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<p align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#A45">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 December 23, 2005&nbsp;&nbsp;&nbsp;&nbsp;Registration No.
333-_________ </FONT></h1>

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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=1><i>(Exact name of registrant as specified in its charter)</i> </FONT></P>


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     <TD WIDTH=40% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Delaware</B></FONT>
        <HR WIDTH=95% SIZE=1 COLOR=black NOSHADE></TD>
     <TD WIDTH=20% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=40% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>72-0925679</B></FONT>
        <HR WIDTH=95% SIZE=1 COLOR=black NOSHADE></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1><i>(State or other jurisdiction of incorporation or organization)</i>
        </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1><i>(I.R.S. Employer Identification Number)</i></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></FONT><BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE=1><i>(Address, including zip code, and telephone number, including<BR>
 area code, of registrant&#146;s principal executive offices) </i></FONT></P>

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<A NAME=A010></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>ARRHYTHMIA RESEARCH TECHNOLOGY, INC. 2005 STOCK AWARD 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>David A. Garrison<BR>
Chief Financial Officer<BR>
Arrhythmia Research Technology, Inc.<BR>
25 Sawyer Passway<BR>
Fitchburg, Massachusetts 01420 </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>(978) 345-5000 </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>Copies To: <BR><BR>
Kathleen L. Cerveny, Esq.<BR>
Dilworth Paxson LLP<BR>
1133 Connecticut Ave., Suite 620<BR>
Washington, DC 20036<BR>
Phone: (202) 452-0900<BR>
Facsimile: (202) 452-0930 </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><B>Title Of Securities<BR>
                To Be Registered</B></FONT></TD>
     <TD WIDTH="18%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Amount To<BR>
                Be Registered</B></FONT></TD>
     <TD WIDTH="19%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Proposed Maximum<BR>
                Offering Price Per Share</B></FONT></TD>
     <TD WIDTH="19%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Proposed Maximum
                Aggregate Offering Price</B></FONT></TD>
     <TD WIDTH="19%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Amount Of<BR>
                Registration Fee</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Common Stock, $.01 par value</B></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>100,000 shares <SUP>(1)</SUP></B></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>$&nbsp;9.86&nbsp;<SUP>(2)</SUP></B></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>$&nbsp;986,000&nbsp;<SUP>(2)</SUP></B></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>$ 105.50</B></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>100,000 shares <SUP>(3)</SUP></B></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><SUP>(3)</SUP></B></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><SUP>(3)</SUP></B></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><sup>(4)</sup></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 2005 Stock
               Award Plan (the "Plan") are also being registered hereunder. The shares being
               registered consist of shares which may be issued from time to time under the
               Plan.  No shares have been issued uner the Plan as of the date hereof.</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 December 20, 2005.</B> </FONT></P></TD></TR>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>(3)</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>Represents the same shares described in the line above, which may be resold by the holder.</B> </FONT></P></TD></TR>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>(4)</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>Pursuant to Rule 457(h)(3), no additional fee is payable since the Shares, which may be offered for resale,
                are the same shares being registered hereby upon their initial issuance pursuant to the Plan.</B> </FONT></P></TD></TR>
               </TABLE>












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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>EXPLANATORY NOTE </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
Registration Statement registers 100,000 shares of common stock of Arrhythmia Research
Technology, Inc. (the &#147;Company&#148;) to be offered pursuant to the Company&#146;s
2005 Stock Award Plan. No shares have been issued under the Plan as
of the date 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;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 the reoffer and resale of up to 100,000 shares
of common stock to the extent acquired by certain affiliates of the Company pursuant to
the 2005 Stock Award Plan. The amount of securities to be offered or resold by means of
the reoffer prospectus by the designated selling securityholders may not exceed, during
any three month period, the amount specified in Rule 144(e). </FONT></P>

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<A NAME=A008></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>PART I </FONT></H1>

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<A NAME=A009></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>ITEM 1. PLAN 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 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></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>ITEM 2. REGISTRANT
INFORMATION AND EMPLOYEE PLAN ANNUAL 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;Upon
written or oral request by a participant in the 2005 Stock Award 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></P>


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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>PROSPECTUS </FONT></H1>

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<A NAME=A013></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>ARRHYTHMIA RESEARCH
TECHNOLOGY, INC. </FONT></H1>

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<A NAME=A014></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100,000 Shares of
Common Stock, Par Value $0.01 Per Share </FONT></P>

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<A NAME=A015></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Issuable Pursuant to
the 2005 Stock Award 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 100,000 shares (the &#147;Shares&#148;) of common stock, par value
$.01 per share (the &#147;Common Stock&#148;), of Arrhythmia Research Technology, Inc., a
Delaware corporation (the &#147;Company&#148;). Such Shares 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. Such persons are referred to herein as
the selling securityholders under the Arrhythmia Research Technology, Inc. 2005 Stock
Award Plan of the Company (the &#147;2005 Plan&#148;). Securities issued under the 2005
Plan to affiliates will be deemed &#147;control securities&#148; under Rule 144. 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 Common Stock is currently traded on the American Stock Exchange, or AMEX,
under the symbol &#147;HRT.&#148; On December 20, 2005, the closing sale price of the
Common Stock was $9.84. </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 securityholders from time to time through or to
brokers on the AMEX, in the over-the-counter market or otherwise at prices acceptable to
the selling securityholders. 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=A016></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>AN INVESTMENT IN THESE
SECURITIES INVOLVES A HIGH DEGREE OF RISK. <BR>
SEE RISK FACTORS BEGINNING ON PAGE 7. </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;Neither the Securities and
Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the
adequacy or accuracy of the prospectus.  Any respresentation to the contrary is a criminal offense. </FONT></P>

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<A NAME=A18></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>The date of this prospectus is December 23, 2005. </FONT></H1>


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<A NAME=A019></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>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, and under those requirements, it files reports and other information
with the Securities and Exchange Commission, or SEC. The SEC 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 SEC. The
SEC&#146;s website address is www.sec.gov. In addition, our Securities Exchange Act
filings may be inspected and copied at the SEC Public Reference Room located at 100 F
Street, N.E., Washington, DC 20549; and at the SEC&#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 Room of the SEC located at 100 F Street,
N.E., Washington, DC 20549. The public may obtain information on the operation of the
Public Reference Room by calling the SEC at 1-800-SEC-0330. </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 SEC
under the Securities Act of 1933. 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 shares offered. Any
statements contained herein concerning the provisions of any document filed as an exhibit
to the registration statement or otherwise filed with the SEC 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>







<A NAME=A19></A>

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<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</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
following documents filed with the SEC are hereby incorporated by reference in this prospectus: </FONT></P>


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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=14%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD ALIGN=RIGHT WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=LEFT WIDTH=85%><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,  2004,  filed with the SEC on March 31, 2005; </FONT></p></TD></TR>

<TR VALIGN=TOP>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</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 SEC on
        April 12, 2005; </FONT></p></TD></TR>

<TR VALIGN=TOP>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</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 SEC on
        May 16, 2005; </FONT></p></TD></TR>

<TR VALIGN=TOP>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</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 SEC on
        August 15, 2005; </FONT></p></TD></TR>

<TR VALIGN=TOP>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;   </FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</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 SEC on
        August 31, 2005; </FONT></P></TD></TR>

<TR VALIGN=TOP>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;   </FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</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 SEC
        on November 14, 2005; and </FONT></P></TD></TR>

<TR VALIGN=TOP>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;   </FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</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>
<BR>

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<P><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 Securities 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><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=A021></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>THE COMPANY </FONT></H1>

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<A NAME=A022></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>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 development and 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 sales of the software were recorded in 2004 or
2005. We continue to seek 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 integrated electrodes
constituting a part of electrocardiographic 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. For
example, 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). The Company believes that because of its
history of producing high volume precision plastic products, Micron was able in 2004, to
secure supply agreements to produce several other medical industry products. These high
volume products provide diversification for Micron, and reduce its dependence on a single
product line. </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, Micron completed the purchase of substantially all of the operating assets of
privately-held Shrewsbury Molders Inc., formerly known as New England Molders, Inc.
(&#147;NEM&#148;) of Shrewsbury, Massachusetts. The Company completed the move of the
division into its newly renovated molding facility located at the Company&#146;s Fitchburg
complex in the fourth quarter of 2004. The relocation provides operational synergies and
cost savings in manufacturing and administration. The NEM division is a custom molder that
produces a wide variety of consumable medical products, medical device and equipment
components, and other products for the consumer, electronic, and aerospace industries. </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=A023></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Products </FONT></H1>

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<A NAME=A024></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Revenues</B></I> </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
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=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TH>
     <TH COLSPAN=6><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Nine Months Ended</FONT></TH>
     <TH COLSPAN=12><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Year Ended December 31,</FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TH>
     <TH COLSPAN=6><FONT FACE="Times New Roman, Times, Serif" SIZE=2>September 30,</FONT></TH>
     <TH COLSPAN=12><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=4><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2005</FONT><HR NOSHADE COLOR=#000000 SIZE=1></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT><HR NOSHADE COLOR=#000000 SIZE=1></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2004</FONT><HR NOSHADE COLOR=#000000 SIZE=1></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT><HR NOSHADE COLOR=#000000 SIZE=1></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT><HR NOSHADE COLOR=#000000 SIZE=1></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT><HR NOSHADE COLOR=#000000 SIZE=1></TH></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD WIDTH="23%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sensors</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" 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>$</FONT></TD>
        <TD WIDTH="15%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  7,186,277</FONT></TD>
        <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD WIDTH="5%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>73</FONT></TD>
        <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="2%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
        <TD WIDTH="15%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  8,881,815</FONT></TD>
        <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT>
        </TD><TD WIDTH="5%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>80</FONT></TD>
        <TD WIDTH="1%" 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>$</FONT></TD>
        <TD WIDTH="15%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  7,227,647</FONT></TD>
        <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD WIDTH="5%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>94</FONT></TD>
        <TD WIDTH="1%" 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 Molded Products</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>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,845,903</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>&nbsp;</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19</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>&nbsp;</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,841,671</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>&nbsp;</FONT></TD>
        <TD ALIGN=RIGHT><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>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=RIGHT><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>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=RIGHT><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" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Snaps &amp; Snap Machines</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>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>328,684</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>&nbsp;</FONT></TD>
        <TD ALIGN="RIGHT"><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>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>387,057</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>&nbsp;</FONT></TD>
        <TD ALIGN="RIGHT"><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>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>449,555</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>&nbsp;</FONT></TD>
        <TD ALIGN="RIGHT"><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></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other products</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>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>510,372</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>&nbsp;</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5</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>&nbsp;</FONT></TD>
        <TD ALIGN=RIGHT><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>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=RIGHT><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>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>165</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>&nbsp;</FONT></TD>
        <TD ALIGN=RIGHT><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>
     <TH COLSPAN=4><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TH>
     <TH COLSPAN=5><HR NOSHADE COLOR=#000000 SIZE=1></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TH>
     <TH COLSPAN=5><HR NOSHADE COLOR=#000000 SIZE=1></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TH>
     <TH COLSPAN=5><HR NOSHADE COLOR=#000000 SIZE=1></TH></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Total</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>
     <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>  9,871,236</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>&nbsp;</FONT></TD>
        <TD ALIGN="RIGHT"><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>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
        <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 11,110,543</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</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="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="RIGHT"><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>
     <TH COLSPAN=4><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TH>
     <TH COLSPAN=5><HR NOSHADE COLOR=#000000 SIZE=2></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TH>
     <TH COLSPAN=5><HR NOSHADE COLOR=#000000 SIZE=2></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TH>
     <TH COLSPAN=5><HR NOSHADE COLOR=#000000 SIZE=2></TH></TR>
</TABLE>


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<A NAME=A025></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Sensors and Snaps </FONT></H1>

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<A NAME=A026></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Sensors</B></I> </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;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
cleaning 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 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 &#147;Holter&#148;
monitoring. </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. The radiotranslucent conductive plastic studs
are manufactured with uniquely engineered resin to enable electrical conductivity between
the sensor and the electrophysiological instrumentation without the use of a metal snap.
Micron also manufactures the mating conductive resin snaps, which replace traditional
metal snap fasteners, used in the radiotranslucent application. </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;Other
custom designed sensors are manufactured for specific unique applications in the EEG, EMG
or TENS markets. Recent growth in the volume of highly engineered EEG or
electroencephalogram sensors reflects demand for noninvasive measuring of neurological
impulses. Micron&#146;s strength in design and low cost manufacturing support enables our
customers to grow into unique niche medical applications and electrophysiological
monitoring with custom designed sensors. </FONT></P>

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<A NAME=A027></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Metal Snap Fasteners</B></I> </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;Metal
snap fasteners are used as an attachment and conductive connection between the disposable
electrode and the lead wires of an ECG machine. Micron purchases the metal snap fasteners
for resale from multiple suppliers and performs additional quality assurance tests,
repackages and stocks product for its customers who may or may not purchase the snaps in
addition to Micron&#146;s sensors. </FONT></P>

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<A NAME=A028></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Other Molded Components</B></I> </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;In
2004, Micron began selling other precision custom molded high volume component parts. As a
result of efforts to increase interest from industrial companies, in 2004 the Company
added sales in these high volume molded products, which diversify our existing product
lines while utilizing previously unused manufacturing capacity. The Company began shipping
product and realizing sales of such high volume molded products in the fourth quarter of
2004. To defray the customer&#146;s upfront tooling costs and remain competitive with
global competition, some high volume customers require the financing of a customer
specific tool over several years. The cost of the tool is guaranteed by the customer and
repaid over time as the molded product is shipped. </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
incorporation of the NEM acquisition into the Micron molding facility increased production
flexibility for both entities, and dramatically expanded the size and shape of products
produced. From consumable medical products to medical equipment components, the new
division will decrease the dependence on sensor production for manufacturing growth. </FONT></P>

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<A NAME=A029></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>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;Manufacturers
of disposable medical electrodes use the Company&#146;s attaching machines in the assembly
of sensors and snaps into disposable electrodes. Manufacturing, leasing, selling, and
providing replacement parts to medical sensor and snap application machines provide Micron
with a complimentary product to sell to existing sensor and snap customers. As a value
added service, a technician can be dispatched to troubleshoot and improve the performance
of our customer&#146;s fully automated electrode assembly production lines. </FONT></P>

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<A NAME=A030></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Signal-Averaging
Electrocardiographic (SAECG) Products </FONT></H1>

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<A NAME=A031></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Predictor&reg; 7</B></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;The
Predictor&reg; 7 software is a Windows&reg; compatible version of Arrhythmia Research
Technology&#146;s analytical program for the detection of Late Potentials. Predictor&reg;
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 can be presented both on screen and in hard copy. Predictor&reg; 7 also
incorporates additional signal processing capabilities for clinical research. The
IntraSpect&#153; module permits detection of ventricular late potentials in patients with
Bundle Branch Block. P-wave signal averaging helps predict patients at risk for atrial
fibrillation and flutter. A Heart Rate Variability module can be incorporated on the
Predictor platform. </FONT></P>


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     <P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(1)</SUP>&nbsp;&nbsp;&nbsp;&nbsp;
          <I>AHA/ACC/ESC Policy Statement: &#147;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</I> </FONT></P>




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<A NAME=A032></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>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 ART 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;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. </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>










<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN=top>
     <TD WIDTH="5%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="2%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
     <TD WIDTH="93%" 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="CENTER"><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="CENTER"><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>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></p></TD></TR>
<TR VALIGN=top>
        <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>&#149;</FONT></TD>
     <TD ALIGN=LEFT><p  align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>continued availability of supplies or materials used in
        manufacturing at the current prices;</FONT></p></TD></TR>
<TR VALIGN=top>
        <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>&#149;</FONT></TD>
     <TD ALIGN=LEFT><p  align=justify><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></p></TD></TR>
<TR VALIGN=top>
        <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>&#149;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>existing 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="CENTER"><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="CENTER"><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="CENTER"><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 ability of management to execute plans and motivate personnel
        in the execution of those plans;</FONT></TD></TR>
<TR VALIGN=top>
        <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>&#149;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the adoption of new, or changes in, accounting principles; 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="CENTER"><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>our ability to maintain compliance with the AMEX requirements for
        continued listing of our Common Stock;</FONT></p></TD></TR>
<TR VALIGN=top>
        <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>&#149;</FONT></TD>
     <TD ALIGN=LEFT><p  align=justify><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></p></TD></TR>

<TR VALIGN=top>
        <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>&#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="CENTER"><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; and</FONT></TD></TR>
<TR VALIGN=top>
        <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>&#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>
<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;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=A033></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>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;&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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<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&nbsp;The
vast majority of revenues are 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 2004 and 2003, the Company derived 80% and 94%, respectively, and 73% in the
first nine months of 2005, 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. </FONT></P>

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<A NAME=A034></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>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;&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 also may 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. The Company is 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=A035></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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<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>We
may be exposed to potential risks relating to our internal control over financial
reporting and our ability to have those controls attested to by our independent registered
public accounting firm.</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;As
directed by Section 404 of the Sarbanes-Oxley Act of 2002 (&#147;SOX 404&#148;), the
Securities and Exchange Commission adopted rules requiring public companies to include a
report of management on the company&#146;s internal control over financial reporting in
their annual reports, including Form 10-KSB. In addition, the independent registered
public accounting firm auditing a company&#146;s financial statements must also attest to
and report on management&#146;s assessment of the effectiveness of the company&#146;s
internal control over financial reporting as well as the operating effectiveness of the
company&#146;s internal controls. We were not subject to these requirements for the fiscal
year ended December 31, 2004. We are evaluating our internal control systems in order to
allow our management to report on, and our independent auditors attest to, our internal
controls, as a required part of our Annual Report on Form 10-KSB beginning with our report
for the fiscal year ended December 31, 2007. </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;While
we expect to expend significant resources in developing the necessary documentation and
testing procedures required by SOX 404, there is a risk that we will not comply with all
of the requirements imposed thereby. At present, there is no precedent available with
which to measure compliance adequacy. Accordingly, there can be no positive assurance that
we will receive a positive attestation from our independent auditors. In the event we
identify significant deficiencies or material weaknesses in our internal controls that we
cannot remediate in a timely manner or we are unable to receive a positive attestation
from our independent auditors with respect to our internal controls, investors and others
may lose confidence in the reliability of our financial statements and our ability to
obtain equity or debt financing could suffer. </FONT></P>

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<A NAME=A036></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>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 may be acquired by certain employees, officers,
directors and consultants to the Company who may be deemed affiliates of the Company or
who hold &#147;control stock&#148; issued to such persons pursuant to the terms of the
2005 Stock Award Plan. The 2005 Stock Award Plan was adopted by the Board of Directors on
April 28, 2005, and subsequently approved by the Company&#146;s shareholders on May 20,
2005. No Shares have been issued as of the date hereof. </FONT></P>


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<A NAME=A037></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>SELLING SECURITYHOLDERS </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
may be acquired by certain employees, officers, directors and consultants to the Company
who may be deemed affiliates of the Company or who hold &#147;control stock&#148; issued
to such persons pursuant to the terms of the 2005 Stock Award Plan. As the names and
amounts of securities to be reoffered become known, we will supplement this prospectus
with such 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;Shares
covered by this prospectus may be reoffered and resold from time to time by each selling
securityholder through brokers or dealers on the AMEX or otherwise at prices acceptable to
the selling securityholder. To the Company&#146;s knowledge, no specific brokers or
dealers have been designated by any selling securityholder 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
securityholder 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 securityholder and/or the purchasers of the Shares for
whom they may act as agents. The selling securityholder 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 of 1933 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 of 1933. </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 Securities 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 securityholders will be governed by the applicable provisions of the Securities
Act and Securities Exchange Act, 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 securityholders. 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 securityholder and
any out-of-pocket expenses incurred by the selling securityholder or any person retained
by the selling securityholder 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=A038></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>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. </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 December 22,
2005, there were outstanding: </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN=top>
     <TD WIDTH="15%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="2%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
     <TD WIDTH="83%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,666,194 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></TR>
<TR VALIGN=top>
     <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>&#149;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>117,000 shares issuable upon exercise of options issued pursuant
        to our option plan.</FONT></TD></TR>
</TABLE>

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<A NAME=A039></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>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 ART, 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
legally issued, fully paid and nonassessable. </FONT></P>

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<A NAME=A040></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>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 a change in 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=A041></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Transfer Agent </FONT></H1>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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=A042></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>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
received from the sale of Shares under the 2005 Plan will be for the account of the
selling securityholders described above. </FONT></P>

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<A NAME=A043></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>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 the class of
eligible selling securityholders referred to above through brokers on the AMEX or
otherwise at prices acceptable to the selling securityholder. To the Company&#146;s
knowledge, no specific brokers or dealers have been designated by any selling
securityholder 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 securityholder 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 securityholder
and/or the purchasers of the Shares for whom they may act as agents. The selling
securityholder 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 securityholders will sell any or all of the Shares of
Common Stock offered hereunder. </FONT></P>

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<A NAME=A044></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>LEGAL MATTERS </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;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=A045></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>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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<A NAME=A45></A>
<TABLE CELLPADDING="0" border=0 CELLSPACING="0" WIDTH="100%">
<TR>
     <TD WIDTH="45%"><HR NOSHADE COLOR=#000000 SIZE=2></TD>
     <TD WIDTH="10%">&nbsp;</TD>
     <TD WIDTH="45%"><HR NOSHADE COLOR=#000000 SIZE=2></TD></TR>
</table>

<TABLE CELLPADDING="0" border=0 CELLSPACING="0" WIDTH="100%">
<TR VALIGN=top>
     <TD width=5%>&nbsp;</TD>
     <TD WIDTH=35% 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 ANYINFORMATION OR TO MAKE ANY
        REPRESENTATIONS OTHER THAN THOSE CONTAINED IN THIS PROSPECTUS.  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 width=15%>&nbsp;</TD>
     <TD width=45% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>Arrhythmia Research<BR>Technology, Inc.</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>100,000 shares of Common Stock</B></FONT></TD></TR>
</TABLE>

<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" border=0 WIDTH="100%">
<TR VALIGN=Bottom>
     <TD WIDTH="5%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="35%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>TABLE OF CONTENTS</B></FONT></TD>
     <TD WIDTH="15%" 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>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD>&nbsp;</TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#A019">Available Information</A></FONT></TD>
     <TD>&nbsp;</TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=4><B>PROSPECTUS</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD>&nbsp;</TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#A19">Incorporation of Certain Information by Reference</A></FONT></TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD>&nbsp;</TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#A021">The Company</A></FONT></TD>
     <TD>&nbsp;</TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>December 23, 2005</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD>&nbsp;</TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#A032">Forward-looking Statements</A></FONT></TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD>&nbsp;</TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#A033">Risk Factors</A></FONT></TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD>&nbsp;</TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#A036">The Offering</A></FONT></TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD>&nbsp;</TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#A037">Selling Securityholders</A></FONT></TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD>&nbsp;</TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#A038">Description of Capital Stock</A></FONT></TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD>&nbsp;</TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#A042">Use of Proceeds</A></FONT></TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD>&nbsp;</TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#A043">Plan of Distribution</A></FONT></TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD>&nbsp;</TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#A044">Legal Matters</A></FONT></TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD>&nbsp;</TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#A045">Experts</A></FONT></TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD></tr>
</TABLE>


<BR><BR>


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<TABLE WIDTH="100%" CELLPADDING="0" border=0 CELLSPACING="0">
<TR VALIGN=TOP>
<TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH="35%"><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 THEREFOR.</B> </FONT></p></TD>
<TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD></TR>
</table>

<TABLE CELLPADDING="0" border=0 CELLSPACING="0" WIDTH="100%">
<TR>
     <TD WIDTH="45%"><HR NOSHADE COLOR=#000000 SIZE=2></TD>
     <TD WIDTH="10%">&nbsp;</TD>
     <TD WIDTH="45%"><HR NOSHADE COLOR=#000000 SIZE=2></TD></TR>
</table>

<BR>

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<A NAME=A047></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>PART II </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<A NAME=A048></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>INFORMATION REQUIRED
IN THE REGISTRATION STATEMENT </FONT></H1>

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<A NAME=A049></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>ITEM 3.&nbsp;&nbsp;&nbsp;&nbsp;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 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. </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="15%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="2%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
     <TD WIDTH="83%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Annual Report on Form 10-KSB for the fiscal year ended December 31, 2004, filed with the SEC on March 31, 2005;</FONT></TD></TR>
<TR VALIGN=top>
     <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>&#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 April 12, 2005;</FONT></TD></TR>
<TR VALIGN=top>
     <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>&#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 16, 2005;</FONT></TD></TR>
<TR VALIGN=top>
     <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>&#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 15, 2005;</FONT></TD></TR>
<TR VALIGN=top>
     <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>&#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 31, 2005;</FONT></TD></TR>
<TR VALIGN=top>
     <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>&#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 November 14, 2005; and</FONT></TD></TR>
<TR VALIGN=top>
     <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>&#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 Securities Exchange Act prior to the sale of all
of the shares covered by this registration statement. </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=A050></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>ITEM 4. DESCRIPTION OF
SECURITIES </FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</font></p>

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<A NAME=A051></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>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;Not applicable.</font></p>
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<A NAME=A052></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>ITEM 6. INDEMNIFICATION
OF OFFICERS AND DIRECTORS </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;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 ART, 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, ART 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=A053></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>ITEM 7. EXEMPTION FROM
REGISTRATION CLAIMED </FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</font></p>

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<A NAME=A054></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>ITEM 8. EXHIBITS </FONT></H1>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TH>
     <TH ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit Number</FONT></TH>
     <TH ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Description</FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="10%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="20%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="exhibit4-1.htm">4.1</A></FONT></TD>
     <TD WIDTH="70%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="exhibit4-1.htm">Arrhythmia Research Technology, Inc. 2005 Stock Award Plan</A></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><A HREF="exhibit5-1.htm">5.1</A></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="exhibit5-1.htm">Opinion of Dilworth Paxson LLP</A></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><A HREF="exhibit23-1.htm">23.1</A></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="exhibit23-1.htm">BDO Seidman, LLP Consent</A></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><A HREF="exhibit5-1.htm">23.2</A></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="exhibit5-1.htm">Dilworth Paxson LLP Consent </A>(included in Exhibit 5.1)</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><A HREF="#A058">24.1</A></FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#A058">Power of Attorney is contained on the
        signature page of this Registration Statement.</A></FONT></TD></TR>
</TABLE>
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<A NAME=A055></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>ITEM 9. UNDERTAKINGS </FONT></H1>

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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>a. </FONT></TD>
               <TD WIDTH="95%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               The undersigned Registrant will: </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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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>&nbsp; </FONT></TD>
               <TD ALIGN=left WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) </FONT></TD>
               <TD WIDTH=90%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               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></TD>
               </TR>
               </TABLE>
               <BR>

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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>&nbsp; </FONT></TD>
               <TD ALIGN=left WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2) </FONT></TD>
               <TD WIDTH=90%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=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 <I>bona fide</I>
               offering thereof. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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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>&nbsp; </FONT></TD>
               <TD ALIGN=left WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3) </FONT></TD>
               <TD WIDTH=90%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               File a post-effective amendment to remove from registration any of the
               securities that remain unsold at the end of the offering. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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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>b. </FONT></TD>
               <TD WIDTH="95%"><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               The undersigned registrant hereby undertakes that, for purposes of determining
               any liability under the Securities Act of 1933, each filing of the
               registrant&#146;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&#146;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></TD>
               </TR>
               </TABLE>
               <BR>

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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>c. </FONT></TD>
               <TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Insofar as indemnification for liabilities arising under the Securities Act of
               1933 (the &#147;Act&#148;) may be permitted to directors, officers and
               controlling persons of small business issuer pursuant to the foregoing
               provisions, or otherwise, the small business issuer 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. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>


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<A NAME=A056></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>SIGNATURES </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;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
22 day of December, 2005. </FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN=Bottom>
     <TD WIDTH="50%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="50%" 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></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>By:&nbsp;&nbsp;/s/ David A. Garrison</FONT><hr width=75%></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;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;Chief Financial Officer</FONT></TD></TR>
</TABLE>



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<A NAME=A058></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>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>
     <TD WIDTH="40%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Signature</B></FONT></TD>
     <TD WIDTH="40%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Title</B></FONT></TD>
     <TD WIDTH="20%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Date</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <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></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/ James E. Rouse</FONT><hr width=75%></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>President, Chief Executive Officer and</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>December 22, 2005</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 (principal executive officer)</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></TR>
<TR VALIGN=Bottom>
     <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>/s/ E. P. Marinos</FONT><hr width=75%></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chairman of the Board and Director</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>December 22, 2005</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>
     <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></TR>
<TR VALIGN=Bottom>
     <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>/s/ Julius Tabin</FONT><hr width=75%></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>December 22, 2005</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>
     <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></TR>
<TR VALIGN=Bottom>
     <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>/s/ Paul F. Walter</FONT><hr width=75%></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>December 22, 2005</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>
     <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></TR>
<TR VALIGN=Bottom>
     <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>/s/ David A. Garrison</FONT><hr width=75%></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Executive Vice President and Chief Financial</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>December 22, 2005</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>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Officer (principal financial officer)</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>


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<A NAME=A059></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>EXHIBIT INDEX </FONT></H1>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN=Bottom>
     <TH ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit Number</FONT></TH>
     <TH align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Description</FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="20%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="exhibit4-1.htm">4.1</A></FONT></TD>
     <TD WIDTH="80%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="exhibit4-1.htm">Arrhythmia Research Technology, Inc. 2005 Stock Award Plan</A></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="exhibit5-1.htm">5.1</A></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="exhibit5-1.htm">Opinion of Dilworth Paxson LLP</A></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="exhibit23-1.htm">23.1</A></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="exhibit23-1.htm">BDO Seidman, LLP Consent</A></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="exhibit5-1.htm">23.2</A></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="exhibit5-1.htm">Dilworth Paxson LLP Consent (included in Exhibit 5.1)</A></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#A058">24.1</A></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#A058">Power of Attorney is contained on the signature page of this Registration Statement</A></FONT></TD></TR>
</TABLE>



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Table Of Contents
As filed with the
Securities and Exchange Commission on December 23, 2005    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 of incorporation or organization)
(I.R.S. Employer 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. 2005 STOCK AWARD 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
1133 Connecticut Ave., Suite 620
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
100,000 shares
(1)
$ 9.86
(2)
$ 986,000
(2)
$ 105.50
Common Stock, $.01 par value
100,000 shares
(3)
(3)
(3)
(4)
(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 2005 Stock
               Award Plan (the "Plan") are also being registered hereunder. The shares being
               registered consist of shares which may be issued from time to time under the
               Plan.  No shares have been issued uner the Plan as of the date hereof.
(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 December 20, 2005.
(3)
Represents the same shares described in the line above, which may be resold by the holder.
(4)
Pursuant to Rule 457(h)(3), no additional fee is payable since the Shares, which may be offered for resale,
                are the same shares being registered hereby upon their initial issuance pursuant to the Plan.
EXPLANATORY NOTE
This
Registration Statement registers 100,000 shares of common stock of Arrhythmia Research
Technology, Inc. (the "Company") to be offered pursuant to the Company's
2005 Stock Award Plan. No shares have been issued under the Plan as
of the date hereof.
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 the reoffer and resale of up to 100,000 shares
of common stock to the extent acquired by certain affiliates of the Company pursuant to
the 2005 Stock Award Plan. The amount of securities to be offered or resold by means of
the reoffer prospectus by the designated selling securityholders may not exceed, during
any three month period, the amount specified in Rule 144(e).
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 2005 Stock Award 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.
100,000 Shares of
Common Stock, Par Value $0.01 Per Share
Issuable Pursuant to
the 2005 Stock Award Plan
This
prospectus covers up to 100,000 shares (the "Shares") of common stock, par value
$.01 per share (the "Common Stock"), of Arrhythmia Research Technology, Inc., a
Delaware corporation (the "Company"). Such Shares 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. Such persons are referred to herein as
the selling securityholders under the Arrhythmia Research Technology, Inc. 2005 Stock
Award Plan of the Company (the "2005 Plan"). Securities issued under the 2005
Plan to affiliates will be deemed "control securities" under Rule 144. 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 Common Stock is currently traded on the American Stock Exchange, or AMEX,
under the symbol "HRT." On December 20, 2005, the closing sale price of the
Common Stock was $9.84.
The
Shares may be offered by the selling securityholders from time to time through or to
brokers on the AMEX, in the over-the-counter market or otherwise at prices acceptable to
the selling securityholders. 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 7.
Neither the Securities and
Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the
adequacy or accuracy of the prospectus.  Any respresentation to the contrary is a criminal offense.
The date of this prospectus is December 23, 2005.
AVAILABLE INFORMATION
The
Company is subject to the informational requirements of the Securities Exchange Act of
1934, as amended, and under those requirements, it files reports and other information
with the Securities and Exchange Commission, or SEC. The SEC 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 SEC. The
SEC's website address is www.sec.gov. In addition, our Securities Exchange Act
filings may be inspected and copied at the SEC Public Reference Room located at 100 F
Street, N.E., Washington, DC 20549; and at the SEC'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 Room of the SEC located at 100 F Street,
N.E., Washington, DC 20549. The public may obtain information on the operation of the
Public Reference Room by calling the SEC at 1-800-SEC-0330.
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 SEC
under the Securities Act of 1933. 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 shares offered. Any
statements contained herein concerning the provisions of any document filed as an exhibit
to the registration statement or otherwise filed with the SEC 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 SEC are hereby incorporated by reference in this prospectus:
•
Annual Report on Form 10-KSB for the fiscal
        year ended  December  31,  2004,  filed with the SEC on March 31, 2005;
•
Current Report on Form 8-K filed with the SEC on
        April 12, 2005;
•
Quarterly Report on Form 10-QSB filed with the SEC on
        May 16, 2005;
•
Quarterly Report on Form 10-QSB filed with the SEC on
        August 15, 2005;
•
Current Report on Form 8-K filed with the SEC on
        August 31, 2005;
•
Quarterly Report on Form 10-QSB filed with the SEC
        on November 14, 2005; 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.
All
reports and other documents subsequently filed by the Company pursuant to Sections 13(a),
13(c), 14 and 15(d) of the Securities 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.
THE COMPANY
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 development and 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 sales of the software were recorded in 2004 or
2005. We continue to seek 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 integrated electrodes
constituting a part of electrocardiographic 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. For
example, 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). The Company believes that because of its
history of producing high volume precision plastic products, Micron was able in 2004, to
secure supply agreements to produce several other medical industry products. These high
volume products provide diversification for Micron, and reduce its dependence on a single
product line.
On
May 7, 2004, Micron completed the purchase of substantially all of the operating assets of
privately-held Shrewsbury Molders Inc., formerly known as New England Molders, Inc.
("NEM") of Shrewsbury, Massachusetts. The Company completed the move of the
division into its newly renovated molding facility located at the Company's Fitchburg
complex in the fourth quarter of 2004. The relocation provides operational synergies and
cost savings in manufacturing and administration. The NEM division is a custom molder that
produces a wide variety of consumable medical products, medical device and equipment
components, and other products for the consumer, electronic, and aerospace industries.
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"):
Nine Months Ended
Year Ended December 31,
September 30,
2005
%
2004
%
2003
%
Sensors
$
7,186,277
73
$
8,881,815
80
$
7,227,647
94
Other Molded Products
1,845,903
19
1,841,671
17
--
--
Snaps & Snap Machines
328,684
3
387,057
3
449,555
6
Other products
510,372
5
--
--
165
--
Total
$
9,871,236
100
$
11,110,543
100
$
7,677,367
100
Sensors and Snaps
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
cleaning 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 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 "Holter"
monitoring.
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. The radiotranslucent conductive plastic studs
are manufactured with uniquely engineered resin to enable electrical conductivity between
the sensor and the electrophysiological instrumentation without the use of a metal snap.
Micron also manufactures the mating conductive resin snaps, which replace traditional
metal snap fasteners, used in the radiotranslucent application.
Other
custom designed sensors are manufactured for specific unique applications in the EEG, EMG
or TENS markets. Recent growth in the volume of highly engineered EEG or
electroencephalogram sensors reflects demand for noninvasive measuring of neurological
impulses. Micron's strength in design and low cost manufacturing support enables our
customers to grow into unique niche medical applications and electrophysiological
monitoring with custom designed sensors.
Metal Snap Fasteners
Metal
snap fasteners are used as an attachment and conductive connection between the disposable
electrode and the lead wires of an ECG machine. Micron purchases the metal snap fasteners
for resale from multiple suppliers and performs additional quality assurance tests,
repackages and stocks product for its customers who may or may not purchase the snaps in
addition to Micron's sensors.
Other Molded Components
In
2004, Micron began selling other precision custom molded high volume component parts. As a
result of efforts to increase interest from industrial companies, in 2004 the Company
added sales in these high volume molded products, which diversify our existing product
lines while utilizing previously unused manufacturing capacity. The Company began shipping
product and realizing sales of such high volume molded products in the fourth quarter of
2004. To defray the customer's upfront tooling costs and remain competitive with
global competition, some high volume customers require the financing of a customer
specific tool over several years. The cost of the tool is guaranteed by the customer and
repaid over time as the molded product is shipped.
The
incorporation of the NEM acquisition into the Micron molding facility increased production
flexibility for both entities, and dramatically expanded the size and shape of products
produced. From consumable medical products to medical equipment components, the new
division will decrease the dependence on sensor production for manufacturing growth.
High Speed Electrode
Assembly Machine
Manufacturers
of disposable medical electrodes use the Company's attaching machines in the assembly
of sensors and snaps into disposable electrodes. Manufacturing, leasing, selling, and
providing replacement parts to medical sensor and snap application machines provide Micron
with a complimentary product to sell to existing sensor and snap customers. As a value
added service, a technician can be dispatched to troubleshoot and improve the performance
of our customer's fully automated electrode assembly production lines.
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 can be presented both on screen and in hard copy. Predictor® 7 also
incorporates additional signal processing capabilities for clinical research. The
IntraSpect™ module permits detection of ventricular late potentials in patients with
Bundle Branch Block. P-wave signal averaging helps predict patients at risk for atrial
fibrillation and flutter. A Heart Rate Variability module can be incorporated on the
Predictor platform.
(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 ART 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;
•
existing 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 ability of management to execute plans and motivate personnel
        in the execution of those plans;
•
the adoption of new, or changes in, accounting principles; 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; and
•
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.
The
vast majority of revenues are derived from the sale of a single product.
In
fiscal years 2004 and 2003, the Company derived 80% and 94%, respectively, and 73% in the
first nine months of 2005, 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.
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 also may 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. The Company is 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
.
We
may be exposed to potential risks relating to our internal control over financial
reporting and our ability to have those controls attested to by our independent registered
public accounting firm.
As
directed by Section 404 of the Sarbanes-Oxley Act of 2002 ("SOX 404"), the
Securities and Exchange Commission adopted rules requiring public companies to include a
report of management on the company's internal control over financial reporting in
their annual reports, including Form 10-KSB. In addition, the independent registered
public accounting firm auditing a company's financial statements must also attest to
and report on management's assessment of the effectiveness of the company's
internal control over financial reporting as well as the operating effectiveness of the
company's internal controls. We were not subject to these requirements for the fiscal
year ended December 31, 2004. We are evaluating our internal control systems in order to
allow our management to report on, and our independent auditors attest to, our internal
controls, as a required part of our Annual Report on Form 10-KSB beginning with our report
for the fiscal year ended December 31, 2007.
While
we expect to expend significant resources in developing the necessary documentation and
testing procedures required by SOX 404, there is a risk that we will not comply with all
of the requirements imposed thereby. At present, there is no precedent available with
which to measure compliance adequacy. Accordingly, there can be no positive assurance that
we will receive a positive attestation from our independent auditors. In the event we
identify significant deficiencies or material weaknesses in our internal controls that we
cannot remediate in a timely manner or we are unable to receive a positive attestation
from our independent auditors with respect to our internal controls, investors and others
may lose confidence in the reliability of our financial statements and our ability to
obtain equity or debt financing could suffer.
THE OFFERING
This
prospectus relates to the Shares which may be acquired by certain employees, officers,
directors and consultants to the Company who may be deemed affiliates of the Company or
who hold "control stock" issued to such persons pursuant to the terms of the
2005 Stock Award Plan. The 2005 Stock Award Plan was adopted by the Board of Directors on
April 28, 2005, and subsequently approved by the Company's shareholders on May 20,
2005. No Shares have been issued as of the date hereof.
SELLING SECURITYHOLDERS
Shares
may be acquired by certain employees, officers, directors and consultants to the Company
who may be deemed affiliates of the Company or who hold "control stock" issued
to such persons pursuant to the terms of the 2005 Stock Award Plan. As the names and
amounts of securities to be reoffered become known, we will supplement this prospectus
with such information.
Shares
covered by this prospectus may be reoffered and resold from time to time by each selling
securityholder through brokers or dealers on the AMEX or otherwise at prices acceptable to
the selling securityholder. To the Company's knowledge, no specific brokers or
dealers have been designated by any selling securityholder 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
securityholder 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 securityholder and/or the purchasers of the Shares for
whom they may act as agents. The selling securityholder and any underwriters, dealers or
agents that participate in the distribution of the Shares may be deemed to be
"underwriters" under the Securities Act of 1933 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 of 1933.
Under
applicable rules and regulations under the Securities 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 securityholders will be governed by the applicable provisions of the Securities
Act and Securities Exchange Act, 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 securityholders. 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 securityholder and
any out-of-pocket expenses incurred by the selling securityholder or any person retained
by the selling securityholder 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.
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 December 22,
2005, there were outstanding:
•
2,666,194 shares of Common Stock; and
•
117,000 shares issuable upon exercise of options issued pursuant
        to our option plan.
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 ART, 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
legally issued, 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 a change in 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
received from the sale of Shares under the 2005 Plan will be for the account of the
selling securityholders described above.
PLAN OF DISTRIBUTION
Shares
covered by this prospectus may be reoffered and resold from time to time by the class of
eligible selling securityholders referred to above through brokers on the AMEX or
otherwise at prices acceptable to the selling securityholder. To the Company's
knowledge, no specific brokers or dealers have been designated by any selling
securityholder 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 securityholder 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 securityholder
and/or the purchasers of the Shares for whom they may act as agents. The selling
securityholder 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 securityholders 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 ANYINFORMATION OR TO MAKE ANY
        REPRESENTATIONS OTHER THAN THOSE CONTAINED IN THIS PROSPECTUS.  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.
100,000 shares of Common Stock
TABLE OF CONTENTS
Available Information
PROSPECTUS
Incorporation of Certain Information by Reference
The Company
December 23, 2005
Forward-looking Statements
Risk Factors
The Offering
Selling Securityholders
Description of Capital Stock
Use of Proceeds
Plan of Distribution
Legal Matters
Experts
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 THEREFOR.
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, 2004, filed with the SEC on March 31, 2005;
•
Current Report on Form 8-K filed with the SEC on April 12, 2005;
•
Quarterly Report on Form 10-QSB filed with the SEC on May 16, 2005;
•
Quarterly Report on Form 10-QSB filed with the SEC on August 15, 2005;
•
Current Report on Form 8-K filed with the SEC on August 31, 2005;
•
Quarterly Report on Form 10-QSB filed with the SEC on November 14, 2005; 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 Securities Exchange Act prior to the sale of all
of the shares covered by this registration statement.
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
Not applicable.
ITEM 5. INTERESTS OF
NAMED EXPERTS AND COUNSEL
Not applicable.
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 ART, 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, ART 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
Not applicable.
ITEM 8. EXHIBITS
Exhibit Number
Description
4.1
Arrhythmia Research Technology, Inc. 2005 Stock Award 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.
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 of
               1933 (the "Act") may be permitted to directors, officers and
               controlling persons of small business issuer pursuant to the foregoing
               provisions, or otherwise, the small business issuer 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.
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
22 day of December, 2005.
ARRHYTHMIA RESEARCH TECHNOLOGY, INC.
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
December 22, 2005
James E. Rouse
Director (principal executive officer)
/s/ E. P. Marinos
Chairman of the Board and Director
December 22, 2005
E. P. Marinos
/s/ Julius Tabin
Director
December 22, 2005
Julius Tabin
/s/ Paul F. Walter
Director
December 22, 2005
Paul F. Walter
/s/ David A. Garrison
Executive Vice President and Chief Financial
December 22, 2005
David A. Garrison
Officer (principal financial officer)
EXHIBIT INDEX
Exhibit Number
Description
4.1
Arrhythmia Research Technology, Inc. 2005 Stock Award 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