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<p align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#TOC">Table Of Contents</A></font></p>
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<A NAME=A001></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As filed with the
Securities and Exchange Commission on November 9, 2004 </FONT></H1>

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<A NAME=A002></A>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Registration No.
333-_________ </B></FONT>
<HR SIZE=3 COLOR=black NOSHADE>
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<A NAME=A003></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>U.S. SECURITIES AND
EXCHANGE COMMISSION <BR>WASHINGTON, D.C. 20549 </FONT></H1>

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<A NAME=A005></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>FORM S-8 <BR>REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933 </FONT></H1>

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<A NAME=A007></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><B>Arrhythmia Research
Technology, Inc.</B></FONT><BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE=3>(Exact name of registrant as specified in its charter) </FONT></P>


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     <TD WIDTH=50% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Delaware</B></FONT></TD>
     <TD WIDTH=50% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>72-0925679</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(State or other jurisdiction</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(I.R.S. Employer</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>of incorporation or organization)</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Identification Number)</FONT></TD></TR>
</TABLE>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>25
Sawyer Passway, Fitchburg, Massachusetts 01420; (978) 345-5000 </B><BR>
(Address, including zip code, and telephone number, including area code, of registrant&#146;s<BR>
principal executive offices) </FONT><P>

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     <P ALIGN=CENTER>_________________ </P>

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<A NAME=A010></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Arrhythmia Research Technology, Inc. 2001 Stock Option Plan </B></FONT><BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE=1><I>(Full Title of the Plan)</I> </FONT></P>

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     <P ALIGN=CENTER>_________________ </P>

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<A NAME=A012></A>
<p ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>David A. Garrison<BR>
Chief Financial Officer<BR>
Arrhythmia Research Technology, Inc.<BR>
25 Sawyer Passway<BR>
Fitchburg, Massachusetts 01420</B> </FONT><BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE=1><I>(Name and Address of Agent For Service)</I> </FONT></P>

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<A NAME=A018></A>
<p ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>(978) 345-5000</B> </FONT><BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE=1><I>(Telephone Number, Including Area Code, of Agent For Service)</I> </FONT></P>


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<A NAME=A020></A>
<p ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Copies To: <BR>
Kathleen L. Cerveny, Esq.<BR>
Dilworth Paxson LLP<BR>
1818 N Street, NW, Suite 400<BR>
Washington, DC 20036<BR>
Phone: (202) 452-0900 Facsimile: (202) 452-0930 </B></FONT></p>



<p ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>CALCULATION OF REGISTRATION FEE</b></font></p>

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<TR VALIGN=Bottom>
     <TD WIDTH="25%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I><B>Title Of Securities<BR>
                To Be Registered</B></I></FONT></TD>
     <TD WIDTH="18%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I><B>Amount To<BR>
                Be Registered</B></I></FONT></TD>
     <TD WIDTH="19%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I><B>Proposed Maximum<BR>
                Offering Price Per Share</B></I></FONT></TD>
     <TD WIDTH="19%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I><B>Proposed Maximum
                Aggregate Offering Price</B></I></FONT></TD>
     <TD WIDTH="19%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I><B>Amount Of<BR>
                Registration Fee</B></I></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Common Stock, $.01 par value</B></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>3,000 shares <SUP>(1)</SUP></B></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>$&nbsp;26.70&nbsp;<SUP>(2)</SUP></B></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>$&nbsp;80,100&nbsp;<SUP>(2)</SUP></B></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>$ 100.00</B></FONT></TD></TR>
</TABLE>




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               <TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>(1)</B> </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp; </FONT></TD>
               <TD WIDTH=94%><P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>
               <B>Pursuant to Rule 416 under the Securities Act of 1933, as amended, an
               indeterminate amount of additional shares of Common Stock, which may
               become issuable pursuant to the anti-dilution provisions of the 2001 Stock
               Option Plan are also being registered hereunder. The shares being
               registered consist of the following shares which may be reoffered and resold
               from time to time: (a) 3,000 shares previously issued pursuant to
               exercise of options granted under the 2001 Stock Option Plan; (b) 197,000 shares
               which may be issued pursuant to options granted or which may be granted
               pursuant to the 2001 Stock Option Plan, which shares were previously
               registered on Form S-8 (File No. 333-111326) and which registration statement is
               incorporated herein by reference.</B> </FONT></P></TD></TR>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>(2)</B> </FONT></TD>
               <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp; </FONT></TD>
               <TD><P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>
               <B>Estimated solely for the purpose of calculating the registration fee,
               pursuant to Rule 457(c) and (h)(1) under the Securities Act of 1933, as
               amended. The price per share and aggregate offering price are based on the
               average of high and low prices of Registrant&#146;s Common Stock as
               reported on the American Stock Exchange on November 5, 2004.</B> </FONT></P></TD>
               </TR>
               </TABLE>



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<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXPLANATORY NOTE</font></p>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Registration Statement registers for reoffer and resale 3,000 shares of common stock of
Arrhythmia Research Technology, Inc. (the &#147;Company&#148;) previously issued upon
exercise of options granted pursuant to the Company&#146;s 2001 Stock Option Plan. Prior
to the filing of this Registration Statement, such shares held by the selling stockholder
were deemed to be &#147;restricted securities&#148; within the meaning of Rule 144
promulgated under the Securities Act of 1933, as amended. This Registration Statement also
registers for reoffer and resale an additional 197,000 shares of common stock which may be
issued pursuant to options granted or which may be granted under the Company&#146;s 2001
Stock Option Plan. The Company hereby incorporates by reference the contents of its
Registration Statement on Form S-8, File No. 333-111326, filed with the Commission on
December 18, 2003, registering the offer and sale of the 197,000 shares of Common Stock
pursuant to the 2001 Stock Option Plan. </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
materials which follow Part I, up to but not including the page beginning Part II of this
Registration Statement, constitutes a reoffer prospectus, prepared in accordance with the
requirements of Part I of Form S-3, in accordance with General Instruction C of Form S-8.
The reoffer prospectus may be utilized for reofferings and resales of up to 3,000
restricted shares of common stock acquired by the selling stockholder prior to the date of
the reoffer prospectus and up to 197,000 shares of common stock to the extent acquired by
certain affiliates of the Company pursuant to the 2001 Stock Option Plan. </FONT></P>

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<A NAME=A026></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART I </FONT></P>



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<TR VALIGN=TOP>
        <TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM&nbsp;&nbsp;&nbsp;1.</FONT></TD>
        <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PLAN INFORMATION </FONT></TD></TR>
<TR VALIGN=TOP>
        <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD></TR>
<TR VALIGN=TOP>
        <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
        <TD><p ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
        The Company will send or give document(s) containing the information specified in Part I to
        participants as specified by Rule 428(b)(1). These documents are not required to be filed
        as part of this Registration Statement. </FONT></TD></TR>
<TR VALIGN=TOP>
        <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD></TR>
<TR VALIGN=TOP>
        <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM&nbsp;&nbsp;&nbsp;2.</FONT></TD>
        <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>REGISTRANT INFORMATION AND EMPLOYEE PLAN ANNUAL INFORMATION </FONT></TD></TR>
<TR VALIGN=TOP>
        <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD></TR>
<TR VALIGN=TOP>
        <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
        <TD><p ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Upon
        written or oral request by a participant in the 2001 Stock Option Plan or the 2003
        Employee Stock Bonus Plan, the Company will provide any of the documents incorporated by
        reference into the Section 10(a) prospectus, without charge. Any document required to be
        delivered to the participants pursuant to Rule 428(b) will also be delivered without
        charge. </FONT></TD></TR>
</TABLE>



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<A NAME=A028></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Prospectus </FONT></H1>

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<A NAME=A029></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Arrhythmia Research
Technology, Inc. </FONT></H1>

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<A NAME=A030></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>200,000 Shares Of
Common Stock, Par Value $0.01 Per Share, <BR>
Issuable Pursuant To The 2001 Stock Option Plan </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Prospectus covers up to 200,000 shares (the &#147;Shares&#148;) of common stock, par value
$.01 par share (the &#147;Common Stock&#148;), of Arrhythmia Research Technology, Inc., a
Delaware corporation (the &#147;Company&#148;). Such Shares (a) have been or may be
acquired by certain persons, who may be deemed to be affiliates of the Company, including
employees, officers, directors and consultants to the Company (the &#147;Selling
Shareholders&#148;), pursuant to options granted or which may be hereafter granted under
the Arrhythmia Research Technology, Inc. 2001 Stock Option Plan of the Company (the
&#147;2001 Plan&#148;) or (b) are deemed to be &#147;restricted securities&#148; under
Rule 144. Shares acquired pursuant to the 2001 Plan prior to the effective date of a
registration statement covering securities issued under the 2001 Plan are &#147;restricted
securities&#148; whether or not held by affiliates of the Company. In connection with such
resales or reoffers for sale, certain employees, officers, directors of the Company and
the brokers through whom such Shares may be sold may be deemed to be
&#147;underwriters&#148; as that term is defined in Section 2(11) of the Securities Act of
1933, as amended (the &#147;Securities Act&#148;). See &#147;The Offering.&#148; </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s securities are currently traded on the American Stock Exchange
(&#147;AMEX&#148;) under the symbol &#147;HRT.&#148; On November 5, 2004 the closing sale
price of the Common Stock was $26.87. </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Shares may be offered by the Selling Shareholders from time to time through or to brokers
in the over-the-counter market or otherwise at prices acceptable to the Selling
Shareholders. The Company will not receive any of the proceeds from the sale of the Shares
pursuant to this Prospectus. All costs incurred in connection with the registration of the
Shares are being borne by the Company. See &#147;The Offering.&#148; </FONT></P>

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<A NAME=A032></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AN INVESTMENT IN THESE
SECURITIES INVOLVES A HIGH DEGREE OF RISK. <BR>
SEE RISK FACTORS BEGINNING ON PAGE 6. </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND<BR>
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE COMMISSION<BR>
OR ANY STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS<BR>
PROSPECTUS.&nbsp;&nbsp;ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. </FONT></H1>

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<A NAME=A035></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The date of this
Prospectus is November 9, 2004. </FONT></H1>


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<A NAME=A036></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AVAILABLE INFORMATION </FONT></H1>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is subject to the informational requirements of the Securities Exchange Act of
1934, as amended (the &#147;Exchange Act&#148;) and under those requirements, it files
reports and other information with the Securities and Exchange Commission
(&#147;Commission&#148;). The Commission maintains a website on the Internet that contains
reports, proxy and information statements and other information regarding registrants,
including our company, that file electronically with the Commission. The Commission&#146;s
website address is www.sec.gov. In addition, our Exchange Act filings may be inspected and
copied at the public reference facilities of the Commission located at Room 1024,
Judiciary Plaza, 450 Fifth Street, N.W., Washington, DC 20549; and at the
Commission&#146;s regional offices at Citicorp Center, 500 West Madison Street, Room 1400,
Chicago, IL 60661, and at 233 Broadway, New York, NY 10279. Copies of the material may
also be obtained upon request and payment of the appropriate fee from the Public Reference
Section of the Commission located at Room 1024, Judiciary Plaza, 450 Fifth Street, N.W.,
Washington, DC 20549. </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Prospectus is a part of a Registration Statement on Form S-8 (together with all
amendments and exhibits referred to as the Registration Statement) filed by the Company
with the Commission under the Securities Act. This Prospectus omits certain of the
information contained in the Registration Statement, and reference is hereby made to the
Registration Statement for further information with respect to the Company and the Common
Stock offered. Any statements contained herein concerning the provisions of any document
filed as an exhibit to the Registration Statement or otherwise filed with the Commission
are not necessarily complete, and in each instance reference is made to the copy of such
document as filed. Each such statement is qualified in its entirety by such reference. </FONT></P>

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<A NAME=A037></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INCORPORATION OF
CERTAIN INFORMATION BY REFERENCE </FONT></H1>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following documents filed with the Commission are hereby incorporated by reference in this
Prospectus: </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We incorporate by reference the
documents listed below together with any amendments thereof: </FONT></P>

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<TR VALIGN=top>
     <TD WIDTH="10%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
     <TD WIDTH="87%" ALIGN="LEFT"><p ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Annual Report on Form 10-KSB for the fiscal year ended December 31, 2003, filed with the Commission on March 30, 2004;</FONT></p></TD></TR>
<TR VALIGN=top>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
     <TD ALIGN="LEFT"><p ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Current Report on Form 8-K filed with the Commission on February 27, 2004;</FONT></p></TD></TR>
<TR VALIGN=top>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
     <TD ALIGN="LEFT"><p ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Current Report on Form 8-K filed with the Commission on March 3, 2004;</FONT></p></TD></TR>
<TR VALIGN=top>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
     <TD ALIGN="LEFT"><p ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Quarterly Report on Form 10-QSB filed with the Commission on May 14, 2004;</FONT></p></TD></TR>
<TR VALIGN=top>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
     <TD ALIGN="LEFT"><p ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Current Report on Form 8-K filed with the Commission on May 21, 2004 and as amended on July 21, 2004;</FONT></p></TD></TR>
<TR VALIGN=top>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
     <TD ALIGN="LEFT"><p ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Current Report on Form 8-K filed with the Commission on August 13, 2004;</FONT></p></TD></TR>
<TR VALIGN=top>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
     <TD ALIGN="LEFT"><p ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Quarterly Report on form 10-QSB filed with the Commission on August 16, 2004;</FONT></p></TD></TR>
<TR VALIGN=top>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
     <TD ALIGN="LEFT"><p ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Current Report on Form 8-K filed with the Commission on November 3, 2004; and</FONT></p></TD></TR>
<TR VALIGN=top>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
     <TD ALIGN="LEFT"><p ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The description of our common stock contained in our Registration Statement on Form 8-A, filed with the Commission on February 12, 1992, including any amendment or reports filed for the purpose of updating such description.</FONT></p></TD></TR>
</TABLE>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
reports and other documents subsequently filed by the Company pursuant to Sections 13(a),
13(c), 14 and 15(d) of the Exchange Act after the date of this Prospectus and prior to the
termination of this offering shall be deemed to be incorporated by reference in this
Prospectus and to be part hereof from the date of filing of such reports and other
documents. </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
may request a copy of these filings, at no cost, by writing to David A. Garrison, Chief
Financial Officer, Arrhythmia Research Technology, Inc., 25 Sawyer Passway, Fitchburg, MA
01420, or by calling him at (978) 345-5000. </FONT></P>


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<A NAME=A038></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Arrhythmia Research
Technology </FONT></H1>

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<A NAME=A039></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Company Overview </FONT></H1>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arrhythmia Research
Technology, Inc. (&#147;ART&#148;) was incorporated under the laws of the State of
Louisiana in 1981 and reincorporated under the laws of the State of Delaware in 1987. ART
is engaged in the licensing of medical software, which acquires data and analyzes
electrical impulses of the heart to detect and aid in the treatment of potentially lethal
arrhythmias. ART&#146;s patented products consist of signal-averaging electrocardiographic
(SAECG) software. In 2002, ART completed an update to a Windows based version of its
proprietary Predictor<SUP>&reg;</SUP> series. Rather than restore a direct sales force,
the intent is to market ART&#146;s product through licensing with original equipment
manufacturers. No significant sale of the software was recorded in 2002 or 2003. Work
continues to establish contracts with original equipment manufacturers for this product. </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sudden
cardiac death afflicts over 400,000 individuals in the United States each year. These
occurrences are due to sustained ventricular tachycardia (abnormally rapid heartbeat) or
ventricular fibrillation (very fast, completely irregular heartbeat), which severely
affect the capability of the heart&#146;s pumping chambers or ventricles. The electric
signals that emanate from the heart are used to detect the presence of late potentials,
which indicate the risk of life-threatening ventricular arrhythmias. The SAECG processes
enable late potentials to be amplified and enhanced, while eliminating undesired
electrical noise in these tests. </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ART&#146;s
wholly owned subsidiary, Micron Products, Inc. (&#147;Micron&#148;), is a manufacturer and
distributor of silver plated and non-silver plated conductive resin sensors
(&#147;sensors&#148;) used in the manufacture of disposable electrodes constituting a part
of ECG diagnostic and monitoring instruments. Micron also acts as a distributor of metal
snap fasteners (&#147;snaps&#148;), another component used in the manufacture of
disposable electrodes. In 1997, Micron acquired the rights to an assembly machine, which
it manufactures and sells or leases to its sensor and snap customers. Micron was
incorporated in the State of Massachusetts in 1972, and is located in the same facility
with ART in Fitchburg, Massachusetts. The sensors are a critical component of the signal
pathway in many different types of disposable electrodes. The disposable electrodes used
to capture the electric impulses of the heart and enable the analysis of late potentials
require sensors which provide for an accurate, low noise signal to be transmitted to the
monitoring device. </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron
is the largest of a few companies providing silver / silver-chloride sensors to the
medical device industry. Micron&#146;s customers manufacture monitoring and transmitting
electrodes which are utilized in a variety of bio-feedback and bio-stimulation
applications including, among many others, electrocardiograms (ECG&#146;s),
electroencephalograms (EEG&#146;s), electro-muscular stimulation (EMS), and
thermo-electrical neural stimulation (TENS).&nbsp;&nbsp;Micron's New England Molders division
manufacturers injection molded products for medical, electronic, industrial and consumer applications. </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
address of our principal executive offices is 25 Sawyer Passway, Fitchburg, Massachusetts
01420, and our telephone number is (978) 345-5000. Our web site is www.arthrt.com. We have
not incorporated by reference into this prospectus the information on our web site, and
you should not consider it to be a part of this document. Our web site address is included
in this document as an inactive textual reference only. </FONT></P>

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<A NAME=A040></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Products</U> <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Revenues</I></B> </FONT></h1>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following table sets forth for
the periods specified, the revenue derived from the products of ART and its subsidiary
Micron (collectively, the &#147;Company&#148;): </FONT></P>




<TABLE CELLPADDING="0" CELLSPACING="0" align=center WIDTH="75%">
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TH>
     <TH align=center COLSPAN=8><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Revenues for the Years Ended December 31,</FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD WIDTH="29%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Canada</FONT></TD>
     <TD WIDTH="4%" ALIGN="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
     <TD WIDTH="13%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,128,515</FONT></TD>
        <TD WIDTH="4%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="13%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41</FONT></TD>
        <TD WIDTH="5%" ALIGN="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
     <TD WIDTH="13%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,133,890</FONT></TD>
        <TD WIDTH="4%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="13%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>44</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Continental Europe</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,704,150</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,239,172</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>United States</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,149,181</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,115,941</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>United Kingdom</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,142,132</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,430,459</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pacific Rim</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>471,261</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>230,917</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>82,128</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41,686</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>


<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><HR NOSHADE COLOR=#000000 SIZE=1></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><HR NOSHADE COLOR=#000000 SIZE=1></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>

<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD>
        <TD ALIGN="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,677,367</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100%</FONT></TD>
        <TD ALIGN="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,192,065</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100%</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=4>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><HR NOSHADE COLOR=#000000 SIZE=2></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=4>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=4>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><HR NOSHADE COLOR=#000000 SIZE=2></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=4>&nbsp;</FONT></TD></TR>
</TABLE>





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<A NAME=A042></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sensors and Snaps </FONT></H1>

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<A NAME=A043></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><B>Silver
Plated Sensors</B></U> </I> </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron
is a manufacturer and distributor of silver-plated and non-silver plated conductive resin
sensors for use in the manufacture of disposable electrodes for ECG diagnostic, monitoring
and related instrumentation. The disposable electrode has proven to be more reliable than
the reusable electrodes available in the market. Additionally, disposable electrodes are
easier, and less expensive to use as compared to reusable electrodes, which require
sterilization after each use. The type of sensor manufactured by Micron consists of a
molded plastic substrate plated with a silver/silver chloride surface, which is a highly
sensitive conductor of electrical signals. Silver/silver chloride-plated disposable
electrodes are utilized in coronary care units, telemetry monitoring units and for other
monitoring purposes. In addition to the traditional ECG tests, disposable electrodes
incorporating Micron&#146;s sensor are used in connection with stress tests and a
&#147;Holter&#148; monitor. </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron
also manufactures sensors and conductive plastic studs used in the manufacture of
radiotranslucent electrodes. The radiotranslucent electrodes are virtually invisible to
X-rays and are preferred in some applications such as nuclear medicine, cath labs, ICU/CCU
and certain stress and Holter procedures. Custom designed sensors are manufactured for
specific unique applications in the EEG, EMG or TENS markets. Micron&#146;s strength in
design and low cost manufacturing support the growth by our customers into unique niche
medical treatment and electrophysiological monitoring. </FONT></P>

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<A NAME=A044></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><B>Metal Snap Fasteners</B></U></I> </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metal
snap fasteners are used to attach the disposable electrode to the lead wires of an ECG
machine. Micron purchases the metal snap fasteners for resale from a supplier and performs
additional quality control tests, repackaging and inventory stocking for its customers who
can purchase the snaps along with Micron&#146;s sensors. </FONT></P>

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<A NAME=A045></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other Molded Components </FONT></H1>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
2003, leveraging the capabilities of the injection molding department, Micron began the
process of expanding into other custom molded precision high volume component parts.  Revenues began to be realized in September of 2004.&nbsp;
With interest from other companies in the same industry, sales in high quality molded products will diversify the
existing product lines while utilizing unused manufacturing capacity. </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May 7, 2004, the Company completed the acquisition of substantially all of the assets of
Shrewsbury Molders, Inc., formerly known as New England Molders, Inc. With the addition of
the active customer base and the additional custom injection molding capacity, other
molded products had an immediate positive impact on revenues. </FONT></P>

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<A NAME=A046></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>High Speed Electrode
Assembly Machine </FONT></H1>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sensor
and snap application machines are used by disposable electrode manufacturers in the
assembly of sensors and snaps. Manufacturing, leasing, selling, and maintenance parts for
service to medical sensor and snap application machines provide Micron with a
complimentary product to sell to existing sensor and snap customers. </FONT></P>

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<A NAME=A047></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Signal-Averaging
Electrocardiographic (SAECG) Products </FONT></H1>










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<A NAME=A048></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Predictor<SUP>&reg;</SUP>7</U></I> </FONT></h1>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Predictor<sup>&reg;</sup> 7 software is a Windows<sup>&reg;</sup> compatible version of Arrhythmia Research
Technology&#146;s analytical program for the detection of Late Potentials. Predictor<sup>&reg;</sup>
7 utilizes the unique, patented Bi-directional, Four-Pole Butterworth Filtering technique
defined as the &#147;Standard&#148; by the joint AHA/ACC/ESC task force on
Signal-Averaging Electrocardiography<sup>1</sup>. All clinically accepted measurement criteria are
provided: total QRS duration, duration of the QRS under 40 &micro;V, the RMS voltage of
the last 40 msec of the QRS and the noise level. Graphical output of the analysis is
presented both on screen and in hard copy. Predictor<sup>&reg;</sup> 7 also incorporates additional
signal processing capabilities for clinical research. The IntraSpect (tm) module permits
detection of ventricular late potentials in patients with bundle branch block. Early
Potential Analysis software using P-wave triggered SAECG analysis is also available as a
research tool for assessing patients at risk for arterial fibrillation and flutter. </FONT></P>


     <P ALIGN=left>__________________________ </P>


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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Windows<SUP>&reg;</SUP> is a
registered trademark of Microsoft Corporation<BR> <SUP>1</SUP> <I>AHA/ACC/ESC Policy
Statement: &#147;Standards for the Analysis of Ventricular Late Potentials Using High
Resolution or Signal-Averaged<BR>Electrocardiography: A Statement by a Task Force Committee
of the European Society of Cardiology, the American Heart Association and the <BR>American
College of Cardiology. JACC Vol. 17, No. 5, April 1991:999-1006</I> </FONT></P>











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<A NAME=A049></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FORWARD-LOOKING
STATEMENTS </FONT></H1>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
our effort to make the information in this prospectus more meaningful, this prospectus
contains both historical and forward-looking statements within the meaning of Section 27A
of the Securities Act, Section 21E of the Securities Exchange Act of 1934, as amended (the
&#147;Exchange Act&#148;), and information relating to Arrhythmia that is based on
management&#146;s exercise of business judgment as well as assumptions made by and
information currently available to management. </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Any
forward looking statements made herein are based on current expectations of the Company
that involves a number of risks and uncertainties and should not be considered as
guarantees of future performance. These statements are made under the Safe Harbor
Provisions of the Private Securities Litigation Reform Act of 1995. Forward looking
statements may be identified by the use of words such as &#147;expect,&#148;
&#147;anticipate,&#148; &#147;believe,&#148; &#147;intend,&#148; &#147;plans,&#148;
&#147;predict,&#148; or &#147;will&#148;. The factors that could cause actual results to
differ materially include: impact of competitive products and pricing, product demand and
market acceptance risks, the presence of competitors with greater financial resources than
the Company, product development and commercialization risks, changing economic conditions
in developing countries, and an inability to arrange additional debt or equity financing.</I> </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
the Company believes that our expectations are based on reasonable assumptions, we can
give no assurance that our expectations will materialize. Many factors could cause actual
results to differ materially from our forward looking statements. Several of these factors
include, in addition to those contained in &#147;Factors that may affect future operating
results,&#148; without limitation: </FONT></P>





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<TR VALIGN=top>
     <TD WIDTH="10%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
     <TD WIDTH="87%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>our ability to finance our business;</FONT></TD></TR>
<TR VALIGN=top>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>our ability to maintain our current pricing model and/or decrease our cost of sales;</FONT></TD></TR>
<TR VALIGN=top>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a stable interest rate market and/or a stable currency rate environment in the world, and specifically the countries we are doing business in or plan to do business in;</FONT></TD></TR>
<TR VALIGN=top>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>continued availability of supplies or materials used in manufacturing at the current prices; </FONT></TD></TR>
<TR VALIGN=top>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>adverse regulatory developments in the United States or any other country we plan to do business in; </FONT></TD></TR>
<TR VALIGN=top>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a new entrance of competitive products in our markets; </FONT></TD></TR>
<TR VALIGN=top>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>no adverse publicity related to our products or the Company itself; </FONT></TD></TR>
<TR VALIGN=top>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>no adverse claims relating to our intellectual property;</FONT></TD></TR>
<TR VALIGN=top>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the adoption of new, or changes in, accounting principles; </FONT></TD></TR>
<TR VALIGN=top>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the passage of new, or changes in, legislation or legal proceedings; </FONT></TD></TR>
<TR VALIGN=top>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>our ability to maintain compliance with the AMEX requirements for continued listing of our common stock;</FONT></TD></TR>
<TR VALIGN=top>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the costs inherent with complying with new statutes and regulations applicable to public reporting companies, such as the Sarbanes-Oxley Act of  2002;</FONT></TD></TR>
<TR VALIGN=top>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>our ability to efficiently integrate future acquisitions, if any;</FONT></TD></TR>
<TR VALIGN=top>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>and other new lines of business that the Company may enter in the future;</FONT></TD></TR>
<TR VALIGN=top>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>other risks referenced from time to time elsewhere in this report and in our filings with the SEC.</FONT></TD></TR>
</TABLE>



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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is under no obligation and does not intend to update, revise or otherwise publicly
release any revisions to these forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of any unanticipated
events. </FONT></P>

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<A NAME=A050></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RISK FACTORS </FONT></H1>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the other information in this prospectus, the following factors should be
considered in evaluating the Company and its business. The risks and uncertainties
described below are not the only ones facing the Company. Additional risks and
uncertainties that the Company does not presently know or currently deems immaterial may
also impair the Company&#146;s business, results of operations and financial condition. </FONT></P>






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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The
Company&#146;s operating results may fluctuate significantly as a result of a variety of
factors.</B> </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
operating results may fluctuate significantly in the future as a result of a variety of
factors, many of which are outside of our control. These factors include: the level of
demand for the products that we may develop; our ability to attract and retain personnel
with the necessary strategic, technical and creative skills required for effective
operations; the amount and timing of expenditures by customers; the amount and timing of
capital expenditures and other costs relating to the expansion of our operations;
government regulation and general economic conditions. As a strategic response to changes
in the competitive environment, we may from time to time make certain pricing, service,
technology or marketing decisions or business or technology acquisitions that could have a
material adverse effect on our quarterly results. Due to all of these factors, our
operating results may fall below the expectations of securities analysts, stockholders and
investors in any future period.</FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>If
trade secrets are not kept confidential, the secrets may be used by others to compete
against us.</B> </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron
relies on unpatented trade secrets to protect its proprietary process. There are no
assurances that others will not independently develop or acquire substantially equivalent
technologies or otherwise gain access to our proprietary process. Ultimately the
meaningful protection of such unpatented proprietary technology cannot be guaranteed. The
Company relies on confidentiality agreements with its employees. Remedies for any breach
by a party of these confidentiality agreements may not be adequate to prevent such
actions. Failure to maintain trade secret protection, for any reason, could have a
material adverse effect on us. </FONT></P>

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<A NAME=A051></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dependence
on a limited number of customers.</b> </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the fiscal years 2003 and 2002, 68% and 75%, respectively of the Company&#146;s revenues
was derived from three customers. The loss of any one or more of these customers would
have an immediate significant adverse effect on our financial results. In an effort to
maintain this customer base, more favorable terms than might otherwise be agreed to could
be granted. Currently, the Company generally does not receive purchase volume commitments
extending beyond several months. Large corporations can shift focus away from a need for
our product with little or no warning. </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The
vast majority of revenues have historically been derived from the sale of a single
product.</B> </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
fiscal years 2003 and 2002, the Company derived 94% and 92%, respectively, of its income
from medical electrode sensors for use in disposable electrodes. While the technology in
electrode sensors has been used for many years, there is no assurance that a new patented
or unpatented technology might not replace the existing market for disposable electrode
sensors. Any substantial technological advance that eliminates our product will have a
material adverse effect on our operating results. There can be no assurance our efforts to
diversify will sufficiently mitigate the effects of possible loss of electrode sensor
sales. </FONT></P>

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<A NAME=A052></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is subject to stringent environmental regulations.</b> </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is subject to a variety of Federal, state and local requirements governing the
protection of the environment. These environmental regulations include those related to
the use, storage, handling, discharge and disposal of toxic or otherwise hazardous
materials used in or resulting from the Company&#146;s manufacturing processes. Failure to
comply with environmental law could subject the Company to substantial liability or force
us to significantly change our manufacturing operations. In addition, under some of these
laws and regulations, the Company could be held financially responsible for remedial
measures if its properties are contaminated, even if it did not cause the contamination. </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The
Company may make acquisitions of companies, products or technologies that may disrupt the
business and divert management&#146;s attention, adversely impacting our results of
operations and financial condition.</B> </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company may make acquisitions of complementary companies, products or technologies from
time to time. Any acquisitions will require the assimilation of the operations, products
and personnel of the acquired businesses and the training and motivation of these
individuals. Management may be unable to maintain and improve upon the uniform standards,
controls, procedures and policies if we fail in this integration. Acquisitions may cause
disruptions in operations and divert management&#146;s attention from day-to-day
operations, which could impair our relationships with current employees, customers and
strategic partners. We may also have to, or choose to, incur debt or issue equity
securities to pay for any future acquisitions. The issuance of equity securities for an
acquisition could be substantially dilutive to our stockholders&#146; holdings. In
addition, our profitability may suffer because of such acquisition-related costs or
amortization costs for other intangible assets. If management is unable to fully integrate
acquired businesses, products, technologies or personnel with existing operations, we may
not receive the intended benefits of such acquisitions. Other than as disclosed herein or
disclosed since December 31, 2003, we are not party to any agreements, written or oral,
for the acquisition of any company, product or technology.</FONT></P>


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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>If
the Company is unable to keep up with rapid technological changes, our processes, products
or services may become obsolete and unmarketable.</B> </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
medical device and medical software industries are characterized by technological change
over time. Although we attempt to expand our technological capabilities in order to remain
competitive, discoveries by others may make our processes or products obsolete. If we
cannot compete effectively in the marketplace, our potential for profitability and
financial position will suffer. </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The
Company could become involved in litigation over intellectual property rights.</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
medical device industry has been characterized by extensive litigation regarding patents
and other intellectual property rights. Litigation, which would likely result in
substantial cost to us, may be necessary to enforce any patents issued or licensed to us
and/or to determine the scope and validity of others&#146; proprietary rights. In
particular, our competitors and other third parties hold issued patents and are assumed to
hold pending patent applications, which may result in claims of infringement against us or
other patent litigation. The Company also may have to participate in interference
proceedings declared by the United States Patent and Trademark Office, which could result
in substantial cost, to determine the priority of inventions. </FONT></P>

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<A NAME=A053></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
product liability suit could adversely affect our operating results.</b> </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
testing, manufacture, marketing and sale of medical devices of our customers entail the
inherent risk of liability claims or product recalls. If our customers are involved in a
lawsuit, it is foreseeable that the Company would also be named. Although the Company
maintains product liability insurance, coverage may not be adequate. Product liability
insurance is expensive, and in the future may not be available on acceptable terms, if at
all. A successful product liability claim or product recall could have a material adverse
effect on our business, financial condition, and ability to market product in the future. </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Provisions
in our charter documents could prevent or frustrate shareholders&#146; attempts to replace
or remove current management.</B> </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Certificate of Incorporation provides for staggered terms for the members of the Board of
Directors. The Certificate provides that the Board of Directors shall be divided into
three classes, each such class to be as nearly as possible equal in number of directors to
each other class. Each director shall serve a term of three years. At stockholders&#146;
meetings only those directors comprising one of the three classes shall have completed
their term and be subject to re-election or replacement. </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, our Certificate of Incorporation authorizes the issuance of serial &#147;blank
check&#148; preferred stock with such designations, rights, and preferences as may be
determined by our Board of Directors. Accordingly, the Board of Directors may, without
shareholder approval, issue shares of preferred stock with dividend, liquidation,
conversion, voting, or other rights that could adversely affect the voting power or other
rights of the holders of our common stock. &#147;Blank check&#148; preferred stock could
also be issued to discourage, delay, or prevent a change in our control, although we do
not currently intend to issue any additional series of our preferred stock. </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Classifying
the Board of Directors and the issuance of &#147;blank check&#148; preferred stock are
traditional anti-takeover measures installed to present obstacles to takeovers. These
provisions of our Certificate of Incorporation make it difficult for a majority
shareholder to gain control of the Board of Directors and of the Company because, for
instance, classification of the Board would delay the time within which a majority
shareholder could obtain effective control of the Board. Such provisions may be beneficial
to the Company&#146;s management and its Board in a hostile tender offer and may have an
adverse impact on shareholders who may want to participate in such a tender offer, or who
may want to replace the Board of Directors. </FONT></P>




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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Provisions
in our by-laws provide for indemnification of officers and directors, which could require
us to direct funds away from our business and products.</B> </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
by-laws provide for indemnification of officers and directors. We may be required to pay
judgments, fines, and expenses incurred by an officer or director, including reasonable
attorneys&#146; fees, as a result of actions or proceedings in which such officers and
directors are involved by reason of being or having been an officer or director. Funds
paid in satisfaction of judgments, fines and expenses may be funds we need for the
operation of our business and the development of our products, thereby affecting our
ability to attain profitability. This could cause our stock price to drop<B>.</B> </FONT></P>

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<A NAME=A054></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>THE OFFERING </FONT></H1>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Prospectus relates to the Shares which have been or may be acquired by certain employees,
officers, directors and consultants to the Company named below who may be deemed
affiliates of the Company or who hold &#147;restricted stock&#148; pursuant to the
exercise by them of options granted pursuant to the terms of the 2001 Plan. The address of
each Selling Shareholder is c/o Arrhythmia Research Technology, Inc., 25 Sawyer Passway,
Fitchburg, MA 01420. The 2001 Plan was adopted by the Board of Directors on March 21,
2001, and subsequently approved by the Company&#146;s shareholders on October 5, 2001.
Under the terms of the 2001 Plan, no awards may be granted after the ten-year anniversary
of the 2001 Plan, except for awards granted pursuant to commitments prior to the ten-year
anniversary. </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beneficial
ownership calculations are determined in accordance with the rules of the SEC and are
based on 2,655,822 Common Stock shares outstanding as of October 15, 2004. In computing
the number of shares beneficially owned by a person and the percentage ownership of that
person, shares of common stock that are presently exercisable or that will become
exercisable within 60 days of the date of this prospectus are deemed outstanding for such
person, but are not treated as outstanding for the purpose of computing the percentage
ownership of any other person. </FONT></P>

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<A NAME=A055></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Selling Stockholders </FONT></H1>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth certain information as of the date of this Prospectus with
respect to the Selling Stockholders: </FONT></P>





<TABLE CELLPADDING="0" ALIGN=CENTER CELLSPACING="0" BORDER="1" WIDTH="85%">
<TR VALIGN=Bottom>
     <Td ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Name of Selling <BR>&nbsp;&nbsp;Shareholder</FONT></Td>
     <Td ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Shares<BR>&nbsp;&nbsp;Beneficially<BR>&nbsp;&nbsp;Owned</FONT></Td>
     <Td ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;% of<BR>&nbsp;&nbsp;Outstanding<BR>&nbsp;&nbsp;Shares</FONT></Td>
     <Td ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Shares Owned After<BR>&nbsp;&nbsp;Completion of this<BR>&nbsp;&nbsp;Offering <SUP>(2)</SUP></FONT></Td>
     <Td ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;% of Outstanding<BR>&nbsp;&nbsp;Shares After<BR>&nbsp;&nbsp;Completion of this<BR>&nbsp;&nbsp;Offering <SUP>(2)</SUP></FONT></Td></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="28%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;James E. Rouse,<BR>
        &nbsp;&nbsp;Chief Executive Officer</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21,000&nbsp;<SUP>(1)</SUP></FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*</FONT></TD>
     <TD WIDTH="22%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-0-</FONT></TD>
     <TD WIDTH="20%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-0-</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;David A. Garrison,<BR>
        &nbsp;&nbsp;Chief Financial Officer</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25,000&nbsp;<SUP>(3)</SUP></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-0-</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-0-</FONT></TD></TR>
</TABLE>



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<P>_________________ </P>



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     <TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
 <TR VALIGN=TOP>
          <TD ALIGN="LEFT" WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>* </FONT></TD>
          <TD WIDTH="95%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Less than 1%.</FONT></P></TD></TR>
 <TR VALIGN=TOP>
          <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) </FONT></TD>
          <TD><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Includes 6,000 shares issuable pursuant to options granted under the 2001 Plan, which are
                exercisable within 60 days. </FONT></P></TD></TR>
 <TR VALIGN=TOP>
          <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2) </FONT></TD>
          <TD><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Assumes the issuance to and sale by the Selling Shareholder of all of the Shares. </FONT></P></TD></TR>
 <TR VALIGN=TOP>
          <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3) </FONT></TD>
          <TD><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Includes 5,000 shares issuable pursuant to options granted under the 2001 Plan, which are exercisable
          within 60 days. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
covered by this Prospectus may be reoffered and resold from time to time by each Selling
Shareholder through brokers on the AMEX or otherwise at prices acceptable to the Selling
Shareholder. To the Company&#146;s knowledge, no specific brokers or dealers have been
designated by any Selling Shareholder nor has any agreement been entered into in respect
of brokerage commissions or for the exclusive sale of any securities, which may be offered
pursuant to this Prospectus. Alternatively, the Selling Shareholder may from time to time
offer the Shares through underwriters, dealers or agents, which may receive compensation
in the form of underwriting discounts, concessions or commissions from the Selling
Shareholder and/or the purchasers of the Shares for whom they may act as agents. The
Selling Shareholder and any underwriters, dealers or agents that participate in the
distribution of the Shares may be deemed to be &#147;underwriters&#148; under the
Securities Act and any profit on the sale of the Shares by them and any discounts,
commissions or concessions received by any such underwriters, dealers or agents might be
deemed to be underwriting discounts and commissions under the Securities Act. </FONT></P>




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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
applicable rules and regulations under the Exchange Act, any person engaged in a
distribution of any of the shares may not simultaneously engage in market activities with
respect to the common stock for the applicable period under Regulation M prior to the
commencement of such distribution. In addition and without limiting the foregoing, the
selling security owners will be governed by the applicable provisions of the Securities
and Exchange Acts, and the rules and regulations thereunder, including without limitation
Rules 10b-5 and Regulation M, which provisions may limit the timing of purchases and sales
of any of the shares by the selling stockholders. Furthermore, under Regulation M, persons
engaged in a distribution of securities are prohibited from simultaneously engaging in
market making and certain other activities with respect to such securities for a specified
period of time prior to the commencement of such distributions subject to specified
exceptions or exemptions. All of the foregoing may affect the marketability of our
securities. </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will pay all of the fees and expenses incident to the registration of the Shares
(other than any fees or expenses of any counsel retained by the Selling Shareholder and
any out-of-pocket expenses incurred by the Selling Shareholder or any person retained by
the Selling Shareholder in connection with the registration of the Shares) and fees and
expenses of compliance with state securities or blue sky laws and commissions. The
expenses payable by the Company are estimated to be approximately $5,000. </FONT></P>

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<A NAME=A056></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>DESCRIPTION OF CAPITAL
STOCK </FONT></H1>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following description of our capital stock and certain provisions of the Certificate of
Incorporation, as amended, and the By-Laws is a summary and is qualified in its entirety
by reference to the provisions of the Certificate of Incorporation and the By-Laws, copies
of which are filed with the SEC as exhibits to this Registration Statement, of which this
prospectus forms a part. </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
authorized capital stock consists of 10,000,000 shares of common stock, $0.01 par value
and 2,000,000 shares of preferred stock, par value $1.00 per share. As of October 15, 2004,
there were outstanding: </FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN=top>
     <TD WIDTH="10%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
     <TD WIDTH="87%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,655,822 shares of common stock; and</FONT></TD></TR>
<TR VALIGN=top>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=top>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>43,000 shares issuable upon exercise of options issued pursuant
        to our employee benefit plans.</FONT></TD></TR>
</TABLE>



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<A NAME=A057></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Common Stock </FONT></H1>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are authorized to issue 10,000,000 shares of common stock, $0.01 par value per share.
Subject to preferences that may be applicable to any preferred stock outstanding at the
time, the holders of outstanding shares of common stock are entitled to receive dividends
out of assets legally available therefore at such times and in such amounts as the Board
of Directors may from time to time determine. Each shareholder is entitled to one vote for
each share of common stock held on all matters submitted to a vote of shareholders.
Cumulative voting for the election of directors is not authorized. </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
common stock is not entitled to preemptive rights and is not subject to conversion or
redemption. Upon liquidation, dissolution or winding up of Arrhythmia, the remaining
assets legally available for distribution to shareholders, after payment of claims of
creditors and payment of liquidation preferences, if any, on outstanding preferred stock,
are distributable ratably among the holders of the common stock and any participating
preferred stock outstanding at that time. Each outstanding share of common stock is fully
paid and nonassessable. </FONT></P>

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<A NAME=A058></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Preferred Stock </FONT></H1>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Certificate of Incorporation authorizes us to issue 2,000,000 shares of serial &#147;blank
check&#148; preferred stock, $1.00 par value per share. &#147;Blank check&#148; preferred
stock allows the Board of Directors to create one or more series of preferred stock, and
to designate the rights, privileges, restrictions, preferences and limitations of any
given series of preferred stock. Accordingly, the Board of Directors may, without
stockholder approval, issue shares of preferred stock with dividend, liquidation,
conversion, voting or other rights that could adversely affect the voting power or other
rights of the holders of our common stock. &#147;Blank check&#148; preferred stock could
also be issued to discourage, control, although we have no present intent to issue any
additional series of our preferred stock. The Board of Directors&#146; ability to issue
&#147;blank check&#148; preferred stock serves as a traditional anti-takeover measure
installed to present obstacles to takeovers. This provision of our Certificate of
Incorporation makes it difficult for a majority shareholder to gain control of the Company
and, therefore, may be beneficial to the Company&#146;s management and its Board in a
hostile tender offer and may have an adverse impact on shareholders who may want to
participate in such a tender offer. Also, the issuance of preferred stock with voting and
conversion rights could materially and adversely affect the voting power of the holders of
the common stock and may have the effect of delaying, deferring or preventing a change in
control of the Company. </FONT></P>



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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of the date of this prospectus there are no shares of preferred stock issued and
outstanding. </FONT></P>





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<A NAME=A059></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TRANSFER AGENT</FONT></H1>

<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The transfer agent
for our common stock is Continental Stock Transfer &amp; Trust Co., 17 Battery Place, New York, NY  10004.</FONT></p>

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<A NAME=A060></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>USE OF PROCEEDS </FONT></H1>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will not receive any of the proceeds from the sale of the Shares. All proceeds
from the sale of the Shares will be for the account of the Selling Shareholders, as
described above. See &#147;The Offering&#148; and &#147;Plan of Distribution.&#148; </FONT></P>

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<A NAME=A061></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PLAN OF DISTRIBUTION </FONT></H1>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
covered by this Prospectus may be reoffered and resold from time to time by each Selling
Shareholder through brokers on the AMEX or otherwise at prices acceptable to the Selling
Shareholder. To the Company&#146;s knowledge, no specific brokers or dealers have been
designated by any Selling Shareholder nor has any agreement been entered into in respect
of brokerage commissions or for the exclusive sale of any securities, which may be offered
pursuant to this Prospectus. Alternatively, the Selling Shareholder may from time to time
offer the Shares through underwriters, dealers or agents, which may receive compensation
in the form of underwriting discounts, concessions or commissions from the Selling
Shareholder and/or the purchasers of the Shares for whom they may act as agents. The
Selling Shareholder and any underwriters, dealers or agents that participate in the
distribution of the Shares may be deemed to be &#147;underwriters&#148; under the
Securities Act and any profit on the sale of the Shares by them and any discounts,
commissions or concessions received by any such underwriters, dealers or agents might be
deemed to be underwriting discounts and commissions under the Securities Act. </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
securities covered by this Prospectus that qualify for sale pursuant to Rule 144 under the
Securities Act may be sold under that Rule rather than pursuant to this Prospectus. There
can be no assurance that the Selling Shareholders will sell any or all of the Shares of
common stock offered hereunder. </FONT></P>

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<A NAME=A062></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>LEGAL MATTERS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
legal matters in connection with the Shares have been passed upon for the Company by
Dilworth Paxson LLP, Washington, D.C. </FONT></P>

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<A NAME=A063></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXPERTS </FONT></H1>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
financial statements incorporated by reference in this Prospectus have been audited by BDO
Seidman, LLP, an independent registered public accounting firm, to the extent and for the
periods set forth in their report, incorporated herein by reference and are incorporated
herein by reference in reliance upon such report given upon the authority of said firm as
experts in auditing and accounting. </FONT></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN=top>
     <TD WIDTH="49%" ALIGN="LEFT"><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>No dealer, salesman or any other person has been
        authorized in connection with this offering to give any information or to make any representations other than those
        contained in this Prospectus. The Prospectus does not constitute an offer or a solicitation in any jurisdiction to any
        person to whom it is unlawful to make such an offer or solicitation. Neither the delivery of this Prospectus nor any sale
        made hereunder shall, under any circumstances, create an implication that there has been no change in the circumstances of
        the Company or the facts herein set forth since the date hereof</B></FONT></P></TD>
     <TD ALIGN="LEFT" WIDTH="2%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="49%"><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>ARRHYTHMIA RESEARCH <BR>TECHNOLOGY, INC.</B></FONT></TD></TR>
<TR VALIGN=top>
     <TD ALIGN="LEFT"><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></P></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD></TR>
</table>

<A NAME="TOC"></A>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN=top>
     <TD ALIGN="LEFT"><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>TABLE OF CONTENTS</B></FONT></P></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=3></font><HR WIDTH=100% SIZE=2 COLOR=BLACK NOSHADE></TD></TR>
<TR VALIGN=top>
     <TD ALIGN="LEFT"><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>&nbsp;</B></FONT></P></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="49%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="2%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Page</B></FONT></TD>
     <TD WIDTH="49%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>PROSPECTUS</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><A HREF="#A036">Available Information</A></B></FONT></TD>
     <TD ALIGN="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>2&nbsp;</B></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><A HREF="#A037">Incorporation of Certain</A></B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;<B><A HREF="#A037">Information by Reference</A></B></FONT></TD>
     <TD ALIGN="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>2</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><A HREF="#A038">The Company</A></B></FONT></TD>
     <TD ALIGN="lefT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>3</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><A HREF="#A049">Forward-looking Statements</A></B></FONT></TD>
     <TD ALIGN="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>5</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><A HREF="#A050">Risk Factors</A></B></FONT></TD>
     <TD ALIGN="lefT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>6</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><A HREF="#A054">The Offering</A></B></FONT></TD>
     <TD ALIGN="lefT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>8</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><A HREF="#A056">Description of Capital Stock</A></B></FONT></TD>
     <TD ALIGN="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>10</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><A HREF="#A060">Use of Proceeds</A></B></FONT></TD>
     <TD ALIGN="lefT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>11</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><A HREF="#A061">Plan of Distribution</A></B></FONT></TD>
     <TD ALIGN="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>11</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><A HREF="#A062">Legal Matters</A></B></FONT></TD>
     <TD ALIGN="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>11</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><A HREF="#A063">Experts</A></B></FONT></TD>
     <TD ALIGN="lefT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>11</B></FONT></TD></TR>
</TABLE>
<BR><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" border=0 WIDTH="100%">
<TR VALIGN=top>
     <TD WIDTH="49%" ALIGN="LEFT"><p align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Arrhythmia Research Technology,
        Inc. has filed with the Securities and Exchange Commission, Washington, D.C., a
        Registration Statement under the Securities Act with respect to the Shares offered hereby.
        This Prospectus omits certain information contained in the Registration Statement. The
        information omitted may be obtained from the Securities and Exchange Commission upon
        payment of the regular charge therefore.</B></FONT></p></TD>
     <TD WIDTH="2%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="49%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>November 9, 2004</B></FONT></TD></TR>
</TABLE>




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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART II </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<A NAME=A069></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INFORMATION REQUIRED
IN THE REGISTRATION STATEMENT </FONT></H1>

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<A NAME=A070></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 3. Incorporation of Documents
by Reference </FONT></H1>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
SEC allows us to &#147;incorporate by reference&#148; information from other documents
that we file with them, which means that we can disclose important information by
referring to those documents. The information incorporated by reference is considered to
be part of this prospectus, and information that we file later with the SEC will
automatically update and supersede this information. </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
incorporate by reference the documents listed below together with any amendments thereof: </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN=top>
     <TD WIDTH="10%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
     <TD WIDTH="87%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Annual Report on Form 10-KSB for the fiscal year ended December 31, 2003,
        filed with the SEC on March 30, 2004; </FONT></TD></TR>
<TR VALIGN=top>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Current Report on Form 8-K filed with the SEC on February
        27, 2004;</FONT></TD></TR>
<TR VALIGN=top>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Current Report on Form 8-K filed with the SEC on March 3, 2004; </FONT></TD></TR>
<TR VALIGN=top>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Quarterly Report on Form 10-QSB filed with the SEC on
        May 14, 2004; </FONT></TD></TR>
<TR VALIGN=top>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Current Report on Form 8-K filed with the SEC on
        May 21, 2004 as amended on July 21, 2004; </FONT></TD></TR>
<TR VALIGN=top>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Current Report on Form 8-K filed with the SEC on August 13, 2004; </FONT></TD></TR>
<TR VALIGN=top>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Quarterly Report on Form 10-QSB filed with the SEC on August 16, 2004; </FONT></TD></TR>
<TR VALIGN=top>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Current Report on Form 8-K filed with the Commission on
        November 3, 2004; and </FONT></TD></TR>
<TR VALIGN=top>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
     <TD ALIGN="LEFT"><p ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The description of our common stock contained in our
        Registration Statement on Form 8-A, filed with the SEC on February 12, 1992, including any amendment or reports filed
        for the purpose of updating such description. </FONT></p></TD></TR>
</TABLE>





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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
also incorporate by reference additional documents that may be filed with the SEC under
Section 13(a), 13(c), 14 or 15(d) of the Exchange Act prior to the sale of all of the
shares covered by this prospectus. These include periodic reports, such as Annual Reports
on Form 10-KSB, Quarterly Reports on Form 10-QSB and Current Reports on Form 8-K, as well
as proxy statements. </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will provide to you, without charge, upon your written or oral request, a copy of any or
all of the documents that we incorporate by reference, including exhibits. Please direct
requests to: Arrhythmia Research Technology, Inc., 25 Sawyer Passway, Fitchburg,
Massachusetts 01420, Attn: Corporate Secretary; (978) 345-5000. </FONT></P>

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<A NAME=A071></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 4. Description of
Securities </FONT></H1>

<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA.</font></p>

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<A NAME=A072></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 5. Interests of
Named Experts and Counsel </FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA.</font></p>

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<A NAME=A073></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 6. Indemnification
of Officers and Directors </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
145 of the General Corporation Law of the State of Delaware grants each corporation
organized thereunder, such as the Company, the power to indemnify its directors and
officers against liability for certain of their acts. Section 102(b)(7) of the Delaware
Corporation Law permits a provision in the certificate of incorporation of each
corporation organized thereunder eliminating or limiting, with specified exceptions, the
personal liability of a director to the corporation or its stockholders for monetary
damages for breach of fiduciary duty as a director. The Company&#146;s certificate of
incorporation contains this provision. The foregoing statements are subject to the
detailed provisions of Sections 145 and 102(b)(7) of the Delaware General Corporation Law. </FONT></P>


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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article
VI of the Company&#146;s By-Laws provides that the Company will indemnify its officers,
directors and employees to the fullest extent permitted by the Delaware General
Corporation Law in connection with proceedings with which any such person is involved by
virtue of his or her status as an officer, director, employee or agent. The Company
maintains directors&#146; and officers&#146; liability insurance, including a
reimbursement policy in favor of the Company. </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
By-Laws may require Arrhythmia, among other things, to indemnify directors or officers
against certain liabilities that may arise by reason of their status or service as
directors (other than liabilities resulting from willful misconduct of a culpable nature),
to advance expenses to them as they are incurred, provided that they undertake to repay
the amount advanced if it is ultimately determined by a court that they are not entitled
to indemnification, and to obtain and maintain directors&#146; and officers&#146;
insurance if available on reasonable terms. </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to
directors, officers and controlling persons pursuant to the foregoing provisions, or
otherwise, Arrhythmia has been advised that in the opinion of the SEC such indemnification
is against public policy as expressed in the Securities Act and is, therefore,
unenforceable. </FONT></P>

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<A NAME=A074></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 7. Exemption from
Registration Claimed </FONT></H1>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
issuance of the restricted Shares being offered by the Form S-3 resale prospectus were
deemed exempt from registration under the Securities Act in reliance upon Section 4(2) of
the Securities Act or Regulation D promulgated thereunder, or Rule 701 promulgated under
Section 3(b) of the Securities Act, as transactions by an issuer not involving a public
offering or transactions pursuant to compensatory benefit plans and contracts relating to
compensation as provided under such Rule 701. The recipients of securities in each such
transaction represented their intention to acquire the securities for investment only and
not with a view to sell or for sale in connection with any distribution thereof and
appropriate legends were affixed to the share certificates and instruments issued in such
transactions. All recipients had adequate access, through their relationship to the
Registrant, to information about the Registrant. </FONT></P>

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<A NAME=A075></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 8.&nbsp;&nbsp;Exhibits </FONT></H1>








<TABLE CELLPADDING="0" ALIGN="CENTER" CELLSPACING="0" BORDER="0" WIDTH="80%">
<Tr VALIGN=Bottom>
     <TD ALIGN="CENTER" WIDTH="25%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Exhibit Number</U></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="75%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Description</U></FONT></TD></Tr>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.1<SUP>(1)</SUP></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Arrhythmia Research Technology, Inc. 2001 Stock Option Plan</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="artexhibit5-1.htm">5.1</A></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="artexhibit5-1.htm">Opinion of Dilworth Paxson LLP.</A></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="exh23-1consent.htm">23.1</A></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="exh23-1consent.htm">BDO Seidman, LLP Consent.</A></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="artexhibit5-1.htm">23.2</A></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="artexhibit5-1.htm">Dilworth Paxson LLP Consent (included in Exhibit 5.1).</A></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=top>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#A076">24.1</A></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#A076">Power of Attorney is contained on the signature page of this Registration Statement.</A></FONT></TD></TR>
</TABLE>

     <P ALIGN=left>__________________________ </P>


<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) Filed as Exhibits to the Company's Registration Statement on Form S-8
        (File No. 333-111326) incorporated herein by reference.</font></p>



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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 9.  Undertakings </FONT></H1>


<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant will:</font></p>

<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File,  during  any  period  in which it offers  or sells  securities,  a  post-effective  amendment  to this
registration statement to include any additional or changed material information on the plan of distribution.</font></p>

<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  determining  liability  under  the  Securities  Act,  treat  each  post-effective  amendment  as a  new
registration  statement  of the  securities  offered,  and the  offering of the  securities  at that time to be the  initial  <I>bona fide</I>
offering thereof.</font></p>

<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File a post-effective  amendment to remove from registration any of the securities that remain unsold at the
end of the offering.</font></p>

<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The  undersigned  registrant  hereby  undertakes  that, for purposes of determining  any liability under the Securities Act of
1933, each filing of the  registrant's  annual report  pursuant to Section 13(a) or 15(d) of the Securities  Exchange Act of 1934 (and,
where applicable,  each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Securities  Exchange Act of
1934) that is incorporated by reference in the registration  statement shall be deemed to be a new registration  statement  relating to
the securities  offered therein,  and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering
thereof.</font></p>

<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as  indemnification  for  liabilities  arising under the  Securities  Act may be permitted to directors,  officers and
controlling persons of the Registrant pursuant to the foregoing provisions,  or otherwise,  the Registrant has been advised that in the
opinion of the  Securities  and Exchange  Commission  such  indemnification  is against  public  policy as expressed in the Act and is,
therefore,  unenforceable.  In the event that a claim for  indemnification  against  such  liabilities  (other  than the payment by the
Registrant of expenses  incurred or paid by a director,  officer or controlling  person of the Registrant in the successful  defense of
any action,  suit or proceeding) is asserted by such director,  officer or controlling  person in connection with the securities  being
registered,  the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent,  submit to
a court of  appropriate  jurisdiction  the question  whether such  indemnification  by it is against  public policy as expressed in the
Securities Act and will be governed by the final adjudication of such issue.</font></p>




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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>SIGNATURES</U> </FONT></H1>



<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the  requirements  of the  Securities Act of 1933,  the  Registrant  certifies  that it has reasonable  grounds to
believe that it meets all of the  requirements for filing on Form S-8 and has duly caused this  Registration  Statement to be signed on
its behalf by the undersigned, thereunto duly authorized, in the City of Fitchburg, Massachusetts, on the 9th day of November, 2004.</font></p>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="55%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="45%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>ARRHYTHMIA RESEARCH TECHNOLOGY, INC.</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Registrant)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ David A. Garrison&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David A. Garrison</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer</FONT></TD></TR>
</TABLE>

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<A NAME=A076></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>POWER OF ATTORNEY </FONT></H1>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the undersigned officers and directors of the Registrant, Arrhythmia Research
Technology, Inc., whose signature appears below, hereby appoints David A. Garrison and
James E. Rouse, jointly and individually, as attorneys-in-fact for the undersigned with
full power of substitution, to execute in his or her name and on behalf of such person,
individually, and in each capacity stated below, this Registration Statement on Form S-8
and one or more amendments (including post-effective amendments) to this Registration
Statement and any related registration statement under Rule 462(b) under the Securities
Act of 1933 as the attorney-in-fact shall deem appropriate, and to file any such amendment
(including exhibits thereto and other documents in connection herewith) to this
Registration Statement on Form S-8 or Rule 462(b) registration statement with the
Securities and Exchange Commission, granting unto said attorneys-in-fact, and each of
them, full power and authority to do and perform each and every act and thing requisite
and necessary to be done in and about the premises, as fully to all intents and purposes
as such person might or could do in person, hereby ratifying and confirming all that said
attorneys-in-fact, or either of them, may lawfully do or cause to be done by virtue
hereof. </FONT></P>

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<P ALIGN=Justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, as amended, this Registration Statement
has been signed by the following persons in the capacities and on the dates indicated. </FONT></P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Signature</U></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Title</U></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Date</U></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT" WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>/s/ James E Rouse&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>President, Chief Executive Officer and</FONT></TD>
     <TD ALIGN="center" WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>November 9, 2004</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James E. Rouse</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>/s/ E.P. Marinos&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chairman of the Board and Director</FONT></TD>
     <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>November 9, 2004</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. P. Marinos</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>/s/ Russell C. Chambers&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD>
     <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>November 9, 2004</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russell C. Chambers</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>/s/ Julius Tabin&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD>
     <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>November 9, 2004</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Julius Tabin</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>/s/ Paul F. Walter&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD>
     <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>November 9, 2004</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paul F. Walter</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>/s/ David A. Garrison&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chief Financial Officer</FONT></TD>
     <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>November 9, 2004</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David A. Garrison</FONT></TD></TR>
</TABLE>




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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>EXHIBIT INDEX</U> </FONT></H1>









<TABLE CELLPADDING="0" ALIGN="CENTER" CELLSPACING="0" WIDTH="80%">
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Exhibit Number</U></FONT></TH>
     <TH ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Description</U></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="30%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.1<SUP>(1)</SUP></FONT></TD>
     <TD WIDTH="70%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Arrhythmia Research Technology, Inc. 2001 Stock Option</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="artexhibit5-1.htm">5.1</A></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="artexhibit5-1.htm">Opinion of Dilworth Paxson LLP.</A></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="exh23-1consent.htm">23.1</A></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="exh23-1consent.htm">BDO Seidman, LLP Consent.</A></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="artexhibit5-1.htm">23.2</A></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="artexhibit5-1.htm">Dilworth Paxson LLP Consent (included in Exhibit 5.1)</A></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=top>
     <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#A076">24.1</A></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#A076">Power of Attorney is contained on the signature page of this Registration Statement.</A></FONT></TD></TR>
</TABLE>




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          Filed as exhibits to the Company&#146;s Registration Statement on Form S-8 (File
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Table Of Contents
As filed with the
Securities and Exchange Commission on November 9, 2004
Registration No.
333-_________
U.S. SECURITIES AND
EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
Arrhythmia Research
Technology, Inc.
(Exact name of registrant as specified in its charter)
Delaware
72-0925679
(State or other jurisdiction
(I.R.S. Employer
of incorporation or organization)
Identification Number)
25
Sawyer Passway, Fitchburg, Massachusetts 01420; (978) 345-5000
(Address, including zip code, and telephone number, including area code, of registrant's
principal executive offices)
_________________
Arrhythmia Research Technology, Inc. 2001 Stock Option Plan
(Full Title of the Plan)
_________________
David A. Garrison
Chief Financial Officer
Arrhythmia Research Technology, Inc.
25 Sawyer Passway
Fitchburg, Massachusetts 01420
(Name and Address of Agent For Service)
(978) 345-5000
(Telephone Number, Including Area Code, of Agent For Service)
Copies To:
Kathleen L. Cerveny, Esq.
Dilworth Paxson LLP
1818 N Street, NW, Suite 400
Washington, DC 20036
Phone: (202) 452-0900 Facsimile: (202) 452-0930
CALCULATION OF REGISTRATION FEE
Title Of Securities
To Be Registered
Amount To
Be Registered
Proposed Maximum
Offering Price Per Share
Proposed Maximum
                Aggregate Offering Price
Amount Of
Registration Fee
Common Stock, $.01 par value
3,000 shares
(1)
$ 26.70
(2)
$ 80,100
(2)
$ 100.00
(1)
Pursuant to Rule 416 under the Securities Act of 1933, as amended, an
               indeterminate amount of additional shares of Common Stock, which may
               become issuable pursuant to the anti-dilution provisions of the 2001 Stock
               Option Plan are also being registered hereunder. The shares being
               registered consist of the following shares which may be reoffered and resold
               from time to time: (a) 3,000 shares previously issued pursuant to
               exercise of options granted under the 2001 Stock Option Plan; (b) 197,000 shares
               which may be issued pursuant to options granted or which may be granted
               pursuant to the 2001 Stock Option Plan, which shares were previously
               registered on Form S-8 (File No. 333-111326) and which registration statement is
               incorporated herein by reference.
(2)
Estimated solely for the purpose of calculating the registration fee,
               pursuant to Rule 457(c) and (h)(1) under the Securities Act of 1933, as
               amended. The price per share and aggregate offering price are based on the
               average of high and low prices of Registrant's Common Stock as
               reported on the American Stock Exchange on November 5, 2004.
EXPLANATORY NOTE
This
Registration Statement registers for reoffer and resale 3,000 shares of common stock of
Arrhythmia Research Technology, Inc. (the "Company") previously issued upon
exercise of options granted pursuant to the Company's 2001 Stock Option Plan. Prior
to the filing of this Registration Statement, such shares held by the selling stockholder
were deemed to be "restricted securities" within the meaning of Rule 144
promulgated under the Securities Act of 1933, as amended. This Registration Statement also
registers for reoffer and resale an additional 197,000 shares of common stock which may be
issued pursuant to options granted or which may be granted under the Company's 2001
Stock Option Plan. The Company hereby incorporates by reference the contents of its
Registration Statement on Form S-8, File No. 333-111326, filed with the Commission on
December 18, 2003, registering the offer and sale of the 197,000 shares of Common Stock
pursuant to the 2001 Stock Option Plan.
The
materials which follow Part I, up to but not including the page beginning Part II of this
Registration Statement, constitutes a reoffer prospectus, prepared in accordance with the
requirements of Part I of Form S-3, in accordance with General Instruction C of Form S-8.
The reoffer prospectus may be utilized for reofferings and resales of up to 3,000
restricted shares of common stock acquired by the selling stockholder prior to the date of
the reoffer prospectus and up to 197,000 shares of common stock to the extent acquired by
certain affiliates of the Company pursuant to the 2001 Stock Option Plan.
PART I
ITEM   1.
PLAN INFORMATION
The Company will send or give document(s) containing the information specified in Part I to
        participants as specified by Rule 428(b)(1). These documents are not required to be filed
        as part of this Registration Statement.
ITEM   2.
REGISTRANT INFORMATION AND EMPLOYEE PLAN ANNUAL INFORMATION
Upon
        written or oral request by a participant in the 2001 Stock Option Plan or the 2003
        Employee Stock Bonus Plan, the Company will provide any of the documents incorporated by
        reference into the Section 10(a) prospectus, without charge. Any document required to be
        delivered to the participants pursuant to Rule 428(b) will also be delivered without
        charge.
Prospectus
Arrhythmia Research
Technology, Inc.
200,000 Shares Of
Common Stock, Par Value $0.01 Per Share,
Issuable Pursuant To The 2001 Stock Option Plan
This
Prospectus covers up to 200,000 shares (the "Shares") of common stock, par value
$.01 par share (the "Common Stock"), of Arrhythmia Research Technology, Inc., a
Delaware corporation (the "Company"). Such Shares (a) have been or may be
acquired by certain persons, who may be deemed to be affiliates of the Company, including
employees, officers, directors and consultants to the Company (the "Selling
Shareholders"), pursuant to options granted or which may be hereafter granted under
the Arrhythmia Research Technology, Inc. 2001 Stock Option Plan of the Company (the
"2001 Plan") or (b) are deemed to be "restricted securities" under
Rule 144. Shares acquired pursuant to the 2001 Plan prior to the effective date of a
registration statement covering securities issued under the 2001 Plan are "restricted
securities" whether or not held by affiliates of the Company. In connection with such
resales or reoffers for sale, certain employees, officers, directors of the Company and
the brokers through whom such Shares may be sold may be deemed to be
"underwriters" as that term is defined in Section 2(11) of the Securities Act of
1933, as amended (the "Securities Act"). See "The Offering."
The
Company's securities are currently traded on the American Stock Exchange
("AMEX") under the symbol "HRT." On November 5, 2004 the closing sale
price of the Common Stock was $26.87.
The
Shares may be offered by the Selling Shareholders from time to time through or to brokers
in the over-the-counter market or otherwise at prices acceptable to the Selling
Shareholders. The Company will not receive any of the proceeds from the sale of the Shares
pursuant to this Prospectus. All costs incurred in connection with the registration of the
Shares are being borne by the Company. See "The Offering."
AN INVESTMENT IN THESE
SECURITIES INVOLVES A HIGH DEGREE OF RISK.
SEE RISK FACTORS BEGINNING ON PAGE 6.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE COMMISSION
OR ANY STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS
PROSPECTUS.  ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
The date of this
Prospectus is November 9, 2004.
AVAILABLE INFORMATION
The
Company is subject to the informational requirements of the Securities Exchange Act of
1934, as amended (the "Exchange Act") and under those requirements, it files
reports and other information with the Securities and Exchange Commission
("Commission"). The Commission maintains a website on the Internet that contains
reports, proxy and information statements and other information regarding registrants,
including our company, that file electronically with the Commission. The Commission's
website address is www.sec.gov. In addition, our Exchange Act filings may be inspected and
copied at the public reference facilities of the Commission located at Room 1024,
Judiciary Plaza, 450 Fifth Street, N.W., Washington, DC 20549; and at the
Commission's regional offices at Citicorp Center, 500 West Madison Street, Room 1400,
Chicago, IL 60661, and at 233 Broadway, New York, NY 10279. Copies of the material may
also be obtained upon request and payment of the appropriate fee from the Public Reference
Section of the Commission located at Room 1024, Judiciary Plaza, 450 Fifth Street, N.W.,
Washington, DC 20549.
This
Prospectus is a part of a Registration Statement on Form S-8 (together with all
amendments and exhibits referred to as the Registration Statement) filed by the Company
with the Commission under the Securities Act. This Prospectus omits certain of the
information contained in the Registration Statement, and reference is hereby made to the
Registration Statement for further information with respect to the Company and the Common
Stock offered. Any statements contained herein concerning the provisions of any document
filed as an exhibit to the Registration Statement or otherwise filed with the Commission
are not necessarily complete, and in each instance reference is made to the copy of such
document as filed. Each such statement is qualified in its entirety by such reference.
INCORPORATION OF
CERTAIN INFORMATION BY REFERENCE
The
following documents filed with the Commission are hereby incorporated by reference in this
Prospectus:
We incorporate by reference the
documents listed below together with any amendments thereof:
•
Annual Report on Form 10-KSB for the fiscal year ended December 31, 2003, filed with the Commission on March 30, 2004;
•
Current Report on Form 8-K filed with the Commission on February 27, 2004;
•
Current Report on Form 8-K filed with the Commission on March 3, 2004;
•
Quarterly Report on Form 10-QSB filed with the Commission on May 14, 2004;
•
Current Report on Form 8-K filed with the Commission on May 21, 2004 and as amended on July 21, 2004;
•
Current Report on Form 8-K filed with the Commission on August 13, 2004;
•
Quarterly Report on form 10-QSB filed with the Commission on August 16, 2004;
•
Current Report on Form 8-K filed with the Commission on November 3, 2004; and
•
The description of our common stock contained in our Registration Statement on Form 8-A, filed with the Commission on February 12, 1992, including any amendment or reports filed for the purpose of updating such description.
All
reports and other documents subsequently filed by the Company pursuant to Sections 13(a),
13(c), 14 and 15(d) of the Exchange Act after the date of this Prospectus and prior to the
termination of this offering shall be deemed to be incorporated by reference in this
Prospectus and to be part hereof from the date of filing of such reports and other
documents.
You
may request a copy of these filings, at no cost, by writing to David A. Garrison, Chief
Financial Officer, Arrhythmia Research Technology, Inc., 25 Sawyer Passway, Fitchburg, MA
01420, or by calling him at (978) 345-5000.
Arrhythmia Research
Technology
Company Overview
Arrhythmia Research
Technology, Inc. ("ART") was incorporated under the laws of the State of
Louisiana in 1981 and reincorporated under the laws of the State of Delaware in 1987. ART
is engaged in the licensing of medical software, which acquires data and analyzes
electrical impulses of the heart to detect and aid in the treatment of potentially lethal
arrhythmias. ART's patented products consist of signal-averaging electrocardiographic
(SAECG) software. In 2002, ART completed an update to a Windows based version of its
proprietary Predictor
®
series. Rather than restore a direct sales force,
the intent is to market ART's product through licensing with original equipment
manufacturers. No significant sale of the software was recorded in 2002 or 2003. Work
continues to establish contracts with original equipment manufacturers for this product.
Sudden
cardiac death afflicts over 400,000 individuals in the United States each year. These
occurrences are due to sustained ventricular tachycardia (abnormally rapid heartbeat) or
ventricular fibrillation (very fast, completely irregular heartbeat), which severely
affect the capability of the heart's pumping chambers or ventricles. The electric
signals that emanate from the heart are used to detect the presence of late potentials,
which indicate the risk of life-threatening ventricular arrhythmias. The SAECG processes
enable late potentials to be amplified and enhanced, while eliminating undesired
electrical noise in these tests.
ART's
wholly owned subsidiary, Micron Products, Inc. ("Micron"), is a manufacturer and
distributor of silver plated and non-silver plated conductive resin sensors
("sensors") used in the manufacture of disposable electrodes constituting a part
of ECG diagnostic and monitoring instruments. Micron also acts as a distributor of metal
snap fasteners ("snaps"), another component used in the manufacture of
disposable electrodes. In 1997, Micron acquired the rights to an assembly machine, which
it manufactures and sells or leases to its sensor and snap customers. Micron was
incorporated in the State of Massachusetts in 1972, and is located in the same facility
with ART in Fitchburg, Massachusetts. The sensors are a critical component of the signal
pathway in many different types of disposable electrodes. The disposable electrodes used
to capture the electric impulses of the heart and enable the analysis of late potentials
require sensors which provide for an accurate, low noise signal to be transmitted to the
monitoring device.
Micron
is the largest of a few companies providing silver / silver-chloride sensors to the
medical device industry. Micron's customers manufacture monitoring and transmitting
electrodes which are utilized in a variety of bio-feedback and bio-stimulation
applications including, among many others, electrocardiograms (ECG's),
electroencephalograms (EEG's), electro-muscular stimulation (EMS), and
thermo-electrical neural stimulation (TENS).  Micron's New England Molders division
manufacturers injection molded products for medical, electronic, industrial and consumer applications.
The
address of our principal executive offices is 25 Sawyer Passway, Fitchburg, Massachusetts
01420, and our telephone number is (978) 345-5000. Our web site is www.arthrt.com. We have
not incorporated by reference into this prospectus the information on our web site, and
you should not consider it to be a part of this document. Our web site address is included
in this document as an inactive textual reference only.
Products
Revenues
The following table sets forth for
the periods specified, the revenue derived from the products of ART and its subsidiary
Micron (collectively, the "Company"):
Revenues for the Years Ended December 31,
2003
%
2002
%
Canada
$
3,128,515
41
$
3,133,890
44
Continental Europe
1,704,150
22
1,239,172
17
United States
1,149,181
15
1,115,941
16
United Kingdom
1,142,132
15
1,430,459
20
Pacific Rim
471,261
6
230,917
3
Other
82,128
1
41,686
--
Total
$
7,677,367
100%
$
7,192,065
100%
Sensors and Snaps
Silver
Plated Sensors
Micron
is a manufacturer and distributor of silver-plated and non-silver plated conductive resin
sensors for use in the manufacture of disposable electrodes for ECG diagnostic, monitoring
and related instrumentation. The disposable electrode has proven to be more reliable than
the reusable electrodes available in the market. Additionally, disposable electrodes are
easier, and less expensive to use as compared to reusable electrodes, which require
sterilization after each use. The type of sensor manufactured by Micron consists of a
molded plastic substrate plated with a silver/silver chloride surface, which is a highly
sensitive conductor of electrical signals. Silver/silver chloride-plated disposable
electrodes are utilized in coronary care units, telemetry monitoring units and for other
monitoring purposes. In addition to the traditional ECG tests, disposable electrodes
incorporating Micron's sensor are used in connection with stress tests and a
"Holter" monitor.
Micron
also manufactures sensors and conductive plastic studs used in the manufacture of
radiotranslucent electrodes. The radiotranslucent electrodes are virtually invisible to
X-rays and are preferred in some applications such as nuclear medicine, cath labs, ICU/CCU
and certain stress and Holter procedures. Custom designed sensors are manufactured for
specific unique applications in the EEG, EMG or TENS markets. Micron's strength in
design and low cost manufacturing support the growth by our customers into unique niche
medical treatment and electrophysiological monitoring.
Metal Snap Fasteners
Metal
snap fasteners are used to attach the disposable electrode to the lead wires of an ECG
machine. Micron purchases the metal snap fasteners for resale from a supplier and performs
additional quality control tests, repackaging and inventory stocking for its customers who
can purchase the snaps along with Micron's sensors.
Other Molded Components
In
2003, leveraging the capabilities of the injection molding department, Micron began the
process of expanding into other custom molded precision high volume component parts.  Revenues began to be realized in September of 2004. 
With interest from other companies in the same industry, sales in high quality molded products will diversify the
existing product lines while utilizing unused manufacturing capacity.
On
May 7, 2004, the Company completed the acquisition of substantially all of the assets of
Shrewsbury Molders, Inc., formerly known as New England Molders, Inc. With the addition of
the active customer base and the additional custom injection molding capacity, other
molded products had an immediate positive impact on revenues.
High Speed Electrode
Assembly Machine
Sensor
and snap application machines are used by disposable electrode manufacturers in the
assembly of sensors and snaps. Manufacturing, leasing, selling, and maintenance parts for
service to medical sensor and snap application machines provide Micron with a
complimentary product to sell to existing sensor and snap customers.
Signal-Averaging
Electrocardiographic (SAECG) Products
Predictor
®
7
The
Predictor
®
7 software is a Windows
®
compatible version of Arrhythmia Research
Technology's analytical program for the detection of Late Potentials. Predictor
®
7 utilizes the unique, patented Bi-directional, Four-Pole Butterworth Filtering technique
defined as the "Standard" by the joint AHA/ACC/ESC task force on
Signal-Averaging Electrocardiography
1
. All clinically accepted measurement criteria are
provided: total QRS duration, duration of the QRS under 40 µV, the RMS voltage of
the last 40 msec of the QRS and the noise level. Graphical output of the analysis is
presented both on screen and in hard copy. Predictor
®
7 also incorporates additional
signal processing capabilities for clinical research. The IntraSpect (tm) module permits
detection of ventricular late potentials in patients with bundle branch block. Early
Potential Analysis software using P-wave triggered SAECG analysis is also available as a
research tool for assessing patients at risk for arterial fibrillation and flutter.
__________________________
Windows
®
is a
registered trademark of Microsoft Corporation
1
AHA/ACC/ESC Policy
Statement: "Standards for the Analysis of Ventricular Late Potentials Using High
Resolution or Signal-Averaged
Electrocardiography: A Statement by a Task Force Committee
of the European Society of Cardiology, the American Heart Association and the
American
College of Cardiology. JACC Vol. 17, No. 5, April 1991:999-1006
FORWARD-LOOKING
STATEMENTS
In
our effort to make the information in this prospectus more meaningful, this prospectus
contains both historical and forward-looking statements within the meaning of Section 27A
of the Securities Act, Section 21E of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), and information relating to Arrhythmia that is based on
management's exercise of business judgment as well as assumptions made by and
information currently available to management.
Any
forward looking statements made herein are based on current expectations of the Company
that involves a number of risks and uncertainties and should not be considered as
guarantees of future performance. These statements are made under the Safe Harbor
Provisions of the Private Securities Litigation Reform Act of 1995. Forward looking
statements may be identified by the use of words such as "expect,"
"anticipate," "believe," "intend," "plans,"
"predict," or "will". The factors that could cause actual results to
differ materially include: impact of competitive products and pricing, product demand and
market acceptance risks, the presence of competitors with greater financial resources than
the Company, product development and commercialization risks, changing economic conditions
in developing countries, and an inability to arrange additional debt or equity financing.
Although
the Company believes that our expectations are based on reasonable assumptions, we can
give no assurance that our expectations will materialize. Many factors could cause actual
results to differ materially from our forward looking statements. Several of these factors
include, in addition to those contained in "Factors that may affect future operating
results," without limitation:
•
our ability to finance our business;
•
our ability to maintain our current pricing model and/or decrease our cost of sales;
•
a stable interest rate market and/or a stable currency rate environment in the world, and specifically the countries we are doing business in or plan to do business in;
•
continued availability of supplies or materials used in manufacturing at the current prices;
•
adverse regulatory developments in the United States or any other country we plan to do business in;
•
a new entrance of competitive products in our markets;
•
no adverse publicity related to our products or the Company itself;
•
no adverse claims relating to our intellectual property;
•
the adoption of new, or changes in, accounting principles;
•
the passage of new, or changes in, legislation or legal proceedings;
•
our ability to maintain compliance with the AMEX requirements for continued listing of our common stock;
•
the costs inherent with complying with new statutes and regulations applicable to public reporting companies, such as the Sarbanes-Oxley Act of  2002;
•
our ability to efficiently integrate future acquisitions, if any;
•
and other new lines of business that the Company may enter in the future;
•
other risks referenced from time to time elsewhere in this report and in our filings with the SEC.
The
Company is under no obligation and does not intend to update, revise or otherwise publicly
release any revisions to these forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of any unanticipated
events.
RISK FACTORS
In
addition to the other information in this prospectus, the following factors should be
considered in evaluating the Company and its business. The risks and uncertainties
described below are not the only ones facing the Company. Additional risks and
uncertainties that the Company does not presently know or currently deems immaterial may
also impair the Company's business, results of operations and financial condition.
The
Company's operating results may fluctuate significantly as a result of a variety of
factors.
Our
operating results may fluctuate significantly in the future as a result of a variety of
factors, many of which are outside of our control. These factors include: the level of
demand for the products that we may develop; our ability to attract and retain personnel
with the necessary strategic, technical and creative skills required for effective
operations; the amount and timing of expenditures by customers; the amount and timing of
capital expenditures and other costs relating to the expansion of our operations;
government regulation and general economic conditions. As a strategic response to changes
in the competitive environment, we may from time to time make certain pricing, service,
technology or marketing decisions or business or technology acquisitions that could have a
material adverse effect on our quarterly results. Due to all of these factors, our
operating results may fall below the expectations of securities analysts, stockholders and
investors in any future period.
If
trade secrets are not kept confidential, the secrets may be used by others to compete
against us.
Micron
relies on unpatented trade secrets to protect its proprietary process. There are no
assurances that others will not independently develop or acquire substantially equivalent
technologies or otherwise gain access to our proprietary process. Ultimately the
meaningful protection of such unpatented proprietary technology cannot be guaranteed. The
Company relies on confidentiality agreements with its employees. Remedies for any breach
by a party of these confidentiality agreements may not be adequate to prevent such
actions. Failure to maintain trade secret protection, for any reason, could have a
material adverse effect on us.
Dependence
on a limited number of customers.
In
the fiscal years 2003 and 2002, 68% and 75%, respectively of the Company's revenues
was derived from three customers. The loss of any one or more of these customers would
have an immediate significant adverse effect on our financial results. In an effort to
maintain this customer base, more favorable terms than might otherwise be agreed to could
be granted. Currently, the Company generally does not receive purchase volume commitments
extending beyond several months. Large corporations can shift focus away from a need for
our product with little or no warning.
The
vast majority of revenues have historically been derived from the sale of a single
product.
In
fiscal years 2003 and 2002, the Company derived 94% and 92%, respectively, of its income
from medical electrode sensors for use in disposable electrodes. While the technology in
electrode sensors has been used for many years, there is no assurance that a new patented
or unpatented technology might not replace the existing market for disposable electrode
sensors. Any substantial technological advance that eliminates our product will have a
material adverse effect on our operating results. There can be no assurance our efforts to
diversify will sufficiently mitigate the effects of possible loss of electrode sensor
sales.
The
Company is subject to stringent environmental regulations.
The
Company is subject to a variety of Federal, state and local requirements governing the
protection of the environment. These environmental regulations include those related to
the use, storage, handling, discharge and disposal of toxic or otherwise hazardous
materials used in or resulting from the Company's manufacturing processes. Failure to
comply with environmental law could subject the Company to substantial liability or force
us to significantly change our manufacturing operations. In addition, under some of these
laws and regulations, the Company could be held financially responsible for remedial
measures if its properties are contaminated, even if it did not cause the contamination.
The
Company may make acquisitions of companies, products or technologies that may disrupt the
business and divert management's attention, adversely impacting our results of
operations and financial condition.
The
Company may make acquisitions of complementary companies, products or technologies from
time to time. Any acquisitions will require the assimilation of the operations, products
and personnel of the acquired businesses and the training and motivation of these
individuals. Management may be unable to maintain and improve upon the uniform standards,
controls, procedures and policies if we fail in this integration. Acquisitions may cause
disruptions in operations and divert management's attention from day-to-day
operations, which could impair our relationships with current employees, customers and
strategic partners. We may also have to, or choose to, incur debt or issue equity
securities to pay for any future acquisitions. The issuance of equity securities for an
acquisition could be substantially dilutive to our stockholders' holdings. In
addition, our profitability may suffer because of such acquisition-related costs or
amortization costs for other intangible assets. If management is unable to fully integrate
acquired businesses, products, technologies or personnel with existing operations, we may
not receive the intended benefits of such acquisitions. Other than as disclosed herein or
disclosed since December 31, 2003, we are not party to any agreements, written or oral,
for the acquisition of any company, product or technology.
If
the Company is unable to keep up with rapid technological changes, our processes, products
or services may become obsolete and unmarketable.
The
medical device and medical software industries are characterized by technological change
over time. Although we attempt to expand our technological capabilities in order to remain
competitive, discoveries by others may make our processes or products obsolete. If we
cannot compete effectively in the marketplace, our potential for profitability and
financial position will suffer.
The
Company could become involved in litigation over intellectual property rights.
The
medical device industry has been characterized by extensive litigation regarding patents
and other intellectual property rights. Litigation, which would likely result in
substantial cost to us, may be necessary to enforce any patents issued or licensed to us
and/or to determine the scope and validity of others' proprietary rights. In
particular, our competitors and other third parties hold issued patents and are assumed to
hold pending patent applications, which may result in claims of infringement against us or
other patent litigation. The Company also may have to participate in interference
proceedings declared by the United States Patent and Trademark Office, which could result
in substantial cost, to determine the priority of inventions.
A
product liability suit could adversely affect our operating results.
The
testing, manufacture, marketing and sale of medical devices of our customers entail the
inherent risk of liability claims or product recalls. If our customers are involved in a
lawsuit, it is foreseeable that the Company would also be named. Although the Company
maintains product liability insurance, coverage may not be adequate. Product liability
insurance is expensive, and in the future may not be available on acceptable terms, if at
all. A successful product liability claim or product recall could have a material adverse
effect on our business, financial condition, and ability to market product in the future.
Provisions
in our charter documents could prevent or frustrate shareholders' attempts to replace
or remove current management.
Our
Certificate of Incorporation provides for staggered terms for the members of the Board of
Directors. The Certificate provides that the Board of Directors shall be divided into
three classes, each such class to be as nearly as possible equal in number of directors to
each other class. Each director shall serve a term of three years. At stockholders'
meetings only those directors comprising one of the three classes shall have completed
their term and be subject to re-election or replacement.
In
addition, our Certificate of Incorporation authorizes the issuance of serial "blank
check" preferred stock with such designations, rights, and preferences as may be
determined by our Board of Directors. Accordingly, the Board of Directors may, without
shareholder approval, issue shares of preferred stock with dividend, liquidation,
conversion, voting, or other rights that could adversely affect the voting power or other
rights of the holders of our common stock. "Blank check" preferred stock could
also be issued to discourage, delay, or prevent a change in our control, although we do
not currently intend to issue any additional series of our preferred stock.
Classifying
the Board of Directors and the issuance of "blank check" preferred stock are
traditional anti-takeover measures installed to present obstacles to takeovers. These
provisions of our Certificate of Incorporation make it difficult for a majority
shareholder to gain control of the Board of Directors and of the Company because, for
instance, classification of the Board would delay the time within which a majority
shareholder could obtain effective control of the Board. Such provisions may be beneficial
to the Company's management and its Board in a hostile tender offer and may have an
adverse impact on shareholders who may want to participate in such a tender offer, or who
may want to replace the Board of Directors.
Provisions
in our by-laws provide for indemnification of officers and directors, which could require
us to direct funds away from our business and products.
Our
by-laws provide for indemnification of officers and directors. We may be required to pay
judgments, fines, and expenses incurred by an officer or director, including reasonable
attorneys' fees, as a result of actions or proceedings in which such officers and
directors are involved by reason of being or having been an officer or director. Funds
paid in satisfaction of judgments, fines and expenses may be funds we need for the
operation of our business and the development of our products, thereby affecting our
ability to attain profitability. This could cause our stock price to drop
.
THE OFFERING
This
Prospectus relates to the Shares which have been or may be acquired by certain employees,
officers, directors and consultants to the Company named below who may be deemed
affiliates of the Company or who hold "restricted stock" pursuant to the
exercise by them of options granted pursuant to the terms of the 2001 Plan. The address of
each Selling Shareholder is c/o Arrhythmia Research Technology, Inc., 25 Sawyer Passway,
Fitchburg, MA 01420. The 2001 Plan was adopted by the Board of Directors on March 21,
2001, and subsequently approved by the Company's shareholders on October 5, 2001.
Under the terms of the 2001 Plan, no awards may be granted after the ten-year anniversary
of the 2001 Plan, except for awards granted pursuant to commitments prior to the ten-year
anniversary.
Beneficial
ownership calculations are determined in accordance with the rules of the SEC and are
based on 2,655,822 Common Stock shares outstanding as of October 15, 2004. In computing
the number of shares beneficially owned by a person and the percentage ownership of that
person, shares of common stock that are presently exercisable or that will become
exercisable within 60 days of the date of this prospectus are deemed outstanding for such
person, but are not treated as outstanding for the purpose of computing the percentage
ownership of any other person.
Selling Stockholders
The
following table sets forth certain information as of the date of this Prospectus with
respect to the Selling Stockholders:
Name of Selling
Shareholder
Shares
Beneficially
Owned
% of
Outstanding
Shares
Shares Owned After
Completion of this
Offering
(2)
% of Outstanding
Shares After
Completion of this
Offering
(2)
James E. Rouse,
Chief Executive Officer
21,000
(1)
*
-0-
-0-
David A. Garrison,
Chief Financial Officer
25,000
(3)
*
-0-
-0-
_________________
*
Less than 1%.
(1)
Includes 6,000 shares issuable pursuant to options granted under the 2001 Plan, which are
                exercisable within 60 days.
(2)
Assumes the issuance to and sale by the Selling Shareholder of all of the Shares.
(3)
Includes 5,000 shares issuable pursuant to options granted under the 2001 Plan, which are exercisable
          within 60 days.
Shares
covered by this Prospectus may be reoffered and resold from time to time by each Selling
Shareholder through brokers on the AMEX or otherwise at prices acceptable to the Selling
Shareholder. To the Company's knowledge, no specific brokers or dealers have been
designated by any Selling Shareholder nor has any agreement been entered into in respect
of brokerage commissions or for the exclusive sale of any securities, which may be offered
pursuant to this Prospectus. Alternatively, the Selling Shareholder may from time to time
offer the Shares through underwriters, dealers or agents, which may receive compensation
in the form of underwriting discounts, concessions or commissions from the Selling
Shareholder and/or the purchasers of the Shares for whom they may act as agents. The
Selling Shareholder and any underwriters, dealers or agents that participate in the
distribution of the Shares may be deemed to be "underwriters" under the
Securities Act and any profit on the sale of the Shares by them and any discounts,
commissions or concessions received by any such underwriters, dealers or agents might be
deemed to be underwriting discounts and commissions under the Securities Act.
Under
applicable rules and regulations under the Exchange Act, any person engaged in a
distribution of any of the shares may not simultaneously engage in market activities with
respect to the common stock for the applicable period under Regulation M prior to the
commencement of such distribution. In addition and without limiting the foregoing, the
selling security owners will be governed by the applicable provisions of the Securities
and Exchange Acts, and the rules and regulations thereunder, including without limitation
Rules 10b-5 and Regulation M, which provisions may limit the timing of purchases and sales
of any of the shares by the selling stockholders. Furthermore, under Regulation M, persons
engaged in a distribution of securities are prohibited from simultaneously engaging in
market making and certain other activities with respect to such securities for a specified
period of time prior to the commencement of such distributions subject to specified
exceptions or exemptions. All of the foregoing may affect the marketability of our
securities.
The
Company will pay all of the fees and expenses incident to the registration of the Shares
(other than any fees or expenses of any counsel retained by the Selling Shareholder and
any out-of-pocket expenses incurred by the Selling Shareholder or any person retained by
the Selling Shareholder in connection with the registration of the Shares) and fees and
expenses of compliance with state securities or blue sky laws and commissions. The
expenses payable by the Company are estimated to be approximately $5,000.
DESCRIPTION OF CAPITAL
STOCK
The
following description of our capital stock and certain provisions of the Certificate of
Incorporation, as amended, and the By-Laws is a summary and is qualified in its entirety
by reference to the provisions of the Certificate of Incorporation and the By-Laws, copies
of which are filed with the SEC as exhibits to this Registration Statement, of which this
prospectus forms a part.
Our
authorized capital stock consists of 10,000,000 shares of common stock, $0.01 par value
and 2,000,000 shares of preferred stock, par value $1.00 per share. As of October 15, 2004,
there were outstanding:
•
2,655,822 shares of common stock; and
•
43,000 shares issuable upon exercise of options issued pursuant
        to our employee benefit plans.
Common Stock
We
are authorized to issue 10,000,000 shares of common stock, $0.01 par value per share.
Subject to preferences that may be applicable to any preferred stock outstanding at the
time, the holders of outstanding shares of common stock are entitled to receive dividends
out of assets legally available therefore at such times and in such amounts as the Board
of Directors may from time to time determine. Each shareholder is entitled to one vote for
each share of common stock held on all matters submitted to a vote of shareholders.
Cumulative voting for the election of directors is not authorized.
The
common stock is not entitled to preemptive rights and is not subject to conversion or
redemption. Upon liquidation, dissolution or winding up of Arrhythmia, the remaining
assets legally available for distribution to shareholders, after payment of claims of
creditors and payment of liquidation preferences, if any, on outstanding preferred stock,
are distributable ratably among the holders of the common stock and any participating
preferred stock outstanding at that time. Each outstanding share of common stock is fully
paid and nonassessable.
Preferred Stock
The
Certificate of Incorporation authorizes us to issue 2,000,000 shares of serial "blank
check" preferred stock, $1.00 par value per share. "Blank check" preferred
stock allows the Board of Directors to create one or more series of preferred stock, and
to designate the rights, privileges, restrictions, preferences and limitations of any
given series of preferred stock. Accordingly, the Board of Directors may, without
stockholder approval, issue shares of preferred stock with dividend, liquidation,
conversion, voting or other rights that could adversely affect the voting power or other
rights of the holders of our common stock. "Blank check" preferred stock could
also be issued to discourage, control, although we have no present intent to issue any
additional series of our preferred stock. The Board of Directors' ability to issue
"blank check" preferred stock serves as a traditional anti-takeover measure
installed to present obstacles to takeovers. This provision of our Certificate of
Incorporation makes it difficult for a majority shareholder to gain control of the Company
and, therefore, may be beneficial to the Company's management and its Board in a
hostile tender offer and may have an adverse impact on shareholders who may want to
participate in such a tender offer. Also, the issuance of preferred stock with voting and
conversion rights could materially and adversely affect the voting power of the holders of
the common stock and may have the effect of delaying, deferring or preventing a change in
control of the Company.
As
of the date of this prospectus there are no shares of preferred stock issued and
outstanding.
TRANSFER AGENT
The transfer agent
for our common stock is Continental Stock Transfer & Trust Co., 17 Battery Place, New York, NY  10004.
USE OF PROCEEDS
The
Company will not receive any of the proceeds from the sale of the Shares. All proceeds
from the sale of the Shares will be for the account of the Selling Shareholders, as
described above. See "The Offering" and "Plan of Distribution."
PLAN OF DISTRIBUTION
Shares
covered by this Prospectus may be reoffered and resold from time to time by each Selling
Shareholder through brokers on the AMEX or otherwise at prices acceptable to the Selling
Shareholder. To the Company's knowledge, no specific brokers or dealers have been
designated by any Selling Shareholder nor has any agreement been entered into in respect
of brokerage commissions or for the exclusive sale of any securities, which may be offered
pursuant to this Prospectus. Alternatively, the Selling Shareholder may from time to time
offer the Shares through underwriters, dealers or agents, which may receive compensation
in the form of underwriting discounts, concessions or commissions from the Selling
Shareholder and/or the purchasers of the Shares for whom they may act as agents. The
Selling Shareholder and any underwriters, dealers or agents that participate in the
distribution of the Shares may be deemed to be "underwriters" under the
Securities Act and any profit on the sale of the Shares by them and any discounts,
commissions or concessions received by any such underwriters, dealers or agents might be
deemed to be underwriting discounts and commissions under the Securities Act.
Any
securities covered by this Prospectus that qualify for sale pursuant to Rule 144 under the
Securities Act may be sold under that Rule rather than pursuant to this Prospectus. There
can be no assurance that the Selling Shareholders will sell any or all of the Shares of
common stock offered hereunder.
LEGAL MATTERS
Certain
legal matters in connection with the Shares have been passed upon for the Company by
Dilworth Paxson LLP, Washington, D.C.
EXPERTS
The
financial statements incorporated by reference in this Prospectus have been audited by BDO
Seidman, LLP, an independent registered public accounting firm, to the extent and for the
periods set forth in their report, incorporated herein by reference and are incorporated
herein by reference in reliance upon such report given upon the authority of said firm as
experts in auditing and accounting.
No dealer, salesman or any other person has been
        authorized in connection with this offering to give any information or to make any representations other than those
        contained in this Prospectus. The Prospectus does not constitute an offer or a solicitation in any jurisdiction to any
        person to whom it is unlawful to make such an offer or solicitation. Neither the delivery of this Prospectus nor any sale
        made hereunder shall, under any circumstances, create an implication that there has been no change in the circumstances of
        the Company or the facts herein set forth since the date hereof
ARRHYTHMIA RESEARCH
TECHNOLOGY, INC.
TABLE OF CONTENTS
Page
PROSPECTUS
Available Information
2
Incorporation of Certain
Information by Reference
2
The Company
3
Forward-looking Statements
5
Risk Factors
6
The Offering
8
Description of Capital Stock
10
Use of Proceeds
11
Plan of Distribution
11
Legal Matters
11
Experts
11
Arrhythmia Research Technology,
        Inc. has filed with the Securities and Exchange Commission, Washington, D.C., a
        Registration Statement under the Securities Act with respect to the Shares offered hereby.
        This Prospectus omits certain information contained in the Registration Statement. The
        information omitted may be obtained from the Securities and Exchange Commission upon
        payment of the regular charge therefore.
November 9, 2004
PART II
INFORMATION REQUIRED
IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents
by Reference
The
SEC allows us to "incorporate by reference" information from other documents
that we file with them, which means that we can disclose important information by
referring to those documents. The information incorporated by reference is considered to
be part of this prospectus, and information that we file later with the SEC will
automatically update and supersede this information.
We
incorporate by reference the documents listed below together with any amendments thereof:
•
Annual Report on Form 10-KSB for the fiscal year ended December 31, 2003,
        filed with the SEC on March 30, 2004;
•
Current Report on Form 8-K filed with the SEC on February
        27, 2004;
•
Current Report on Form 8-K filed with the SEC on March 3, 2004;
•
Quarterly Report on Form 10-QSB filed with the SEC on
        May 14, 2004;
•
Current Report on Form 8-K filed with the SEC on
        May 21, 2004 as amended on July 21, 2004;
•
Current Report on Form 8-K filed with the SEC on August 13, 2004;
•
Quarterly Report on Form 10-QSB filed with the SEC on August 16, 2004;
•
Current Report on Form 8-K filed with the Commission on
        November 3, 2004; and
•
The description of our common stock contained in our
        Registration Statement on Form 8-A, filed with the SEC on February 12, 1992, including any amendment or reports filed
        for the purpose of updating such description.
We
also incorporate by reference additional documents that may be filed with the SEC under
Section 13(a), 13(c), 14 or 15(d) of the Exchange Act prior to the sale of all of the
shares covered by this prospectus. These include periodic reports, such as Annual Reports
on Form 10-KSB, Quarterly Reports on Form 10-QSB and Current Reports on Form 8-K, as well
as proxy statements.
We
will provide to you, without charge, upon your written or oral request, a copy of any or
all of the documents that we incorporate by reference, including exhibits. Please direct
requests to: Arrhythmia Research Technology, Inc., 25 Sawyer Passway, Fitchburg,
Massachusetts 01420, Attn: Corporate Secretary; (978) 345-5000.
Item 4. Description of
Securities
NA.
Item 5. Interests of
Named Experts and Counsel
NA.
Item 6. Indemnification
of Officers and Directors
Section
145 of the General Corporation Law of the State of Delaware grants each corporation
organized thereunder, such as the Company, the power to indemnify its directors and
officers against liability for certain of their acts. Section 102(b)(7) of the Delaware
Corporation Law permits a provision in the certificate of incorporation of each
corporation organized thereunder eliminating or limiting, with specified exceptions, the
personal liability of a director to the corporation or its stockholders for monetary
damages for breach of fiduciary duty as a director. The Company's certificate of
incorporation contains this provision. The foregoing statements are subject to the
detailed provisions of Sections 145 and 102(b)(7) of the Delaware General Corporation Law.
Article
VI of the Company's By-Laws provides that the Company will indemnify its officers,
directors and employees to the fullest extent permitted by the Delaware General
Corporation Law in connection with proceedings with which any such person is involved by
virtue of his or her status as an officer, director, employee or agent. The Company
maintains directors' and officers' liability insurance, including a
reimbursement policy in favor of the Company.
The
By-Laws may require Arrhythmia, among other things, to indemnify directors or officers
against certain liabilities that may arise by reason of their status or service as
directors (other than liabilities resulting from willful misconduct of a culpable nature),
to advance expenses to them as they are incurred, provided that they undertake to repay
the amount advanced if it is ultimately determined by a court that they are not entitled
to indemnification, and to obtain and maintain directors' and officers'
insurance if available on reasonable terms.
Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to
directors, officers and controlling persons pursuant to the foregoing provisions, or
otherwise, Arrhythmia has been advised that in the opinion of the SEC such indemnification
is against public policy as expressed in the Securities Act and is, therefore,
unenforceable.
Item 7. Exemption from
Registration Claimed
The
issuance of the restricted Shares being offered by the Form S-3 resale prospectus were
deemed exempt from registration under the Securities Act in reliance upon Section 4(2) of
the Securities Act or Regulation D promulgated thereunder, or Rule 701 promulgated under
Section 3(b) of the Securities Act, as transactions by an issuer not involving a public
offering or transactions pursuant to compensatory benefit plans and contracts relating to
compensation as provided under such Rule 701. The recipients of securities in each such
transaction represented their intention to acquire the securities for investment only and
not with a view to sell or for sale in connection with any distribution thereof and
appropriate legends were affixed to the share certificates and instruments issued in such
transactions. All recipients had adequate access, through their relationship to the
Registrant, to information about the Registrant.
Item 8.  Exhibits
Exhibit Number
Description
4.1
(1)
Arrhythmia Research Technology, Inc. 2001 Stock Option Plan
5.1
Opinion of Dilworth Paxson LLP.
23.1
BDO Seidman, LLP Consent.
23.2
Dilworth Paxson LLP Consent (included in Exhibit 5.1).
24.1
Power of Attorney is contained on the signature page of this Registration Statement.
__________________________
(1) Filed as Exhibits to the Company's Registration Statement on Form S-8
        (File No. 333-111326) incorporated herein by reference.
Item 9.  Undertakings
a.       The undersigned Registrant will:
(1)      File,  during  any  period  in which it offers  or sells  securities,  a  post-effective  amendment  to this
registration statement to include any additional or changed material information on the plan of distribution.
(2)      For  determining  liability  under  the  Securities  Act,  treat  each  post-effective  amendment  as a  new
registration  statement  of the  securities  offered,  and the  offering of the  securities  at that time to be the  initial
bona fide
offering thereof.
(3)      File a post-effective  amendment to remove from registration any of the securities that remain unsold at the
end of the offering.
b.       The  undersigned  registrant  hereby  undertakes  that, for purposes of determining  any liability under the Securities Act of
1933, each filing of the  registrant's  annual report  pursuant to Section 13(a) or 15(d) of the Securities  Exchange Act of 1934 (and,
where applicable,  each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Securities  Exchange Act of
1934) that is incorporated by reference in the registration  statement shall be deemed to be a new registration  statement  relating to
the securities  offered therein,  and the offering of such securities at that time shall be deemed to be the initial
bona fide
offering
thereof.
c.       Insofar as  indemnification  for  liabilities  arising under the  Securities  Act may be permitted to directors,  officers and
controlling persons of the Registrant pursuant to the foregoing provisions,  or otherwise,  the Registrant has been advised that in the
opinion of the  Securities  and Exchange  Commission  such  indemnification  is against  public  policy as expressed in the Act and is,
therefore,  unenforceable.  In the event that a claim for  indemnification  against  such  liabilities  (other  than the payment by the
Registrant of expenses  incurred or paid by a director,  officer or controlling  person of the Registrant in the successful  defense of
any action,  suit or proceeding) is asserted by such director,  officer or controlling  person in connection with the securities  being
registered,  the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent,  submit to
a court of  appropriate  jurisdiction  the question  whether such  indemnification  by it is against  public policy as expressed in the
Securities Act and will be governed by the final adjudication of such issue.
SIGNATURES
Pursuant to the  requirements  of the  Securities Act of 1933,  the  Registrant  certifies  that it has reasonable  grounds to
believe that it meets all of the  requirements for filing on Form S-8 and has duly caused this  Registration  Statement to be signed on
its behalf by the undersigned, thereunto duly authorized, in the City of Fitchburg, Massachusetts, on the 9th day of November, 2004.
ARRHYTHMIA RESEARCH TECHNOLOGY, INC.
(Registrant)
By:     /s/ David A. Garrison
David A. Garrison
Chief Financial Officer
POWER OF ATTORNEY
Each
of the undersigned officers and directors of the Registrant, Arrhythmia Research
Technology, Inc., whose signature appears below, hereby appoints David A. Garrison and
James E. Rouse, jointly and individually, as attorneys-in-fact for the undersigned with
full power of substitution, to execute in his or her name and on behalf of such person,
individually, and in each capacity stated below, this Registration Statement on Form S-8
and one or more amendments (including post-effective amendments) to this Registration
Statement and any related registration statement under Rule 462(b) under the Securities
Act of 1933 as the attorney-in-fact shall deem appropriate, and to file any such amendment
(including exhibits thereto and other documents in connection herewith) to this
Registration Statement on Form S-8 or Rule 462(b) registration statement with the
Securities and Exchange Commission, granting unto said attorneys-in-fact, and each of
them, full power and authority to do and perform each and every act and thing requisite
and necessary to be done in and about the premises, as fully to all intents and purposes
as such person might or could do in person, hereby ratifying and confirming all that said
attorneys-in-fact, or either of them, may lawfully do or cause to be done by virtue
hereof.
Pursuant
to the requirements of the Securities Act of 1933, as amended, this Registration Statement
has been signed by the following persons in the capacities and on the dates indicated.
Signature
Title
Date
/s/ James E Rouse
President, Chief Executive Officer and
November 9, 2004
James E. Rouse
Director
/s/ E.P. Marinos
Chairman of the Board and Director
November 9, 2004
E. P. Marinos
/s/ Russell C. Chambers
Director
November 9, 2004
Russell C. Chambers
/s/ Julius Tabin
Director
November 9, 2004
Julius Tabin
/s/ Paul F. Walter
Director
November 9, 2004
Paul F. Walter
/s/ David A. Garrison
Chief Financial Officer
November 9, 2004
David A. Garrison
EXHIBIT INDEX
Exhibit Number
Description
4.1
(1)
Arrhythmia Research Technology, Inc. 2001 Stock Option
5.1
Opinion of Dilworth Paxson LLP.
23.1
BDO Seidman, LLP Consent.
23.2
Dilworth Paxson LLP Consent (included in Exhibit 5.1)
24.1
Power of Attorney is contained on the signature page of this Registration Statement.
_________________
(1)    
          Filed as exhibits to the Company's Registration Statement on Form S-8 (File
          No. 333-11326) incorporated herein by reference.