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INVESTOR PRESENTATION OCTOBER 10, 2006

INVESTOR PRESENTATION OCTOBER 10, 2006. Forward Looking Statements.

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INVESTOR PRESENTATION OCTOBER 10, 2006

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  1. INVESTOR PRESENTATION OCTOBER 10, 2006

  2. Forward Looking Statements Statements contained herein that are not historical facts are forward-looking statements within the meaning of the Securities Act of 1933, as amended. Those statements include statements regarding the intent, belief or current expectations of Chembio and its management. Such statements 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. 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.

  3. Covers Chembio’s FDA-approved SURE CHECK(R) HIV 1/2 (“SURE CHECK”), employing the proprietary barrel system Inverness will market under Inverness brands globally Right of First Negotiation for New Chembio HIV Antibody Detection Tests including DPP Oral Fluid HIV Barrel License, Marketing and Distribution Agreement

  4. HIV Cassette License, Marketing & Distribution Agreement • Covers Chembio’s FDA-approved HIV 1/2 STAT-PAK(TM) • Inverness will market this product in the US market only • Inverness brand with HIV 1/2 STAT PAK trademark • Chembio license from Inverness to continue to market the product in the rest of the world.

  5. Non-Exclusive License, Marketing and Distribution Agreement Chembio receives a non-exclusive license under the Inverness lateral flow patents for its HIV 1/2 Dipstick for marketing outside the United States all Chembio’s rapid tests for human and veterinary tuberculosis Chagas disease other defined emerging and neglected diseases. Inverness has the right to market each of these products (except the HIV 1/2 STAT PAK Dipstick) under Inverness brands • HIV 1/2 STAT PAK Dipstick • Clinton Initiative • Veterinary Products • Emerging & Neglected Disease Products

  6. CERTAIN OTHER TERMS OF INVERNESS AGREEMENTS Agreements contain margin sharing formulae that provide each party with reasonable profit margins after deduction for certain unit costs of the products based on Chembio’s Costs. Based on their Joint HIV Barrel Product Commercialization Agreement StatSure and Chembio will share 50-50 in the net sales to Inverness of SURE CHECK after Cost deductions. Chembio will receive all of the net selling price to Inverness in the Cassette Agreement. Chembio has the exclusive right and duty to manufacture the products marketed by Inverness, and products manufactured under Inverness lateral flow patents Chembio has the right to subcontract manufacturing, but not sublicense or subcontract its rights or obligations.

  7. Series C Financing On September 29th and October 6th: • Issued 165 shares of 7% Series C Convertible Preferred Stock. Convertible into 10,312,500 shares of common stock. • Issued warrants to purchase 2,578,125 shares of common stock at a $1.00 per share. • Included in the above amounts was $600,245 of convertible debt which converted into the Series C, along with interest of $12,005, at a discount of 12.5%. • Approximately $700,000 of the convertible debt was repaid, along with interest of approximately $14,000. • Dividends will be paid semi-annually in cash or in common stock at the option of Chembio. The above does not purport to be complete and is qualified in its entirety by reference to the Certificate of Designation of Preferences, Rights and Limitations of the Series C Stock, Amended Certificate of Designation of Preferences, Rights and Limitations of the Series C Stock, the form of warrant issued to the investors, the Registration Rights Agreements and the Securities Purchase Agreements, copies of which are included as Exhibits to the Current Report on Form 8-K we filed October 5, 2006.

  8. Capital Structure as of 10/06/06 If all of the warrants were exercised for cash the total would be approximately $20,472,973.

  9. COMPARISON OF CHEMBIO’S TESTS TO THE TWO CLIA-WAIVED TESTS * Chembio’s CLIA Waiver Application submitted July 2006 is pending *HIV STAT-PAK Dipstick product not submitted to FDA **Orasure data are for whole blood; oral fluid sensitivity and specificity are lower

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