Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
CRESTVIEW CAPITAL MASTER LLC
  2. Issuer Name and Ticker or Trading Symbol
CHEMBIO DIAGNOSTICS, INC. [CEMI]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
95 REVERE DRIVE, SUITE A
3. Date of Earliest Transaction (Month/Day/Year)
06/24/2008
(Street)

NORTHBROOK, IL 60062
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common stock 06/24/2008   X(1)   6,169,056 A $ 0.45 24,145,310 D (1)  
Common stock 06/24/2008   X(1)   5,237,879 D $ 0.45 18,907,431 D (1)  

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Common Stock $ 0.45 06/24/2008   X(1)     4,611,679 06/24/2008 01/28/2010 Common Stock 4,611,679 $ 0 0 D  
Common Stock $ 0.45 06/24/2008   X(1)     1,557,377 06/24/2008 03/30/2011 Common Stock 1,557,377 $ 0 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
CRESTVIEW CAPITAL MASTER LLC
95 REVERE DRIVE
SUITE A
NORTHBROOK, IL 60062
    X    
Crestview Capital Partners, LLC
C/O CRESTVIEW CAPITAL FUNDS
95 REVERE DRIVE, SUITE A
NORTHBROOK, IL 60062
    X    

Signatures

 /s/ Daniel I. Warsh - (Manager) CRESTVIEW CAPITAL PARTNERS, LLC, its sole Manager   06/26/2008
**Signature of Reporting Person Date

 /s/ Daniel I. Warsh - (Manager) CRESTVIEW CAPITAL PARTNERS, LLC   06/26/2008
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) On June 24, 2008, the Reporting Person exercised, by means of a cashless exercise at an effective price per share equal to $0.45, two common stock purchase warrants, for a total sale of 6,169,056 shares of common stock underlying such common stock purchase warrants. As a result of the cashless exercise, the Reporting Person beneficially owned 6,169,056 shares of common stock immediately following such cashless exercise and the Reporting Person immediately thereafter disposed of 5,237,879 shares of common stock. The net effect of the transaction is that the two common stock purchase warrants are no longer beneficially owned by the Reporting Person and the Reporting Person beneficially owns 931,177 shares of common stock.

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