
development and manufacture of new products based on DPP®.Headquartered in
Medford, NY, with approximately 170 employees, Chembio is licensed by the U.S.
Food and Drug Administration (FDA) as well as the U.S. Department of
Agriculture (USDA), and is certified for the global market under the
International Standards Organization (ISO) directive 13.485.For more
information, please visit: www.chembio.com.
Statements contained herein that are not historical facts may be
forward-looking statements within the meaning of the Securities Act of 1933,
as amended.Forward-looking statements include statements regarding the
intent, belief or current expectations of the Company and its management.Such
statements, which are estimates only, reflect management's current views, are
based on certain assumptions, and involve risks and uncertainties.Actual
results, events, or performance may differ materially from the above
forward-looking statements due to a number of important factors, and will be
dependent upon a variety of factors, including, but not limited to Chembio's
ability to obtain additional financing and to obtain regulatory approvals in a
timely manner, as well as the demand for Chembio's products.Chembio
undertakes no obligation to publicly update these forward-looking statements
to reflect events or circumstances that occur after the date hereof or to
reflect any change in Chembio's expectations with regard to these
forward-looking statements or the occurrence of unanticipated events.Factors
that may impact Chembio's success are more fully disclosed in Chembio's most
recent public filings with the U.S. Securities and Exchange Commission.
CONTACT: Chembio Diagnostics
(631) 924-1135, ext. 125
Vida Strategic Partners (investors)
Stephanie C. Diaz
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