Chembio Diagnostics, Inc. (NasdaqCM:CEMI) agreed to acquire RVR Diagnostics SDN BHD from Avijit Roy and Magentiren Vajuram for $3.3 million on November 4, 2016. As per the terms of agreement, Chembio Diagnostics will pay $1.4 million in cash, issue 0.27 million shares of Chembio, of which 7,277 shares are being held back to satisfy certain potential claims under the Stock Purchase Agreement and will become issuable to the Sellers, if at all, on the one-year anniversary of the closing. Additionally Chembio Diagnostics will pay up to maximum of $0.1 million in cash and will issue up to maximum of 0.02 million shares based on achievement of performance goals related to sales by RVR during the 12 months ending December 31, 2017. The transaction, which is subject to completion of certain due diligence and other matters, is expected to close during the first quarter of 2017, at which time RVR will become a wholly-owned subsidiary of Chembio. On December 7, 2016, Chembio Diagnostics and Avijit Roy and Magentiren Vajuram entered into an amendment agreement under which the consideration will involve the issuance of restricted common stock of Chembio, with restrictive legends pursuant to the Securities Act of 1933 and closing of the transaction will not require the prior filing of a registration statement. Alan L. Talesnick of Haynes and Boone, LLP acted as legal advisor to Chembio Diagnostics, Inc. Chembio Diagnostics, Inc. (NasdaqCM:CEMI) completed the acquisition of RVR Diagnostics SDN BHD from Avijit Roy and Magentiren Vajuram on January 9, 2017.