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.