MEDFORD, N.Y., May 17, 2004 (PRIMEZONE) -- Chembio Diagnostic Systems, Inc., a developer and manufacturer of rapid diagnostic tests for infectious diseases, today announced completion of a reverse merger with Trading Solutions.com. Simultaneous to the merger, $2.2 million in financing was raised through a private placement led by H.C. Wainwright & Co., Inc. Trading Solutions.com will operate under the new name Chembio Diagnostics, Inc. with Chembio Diagnostic Systems, Inc. as the wholly owned subsidiary.
Effective today, the common stock of Chembio Diagnostics, Inc. will trade under the symbol (OTCBB:CEMI).
"Our objective in creating this exciting new entity is to maximize growth and provide added value to shareholders," said Lawrence A. Siebert, CEO of Chembio Diagnostics, Inc. "We now have a foundation for our management and development teams to continue building the pipeline of new products and collaborations."
With the availability of sufficient resources, Chembio Diagnostics, Inc. will complete development and regulatory approvals for its Sure Check(tm) and HIV Stat Pak rapid diagnostic tests. Tuberculosis, Mad Cow and Dental disease rapid diagnostic tests are also being developed for regulatory approval. In addition, Chembio Diagnostics, Inc. intends to build and expand upon its current technology platform.
"By merging with Chembio Diagnostic Systems, Inc., we believe our shareholders are now positioned for substantial opportunities in the rapidly evolving point-of-care diagnostics space," said Mark L. Baum, Director of Chembio Diagnostics, Inc. "We look forward to reaching a new level in developing advanced technologies for the infectious disease marketplace."
Additional information concerning the merger and financing transactions, resulting stock ownership and financial statements is included in a Form-8K filed with the Securities and Exchange Commission by Chembio Diagnostics, Inc.
About Chembio Diagnostics, Inc.
Chembio Diagnostics, Inc. possesses expertise in the development and manufacturing of rapid test products utilizing lateral flow technology. Tests are self-contained, single-use applications that are stable at room temperature and do not require special equipment, making them ideal for use in the field or in any patient care provider setting. Chembio Diagnostics, Inc. (through its subsidiary Chembio Diagnostic Systems, Inc.) has participated in numerous international evaluations of its rapid test products, including the Global AIDS Program -- United States Center for Disease Control. Chembio Diagnostics, Inc.'s other proprietary products include the only FDA cleared rapid Lyme disease test. Chembio Diagnostics, Inc. is pursuing distribution strategies with leading agencies and companies, in order to most effectively provide rapid diagnostic treatments for infectious diseases to millions of people worldwide. Chembio Diagnostics, Inc. headquarters are located at 3661 Horseblock Road, Medford, NY 11763. The company's telephone number is 631-924-1135. Email can be directed to info@chembio.com. Additional information can be found at www.chembio.com.
Forward Looking Statement
This release contains forward-looking statements regarding Chembio Diagnostics, Inc.'s future plans and expected performance based on assumptions the Company believes to be reasonable. A number of risks and uncertainties could cause actual results to differ materially from these statements, including, without limitation, regulatory approvals and other regulatory actions, successful testing and development of products, actions and pricing of competitors, availability and pricing of intellectual property and other necessary product components, and other risk factors described from time to time in the Company's Form 8-K (of May 2004) and other reports filed with the SEC. In addition, the Company operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond the Company's control. This press release includes the opinions of Chembio Diagnostics, Inc. and does not necessarily include the views of any other person or entity. This release may not have been reviewed or approved by the operator and/ or participants in any of the projects discussed.