<html>

  <head>
    <title>zynexs8_11212007.htm</title>
<!-- Licensed to: EdgarTech Filing Services-->
<!-- Document Created using EDGARizer 4.0.3.0 -->
<!-- Copyright 1995 - 2008 EDGARfilings, Ltd., an IEC company. All rights reserved -->
</head>
    <body bgcolor="#ffffff"><br>
    <div>&#160;</div>
    <div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">As
        filed with the Securities and
        Exchange Commission January 10, 2008</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Registration
        No.
        333-________</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">UNITED
      STATES</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">SECURITIES
      AND EXCHANGE
      COMMISSION</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Washington,
      D.C.
      20549</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font>
      <div>
        <hr style="COLOR: black" align="center" noshade size="2" width="75%">
      </div>
      <div>
        <hr style="COLOR: black" align="center" noshade size="2" width="75%">&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">FORM
      S-8</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">REGISTRATION
      STATEMENT</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">UNDER
      THE SECURITIES ACT OF
      1933</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font>
      <div>
        <hr style="COLOR: black" align="center" noshade size="5" width="25%">
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">ZYNEX
      MEDICAL HOLDINGS,
      INC.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
      Name of Registrant as Specified in Its Charter)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td valign="top" width="23%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">NEVADA</font></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(State
                  or Other Jurisdiction of</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Incorporation
                  or Organization)</font></div>
              </td>
              <td align="left" valign="top" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="top" width="23%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
              </td>
              <td align="left" valign="top" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="top" width="23%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">90-0214497</font></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(I.R.S.
                  Employer</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Identification
                  No.)</font></div>
              </td>
            </tr>
            <tr>
              <td colspan="5" valign="top" width="72%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">8022
                  Southpark Circle, Suite
                  100</font></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Littleton,
                  Colorado
                  80120</font></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">(303)&#160;703-4906</font></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Address,
                  Including Zip Code, and Telephone Number</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">of
                  Registrant's Principal Executive
                  Offices)</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">2005
        STOCK OPTION
        PLAN</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Full
        Title&#160;of the Plan)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Thomas
        Sandgaard</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">President,
        Chief Executive Officer
        and Treasurer</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Zynex
        Medical Holdings,
        Inc.</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">8022
        Southpark Circle, Suite
        100</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Littleton,
        Colorado
        80120</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">(303)&#160;703-4906</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Name,
        Address and Telephone Number,</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Including
        Area Code, of Agent for Service)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Copies
        to:</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Amy
        L. Bowler,
        Esq.</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Holland
&amp;
Hart
        LLP</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">8390
        East Crescent Parkway, Suite
        400</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Greenwood
        Village, Colorado
        80111</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">(303)
        290-1086</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">(303)
        290-1606
        (fax)</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="1">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
        <div>&#160;</div>
        <div>
          <div>&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">CALCULATION
            OF REGISTRATION
            FEE</font></font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div>
            <table cellpadding="0" cellspacing="0" width="100%">

                <tr>
                  <td colspan="9" valign="top" width="72%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                      <hr style="COLOR: black" align="center" noshade size="1" width="45%">&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" width="25%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Title&#160;of
                      Securities To
                      Be</font></font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Registered</font></font></div>
                  </td>
                  <td valign="bottom" width="1%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                  </td>
                  <td valign="bottom" width="12%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Amount
                      To
                      Be</font></font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Registered
<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: super">(1)</font></font></font></div>
                  </td>
                  <td valign="bottom" width="1%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                  </td>
                  <td valign="bottom" width="10%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Proposed
                      Maximum</font></font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Offering
                      Price Per Share <font style="FONT-SIZE: 70%; VERTICAL-ALIGN: super">(2)</font></font></font></div>
                  </td>
                  <td valign="bottom" width="1%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                  </td>
                  <td valign="bottom" width="10%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Proposed
                      Maximum</font></font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Aggregate
                      Offering
                      Price</font></font></div>
                  </td>
                  <td valign="bottom" width="1%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                  </td>
                  <td valign="bottom" width="11%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Amount
                      of</font></font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Registration
                      Fee</font></font></div>
                  </td>
                </tr>
                <tr>
                  <td colspan="9" valign="top" width="72%">
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr bgcolor="#cceeff">
                  <td align="left" valign="bottom" width="25%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Common
                      Stock, par value $.001<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>per
                      share</font></div>
                  </td>
                  <td align="left" valign="bottom" width="1%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                  </td>
                  <td valign="bottom" width="12%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3,000,000
                      shares</font></div>
                  </td>
                  <td align="left" valign="bottom" width="1%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                  </td>
                  <td valign="bottom" width="10%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$1.33</font></div>
                  </td>
                  <td align="left" valign="bottom" width="1%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                  </td>
                  <td valign="bottom" width="10%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$3,990,000</font></div>
                  </td>
                  <td align="left" valign="bottom" width="1%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                  </td>
                  <td valign="bottom" width="11%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$156.81</font></div>
                  </td>
                </tr>
                <tr>
                  <td colspan="9" valign="top" width="72%">
                    <div>&#160;</div>
                    <div>
                      <div>
                        <hr style="COLOR: black" align="center" noshade size="1" width="45%">
                      </div>
                    </div>
                  </td>
                </tr>

            </table>
          </div>
          <div>
            <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                <tr valign="top">
                  <td style="WIDTH: 40pt">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)&#160;&#160;
                      </font></div>
                  </td>
                  <td>
                    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
                      to Rule 416 under the Securities Act of 1933, as amended, this
                      Registration Statement shall also cover additional shares of
                      Common Stock
                      which may become issuable to prevent dilution resulting from
                      any stock
                      split, stock dividend, recapitalization or other similar
                      transactions.</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br></div>
          <div>
            <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                <tr valign="top">
                  <td style="WIDTH: 40pt">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)&#160;&#160;
                      </font></div>
                  </td>
                  <td>
                    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                      proposed maximum offering price per share was estimated solely
                      for the
                      purpose of calculating the registration fee in accordance with
                      Rule&#160;457(h) under the Securities Act and is based on the last sale
                      price per share for our Common Stock on the OTC Bulletin Board
                      on&#160;January 8,&#160;2008 of $1.33 per
                      share.</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
            <hr style="COLOR: black" align="center" noshade size="2" width="75%">
          </div>
          <div>
            <hr style="COLOR: black" align="center" noshade size="2" width="75%">&#160;</div>
          <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
            <div id="FTR">
              <div id="GLFTR" style="WIDTH: 100%" align="left">
              </div>
            </div>
            <div id="PN" style="PAGE-BREAK-AFTER: always">
              <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">-
                2 -</font></font></div>
              <div style="WIDTH: 100%; TEXT-ALIGN: center">
                <hr style="COLOR: black" noshade size="1">
              </div>
            </div>
            <div id="HDR">
              <div id="GLHDR" style="WIDTH: 100%" align="right">
              </div>
            </div>
          </div>
          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">PART
            I</font></font></div>
          <div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">INFORMATION
              REQUIRED IN THE SECTION
              10(a) PROSPECTUS</font></font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
              information required in Part I of this Registration Statement is included
              in the
              prospectus for the 2005 Stock Option Plan, which the Registrant has
              excluded
              from this Registration Statement in accordance with the instructions
              to Form
              S-8.</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">PART
              II</font></font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">INFORMATION
              REQUIRED IN THE
              REGISTRATION STATEMENT</font></font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Item
              3. Incorporation of Documents by
              Reference.</font></font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Zynex
              Medical Holdings, Inc. (the &#8220;Company&#8221;) incorporates herein by reference the
              following documents filed with the Securities and Exchange Commission
              (the
&#8220;Commission&#8221;):</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 40pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)&#160;&#160;The
              Company&#8217;s Annual Report on Form 10-KSB for the year ended December 31, 2006,
              filed pursuant to Sections 13(a) or 15(d) of the Securities Exchange
              Act of 1934
              (the "Exchange Act"); and</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 40pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)&#160;&#160;The
              Company&#8217;s Quarterly Reports on Form 10-QSB for the quarters ended March 31,
              2007, June 30, 2007 and September 30, 2007.</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 45.8pt"></font>All
              documents subsequently filed by
              the Company pursuant to Sections&#160;13(a), 13(c), 14 and 15(d)&#160;of the
              Exchange Act, prior to the filing of a post-effective amendment which
              indicates
              that all securities offered hereby have been sold or which deregisters
              all
              securities then remaining unsold, shall be deemed to be incorporated
              by
              reference herein and to be a part hereof from the date of filing of
              such
              documents.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Item
              4.&#160;&#160;Description of
              Securities.</font></font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The
              following description of our
              capital stock is a summary and is qualified in its entirety by the
              provisions of
              our articles of incorporation, with amendments, all of which have been
              filed as
              exhibits to this registration statement.</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Common
              Shares</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>We
              are authorized to issue up to
              100,000,000 shares of Common Stock, par value $.001. Holders of common
              stock are
              entitled to one vote for each share held of record on all matters to
              be voted on
              by the shareholders.&#160;&#160;The holders of common stock are entitled to
              receive dividends ratably, when, as and if declared by the board of
              directors,
              out of funds legally available. In the event of a liquidation, dissolution
              or
              winding-up of us, the holders of common stock are entitled to share
              equally and
              ratably in all assets remaining available for distribution after payment
              of
              liabilities and after provision is made for each class of stock, if
              any, having
              preference over the common stock.&#160;&#160;The holders of shares of common
              stock, as such, have no conversion, preemptive, or other subscription
              rights and
              there are no redemption provisions applicable to the common stock.
              All of the
              outstanding shares of common stock are validly issued, fully-paid and
              nonassessable.</font><br></div><br>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">-
                  3 -</font></font></div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="1">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
              </div>
            </div><br>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Preferred
              Shares</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
              are
              authorized to issue up to 10,000,000 shares of preferred stock, par
              value
              $.001.&#160;&#160;As of the date of this Registration Statement, there were no
              shares of preferred stock issued and outstanding. The shares of preferred
              stock
              may be issued in series and shall have such voting powers, full or
              limited, or
              no voting powers, and such designations, preferences and relative participating,
              optional or other special rights, and qualifications, limitations or
              restrictions thereof, as shall be stated and expressed in the resolution
              or
              resolutions providing for the issuance of such stock adopted from time
              to time
              by the board of directors.&#160;&#160;The board of directors is expressly vested
              with the authority to determine and fix in the resolution or resolutions
              providing for the issuances of preferred stock the voting powers, designations,
              preferences and rights, and the qualifications, limitations or restrictions
              thereof, of each such series to the full extent now or hereafter permitted
              by
              the laws of the State of Nevada. Issuances of preferred stock could
              dilute the
              voting power of common stockholders, adversely affect the voting power
              of common
              stockholders, adversely affect the likelihood that common stockholders
              will
              receive dividend payments on liquidation, and have the effect of delaying
              or
              preventing a change in stockholder and management control.</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
              articles of incorporation and the Nevada General Corporation Law include
              a
              number of provisions that may have the effect of encouraging persons
              considering
              unsolicited tender offers or other unilateral takeover proposals to
              negotiate
              with our sole director rather than pursue non-negotiated takeover
              attempts.&#160;&#160;We believe that the benefits of these provisions outweigh
              the potential disadvantages of discouraging these proposals because,
              among other
              things, negotiation of the proposals might result in an improvement
              of their
              terms. Our articles of incorporation authorize the issuance of preferred
              stock.&#160;&#160;The Company&#8217;s sole director can set and determine the voting,
              redemption, conversion and other rights relating to any series of preferred
              stock.&#160;&#160;In some circumstances, the Company could issue preferred stock
              to prevent a merger, tender offer or other takeover attempt, which
              our board of
              directors opposes.</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
              Bylaws provide, among other things, that in the event we receive a
              takeover
              offer, our Board of Directors shall consider all relevant factors in
              evaluating
              such offer, including, but not limited to, the terms of the offer,
              and the
              potential economic and social impact of such offer on our stockholders,
              employees, customers, creditors and community in which we operate.</font></div>
            <div><br>&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Item
              5.&#160;&#160;Interested of
              Named Experts and Counsel.</font></font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Not
              applicable</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Item
              6.&#160;&#160;Indemnification of
              Directors and Officers.</font></font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
              Articles of Incorporation and Bylaws of the Company provide for indemnification
              of our directors and certain officers for liabilities and expenses
              that they may
              incur in such capacities. In general, our directors and certain officers
              are
              indemnified with respect to actions taken in good faith and in a manner
              such
              person believed to be in our best interests, and with respect to any
              criminal
              action or proceedings, actions that such person has no reasonable cause
              to
              believe were unlawful. Furthermore, the personal liability of our directors
              is
              limited as provided in our Articles of Incorporation.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
              General Corporation Law of the State of Nevada generally provides that
              a
              corporation may indemnify any person who was or is a party or is threatened
              to
              be made a party to any threatened, pending or completed action, suit
              or
              proceeding, whether civil, criminal, administrative or investigative,
              except an
              action by or in the right of the corporation, by reason of the fact
              that he is
              or was a director, officer, employee or agent of the corporation, or
              is or was
              serving at the request of the corporation as a director, officer, employee
              or
              agent of another corporation, partnership, joint venture, trust or
              other
              enterprise, against expenses, including attorneys&#8217; fees, judgments, fines and
              amounts paid in settlement actually and reasonably incurred by him
              in connection
              with the action, suit or proceeding if he is not liable; or acted in
              good faith
              and in a manner which he reasonably believed to be in or not opposed
              to the best
              interests of the corporation, and, with respect to any criminal action
              or
              proceeding, had no reasonable cause to believe his conduct was
              unlawful.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">-
                  4 -</font></font></div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="1">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Insofar
              as indemnification for liabilities arising under the Securities Act
              may be
              permitted to directors, officers or persons controlling us pursuant
              to the
              foregoing provisions, we have been informed that in the opinion of
              the
              Securities and Exchange Commission, such indemnification is against
              public
              policy as expressed in the Securities Act and is therefore
              unenforceable.&#160;&#160;In the event that a claim for indemnification against
              such liabilities (other than the payment by the registrant of expenses
              incurred
              or paid by a director, officer or controlling person of the Registrant
              in the
              successful defense of any action, suit or proceeding) is asserted by
              such
              director, officer or controlling person in connection with the securities
              being
              registered, we will, unless in the opinion of its counsel the matter
              has been
              settled by controlling precedent, submit to a court of appropriate
              jurisdiction
              the question whether such indemnification by it is against public policy
              as
              expressed in the Securities Act and will be governed by the final adjudication
              of such issue.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Item
              7. Exemption from Registration
              Claimed.</font></font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Not
              applicable.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Item
              8. Exhibits.</font></font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">See
              Index
              to Exhibits attached hereto.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Item
              9.
              Undertakings.</font></font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                  <tr valign="top">
                    <td style="WIDTH: 40pt">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font></div>
                    </td>
                    <td>
                      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                        undersigned Registrant hereby undertakes that Registrant
                        will:</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div><br></div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                  <tr valign="top">
                    <td style="WIDTH: 36pt">
                      <div>&#160;</div>
                    </td>
                    <td style="WIDTH: 40pt">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)</font></div>
                    </td>
                    <td>
                      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">File,
                        during any period in which it offers or sells securities,
                        a post-effective
                        amendment to the registration statement
                        to:</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div><br></div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                  <tr valign="top">
                    <td style="WIDTH: 72pt">
                      <div>&#160;</div>
                    </td>
                    <td style="WIDTH: 40pt">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)</font></div>
                    </td>
                    <td>
                      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Include
                        any prospectus required by Section&#160;10(a)(3)&#160;of the Securities
                        Act of 1933;</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div><br></div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                  <tr valign="top">
                    <td style="WIDTH: 72pt">
                      <div>&#160;</div>
                    </td>
                    <td style="WIDTH: 40pt">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)</font></div>
                    </td>
                    <td>
                      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Reflect
                        in the prospectus any facts or events which, individually
                        or together
                        represent a fundamental change in the information set forth
                        in the
                        registration statement.&#160;&#160;Notwithstanding the foregoing, any
                        increase or decrease in volume of securities offered (if
                        the total dollar
                        value of securities offered would not exceed that which was
                        registered)
                        and any deviation from the low or high end of the estimated
                        maximum
                        offering range may be reflected in the form of prospectus
                        filed with the
                        Commission pursuant to Rule 424(b) if, in the aggregate,
                        the changes in
                        volume and price represent no more than a 20 percent change
                        in the maximum
                        aggregate offering price set forth in the &#8220;Calculation of Registration
                        Fee&#8221; table in the effective registration
                        statement.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><a name="page_ja1282_1_16"><br></a></div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                  <tr valign="top">
                    <td style="WIDTH: 72pt">
                      <div>&#160;</div>
                    </td>
                    <td style="WIDTH: 40pt">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)</font></div>
                    </td>
                    <td>
                      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Include
                        any additional or changed material information with respect
                        to the plan of
                        distribution;</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 40pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">provided,
              however</font>, that
              paragraph&#160;(a)(1)(i)&#160;and (a)(1)(ii)&#160;do not apply if the
              information required to be included in a post-effective amendment by
              those
              paragraphs is contained in periodic reports filed with or furnished
              to the
              Commission by the Registrant pursuant to Sections&#160;13 or 15(d)&#160;of the
              Securities Exchange Act of 1934 that are incorporated by reference
              in the
              registration statement.</font><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; MARGIN-RIGHT: 0pt" align="left">
              <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div id="FTR">
                  <div id="GLFTR" style="WIDTH: 100%" align="left">
                  </div>
                </div>
                <div id="PN" style="PAGE-BREAK-AFTER: always">
                  <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">-
                    5 -</font></font></div>
                  <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    <hr style="COLOR: black" noshade size="1">
                  </div>
                </div>
                <div id="HDR">
                  <div id="GLHDR" style="WIDTH: 100%" align="right">
                  </div>
                </div>
              </div>
            </div>
            <div>&#160;</div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                  <tr valign="top">
                    <td style="WIDTH: 36pt">
                      <div>&#160;</div>
                    </td>
                    <td style="WIDTH: 40pt">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)</font></div>
                    </td>
                    <td>
                      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For
                        determining liability under the Securities Act of 1933, treat
                        each
                        post-effective amendment as a new registration statement
                        of securities
                        offered, and the offering of the securities at that time
                        to be the initial
                        bona fide offering.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div><br></div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                  <tr valign="top">
                    <td style="WIDTH: 36pt">
                      <div>&#160;</div>
                    </td>
                    <td style="WIDTH: 40pt">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3)</font></div>
                    </td>
                    <td>
                      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">File
                        a post-effective amendment to remove from registration any
                        of the
                        securities that remain unsold at the end of the
                        offering.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div><br></div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                  <tr valign="top">
                    <td style="WIDTH: 36pt">
                      <div>&#160;</div>
                    </td>
                    <td style="WIDTH: 40pt">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(4)</font></div>
                    </td>
                    <td>
                      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For
                        determining liability of the undersigned Registrant under
                        the Securities
                        Act to any purchaser in the initial distribution of the securities,
                        the
                        Registrant undertakes that in a primary offering of securities
                        of the
                        Registrant pursuant to this registration statement, regardless
                        of the
                        underwriting method used to sell the securities to the purchaser,
                        if the
                        securities are offered or sold to such purchaser by means
                        of any of the
                        following communications, the Registrant will be a seller
                        to the purchaser
                        and will be considered to offer or sell such securities to
                        such
                        purchaser:</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div><br></div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                  <tr valign="top">
                    <td style="WIDTH: 72pt">
                      <div>&#160;</div>
                    </td>
                    <td style="WIDTH: 40pt">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)</font></div>
                    </td>
                    <td>
                      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any
                        preliminary prospectus or prospectus of the Registrant relating
                        to the
                        offering required to be filed pursuant to Rule
                        424;</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div><br></div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                  <tr valign="top">
                    <td style="WIDTH: 72pt">
                      <div>&#160;</div>
                    </td>
                    <td style="WIDTH: 40pt">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)</font></div>
                    </td>
                    <td>
                      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any
                        free writing prospectus relating to the offering prepared
                        by or on behalf
                        of the Registrant or used or referred to by the
                        Registrant;</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div><br></div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                  <tr valign="top">
                    <td style="WIDTH: 72pt">
                      <div>&#160;</div>
                    </td>
                    <td style="WIDTH: 40pt">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)</font></div>
                    </td>
                    <td>
                      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                        portion of any other free writing prospectus relating to
                        the offering
                        containing material information about the Registrant or its
                        securities
                        provided by or on behalf of the Registrant;
                        and</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div><br></div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                  <tr valign="top">
                    <td style="WIDTH: 72pt">
                      <div>&#160;</div>
                    </td>
                    <td style="WIDTH: 40pt">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iv)</font></div>
                    </td>
                    <td>
                      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any
                        other communication that is an offer in the offering made
                        by the
                        Registrant to the purchaser.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div><br></div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                  <tr valign="top">
                    <td style="WIDTH: 40pt">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font></div>
                    </td>
                    <td>
                      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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 Sections&#160;13(a)&#160;or
                        15(d)&#160;of the Securities Exchange Act of 1934, (and, where applicable,
                        each filing of an employee benefit plan's annual report pursuant to
                        Section&#160;15(d)&#160;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.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div><br></div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                  <tr valign="top">
                    <td style="WIDTH: 40pt">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</font></div>
                    </td>
                    <td>
                      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Insofar
                        as indemnification for liabilities arising under the Securities
                        Act of
                        1933 may be permitted to directors, officers and controlling
                        persons of
                        the Registrant pursuant to the provisions described in Item
                        6, or
                        otherwise, the Registrant has been advised that in the opinion
                        of the
                        Securities and Exchange Commission such indemnification is
                        against public
                        policy as expressed in the Act and is, therefore, unenforceable.
                        In the
                        event that a claim for indemnification against such liabilities
                        (other
                        than the payment by the Registrant of expenses incurred or
                        paid by a
                        director, officer or controlling person of the Registrant
                        in the
                        successful defense of any action, suit or proceeding) is
                        asserted by such
                        director, officer or controlling person in connection with
                        the securities
                        being registered, the Registrant will, unless in the opinion
                        of its
                        counsel the matter has been settled by controlling precedent,
                        submit to a
                        court of appropriate jurisdiction the question whether such
                        indemnification by it is against public policy as expressed
                        in the Act and
                        will be governed by the final adjudication of such
                        issue.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div>&#160;</div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">-
                  6 -</font></font></div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="1">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><a name="page_jc1282_1_17" /><a name="jc1282_signatures" /><a name="toc_jc1282_1">SIGNATURES</a></font></font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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&#160;S-8 and has duly caused this registration statement to be
              signed in its behalf by the undersigned, thereunto duly authorized,
              in the City
              of Littleton, State of Colorado, on this 10<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: super">th</font> day of
              January,
              2008.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td align="left" valign="top" width="34%">
                      <div>&#160;</div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                    </td>
                    <td align="left" valign="top" width="2%">
                      <div>&#160;</div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                    </td>
                    <td align="left" colspan="3" valign="top" width="50%">
                      <div>&#160;</div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">ZYNEX
                        MEDICAL HOLDINGS, INC.</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" valign="top" width="34%">
                      <div>&#160;</div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                    </td>
                    <td align="left" valign="top" width="2%">
                      <div>&#160;</div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                    </td>
                    <td align="left" valign="top" width="4%">
                      <div>&#160;</div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;
                        By:</font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;
                        Name:&#160;</font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;
                        Title: </font></div>
                    </td>
                    <td align="left" valign="top" width="1%">
                      <div>&#160;</div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                    </td>
                    <td align="left" valign="top" width="32%">
                      <div>&#160;</div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/&#160;&#160;FRITZ
                        G. ALLISON </font>
                        <hr style="COLOR: black" align="left" noshade size="2" width="60%">
                      </div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Fritz
                        G. Allison</font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Chief
                        Financial Officer</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div>&#160;</div>
            <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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></div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div>
                <table cellpadding="0" cellspacing="0" width="100%">

                    <tr>
                      <td valign="bottom" width="25%" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                          Signature</font></font></div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                      </td>
                      <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                      </td>
                      <td valign="bottom" width="27%" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                          Title</font></font></div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                      </td>
                      <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                      </td>
                      <td valign="bottom" width="17%" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Date</font></font></div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                      </td>
                    </tr>
                    <tr>
                      <td align="left" valign="bottom" width="25%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/&#160;&#160;THOMAS
                          SANDGAARD</font></font></div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Thomas
                          Sandgaard</font></div>
                      </td>
                      <td align="left" valign="top" width="1%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                      </td>
                      <td align="left" valign="bottom" width="27%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">President,
                          Chief Executive Officer and Director</font></div>
                      </td>
                      <td align="left" valign="top" width="1%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                      </td>
                      <td valign="bottom" width="17%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">January
                          10, 2008</font></div>
                      </td>
                    </tr>
                    <tr>
                      <td align="left" valign="top" width="25%">
                        <div>&#160;</div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/&#160;FRITZ
                          G.
                          ALLISON</font></font></div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Fritz
                          G. Allison</font></div>
                      </td>
                      <td align="left" valign="top" width="1%">
                        <div>&#160;</div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                      </td>
                      <td align="left" valign="top" width="27%">
                        <div>&#160;</div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Chief
                          Financial Officer</font></div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Principal
                          Financial and Accounting Officer)</font></div>
                      </td>
                      <td align="left" valign="top" width="1%">
                        <div>&#160;</div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                      </td>
                      <td valign="bottom" width="17%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">January
                            10, 2008</font></div>
                        </div>
                      </td>
                    </tr>

                </table>
              </div>
              <div><br></div>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><br></div>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div id="FTR">
                    <div id="GLFTR" style="WIDTH: 100%" align="left">
                    </div>
                  </div>
                  <div id="PN" style="PAGE-BREAK-AFTER: always">
                    <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">-
                      7 -</font></font></div>
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      <hr style="COLOR: black" noshade size="1">
                    </div>
                  </div>
                  <div id="HDR">
                    <div id="GLHDR" style="WIDTH: 100%" align="right">
                    </div>
                  </div>
                </div>
              </div>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><br><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">INDEX
                TO EXHIBITS</font></font></div>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                <div>
                  <table cellpadding="0" cellspacing="0" width="100%">

                      <tr>
                        <td align="left" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Exhibit&#160;Number</font></font></div>
                        </td>
                        <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                        </td>
                        <td valign="bottom" width="45%" style="BORDER-BOTTOM: black 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Description</font></font></div>
                        </td>
                      </tr>
                      <tr>
                        <td align="right" valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="top" width="45%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="right" valign="top" width="9%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4.1</font></div>
                        </td>
                        <td align="left" valign="top" width="1%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="45%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Articles
                            of Incorporation of Ibonzi.com, Inc, incorporated by
                            reference to Exhibit
                            3.1 of the Company's Current Report on Form 8-K, filed
                            January 31,
                            2002.</font></div>
                        </td>
                      </tr>
                      <tr bgcolor="#cceeff">
                        <td align="right" valign="top" width="9%">
                          <div>&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4.2</font></div>
                        </td>
                        <td align="left" valign="top" width="1%">
                          <div>&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="45%">
                          <div>&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Articles
                            of Merger of Ibonzi.com, Inc. with and into Ibonzi.com,
                            to effect a
                            migratory merger, incorporated by reference to Exhibit
                            2.1 of the Current
                            Report on Form 8-K, filed January 31, 2002.</font></div>
                        </td>
                      </tr>
                      <tr>
                        <td align="right" valign="top" width="9%">
                          <div>&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4.3</font></div>
                        </td>
                        <td align="left" valign="top" width="1%">
                          <div>&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="45%">
                          <div>&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Amendment
                            to Articles of Incorporation of Ibonzi.com, Inc., changing
                            the Company's
                            name to China Global Development, Inc., by reference
                            to Exhibit 3.2 of the
                            Company's Current Report on Form 8-K, filed January 31,
                            2002.</font></div>
                        </td>
                      </tr>
                      <tr bgcolor="#cceeff">
                        <td align="right" valign="top" width="9%">
                          <div>&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4.4</font></div>
                        </td>
                        <td align="left" valign="top" width="1%">
                          <div>&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="45%">
                          <div>&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Certificate
                            of Correction to Amendment to Articles of Incorporation,
                            incorporated by
                            reference to Exhibit 3.3 of the Company's Current Report
                            on Form 8-K,
                            filed January 31, 2002.</font></div>
                        </td>
                      </tr>
                      <tr>
                        <td align="right" valign="top" width="9%">
                          <div>&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4.5</font></div>
                        </td>
                        <td align="left" valign="top" width="1%">
                          <div>&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="45%">
                          <div>&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Amendment
                            to the Articles of Incorporation, changing the Company's
                            name to Arizona
                            Ventures, Inc. and effecting a 1:10 reverse split of
                            common stock,
                            incorporated by reference to Exhibit 3.5 of the Company's
                            registration
                            statement filed on Form SB-2, filed July 6, 2004.</font></div>
                        </td>
                      </tr>
                      <tr bgcolor="#cceeff">
                        <td align="right" valign="top" width="9%">
                          <div>&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4.6</font></div>
                        </td>
                        <td align="left" valign="top" width="1%">
                          <div>&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="45%">
                          <div>&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Amendment
                            to the Articles of Incorporation, changing the Company's
                            name to Fox River
                            Holdings, Inc., incorporated by reference to Exhibit
                            3.6 of the Company's
                            registration statement filed on Form SB-2, filed July
                            6,
                            2004.</font></div>
                        </td>
                      </tr>
                      <tr>
                        <td align="right" valign="top" width="9%">
                          <div>&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4.7</font></div>
                        </td>
                        <td align="left" valign="top" width="1%">
                          <div>&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="45%">
                          <div>&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Amendment
                            to the Articles of Incorporation, effecting a 1:40 reverse
                            split of common
                            stock, incorporated by reference to Exhibit 3.7 of the
                            Company's
                            registration statement filed on Form SB-2, filed July
                            6,
                            2004.</font></div>
                        </td>
                      </tr>
                      <tr bgcolor="#cceeff">
                        <td align="right" valign="top" width="9%">
                          <div>&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4.8</font></div>
                        </td>
                        <td align="left" valign="top" width="1%">
                          <div>&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="45%">
                          <div>&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Amendment
                            to the Articles of Incorporation, changing the Company's
                            name to Zynex
                            Medical Holdings, Inc., incorporated by reference to
                            Exhibit 3.8 of the
                            Company's registration statement filed on Form SB-2,
                            filed July 6,
                            2004.</font></div>
                        </td>
                      </tr>
                      <tr>
                        <td align="right" valign="top" width="9%">
                          <div>&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4.9</font></div>
                        </td>
                        <td align="left" valign="top" width="1%">
                          <div>&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="45%">
                          <div>&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Bylaws
                            of the Company, incorporated by reference to Exhibit
                            3.4 </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">of
                            the Company's Current Report on Form 8-K, filed January
                            31, </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2002.</font></div>
                        </td>
                      </tr>
                      <tr bgcolor="#cceeff">
                        <td align="right" valign="top" width="9%">
                          <div>&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
                            4.10</font></div>
                        </td>
                        <td align="left" valign="top" width="1%">
                          <div>&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="45%">
                          <div>&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">The
                            2005 Stock Option Plan incorporated by reference to Exhibit
                            10.5 of the
                            Company&#8217;s Annual Report on Form 10-K, filed April 15,
                            2005.</font></div>
                        </td>
                      </tr>
                      <tr>
                        <td align="right" valign="top" width="9%">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
                            4.11</font></div>
                        </td>
                        <td align="left" valign="top" width="1%">
                          <div>&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="45%">
                          <div>&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Form
                            of Stock Option Agreement.</font></div>
                        </td>
                      </tr>
                      <tr bgcolor="#cceeff">
                        <td align="right" valign="top" width="9%">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">5.1</font></div>
                        </td>
                        <td align="left" valign="top" width="1%">
                          <div>&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="45%">
                          <div>&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Opinion
                            of Holland &amp; Hart LLP, as to the legality of the Common Stock offered
                            hereby.</font></div>
                        </td>
                      </tr>
                      <tr>
                        <td align="right" valign="top" width="9%">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">23.1</font></div>
                        </td>
                        <td align="left" valign="top" width="1%">
                          <div>&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="45%">
                          <div>&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Consent
                            of Holland &amp; Hart LLP (included as part of Exhibit&#160;5.1
                            hereto).</font></div>
                        </td>
                      </tr>
                      <tr bgcolor="#cceeff">
                        <td align="right" valign="top" width="9%">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">23.2</font></div>
                        </td>
                        <td align="left" valign="top" width="1%">
                          <div>&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="45%">
                          <div>&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Consent
                            of GHP Horwath, P.C., Independent Registered Public Accounting
                            Firm.</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">-&#160;8
                -</font><br></font>
                <hr style="MARGIN-TOP: -5px; COLOR: #000000" noshade size="1">
                <hr style="MARGIN-TOP: -13px; COLOR: #000000" noshade size="4">
              </div>
            </div>
          </div>
        </div>
      </div>
    </div>
  </body>
</html>
[{"type": "S-8", "sequence": "1", "filename": "zynexs8_11212007.htm", "description": "S-8", "secsgml_size_bytes": 107418}]
{"company-data": {"conformed-name": "ZYNEX MEDICAL HOLDINGS INC", "cik": "0000846475", "assigned-sic": "3845", "irs-number": "870403828", "state-of-incorporation": "NV", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-148594", "film-number": "08524160"}, "business-address": {"street1": "8022 SOUTHPARK CIRCLE", "street2": "SUITE 100,", "city": "LITTLETON", "state": "CO", "zip": "80120", "phone": "(303) 703-4906"}, "mail-address": {"street1": "8022 SOUTHPARK CIRCLE", "street2": "SUITE 100,", "city": "LITTLETON", "state": "CO", "zip": "80120"}, "former-company": [{"former-conformed-name": "ZYNEX MEDICAL HOLDINGS   INC", "date-changed": "20040120"}, {"former-conformed-name": "FOX RIVER HOLDINGS  INC", "date-changed": "20031126"}, {"former-conformed-name": "ARIZONA VENTURES INC", "date-changed": "20030115"}]}
zynexs8_11212007.htm
As
        filed with the Securities and
        Exchange Commission January 10, 2008
Registration
        No.
        333-________
UNITED
      STATES
SECURITIES
      AND EXCHANGE
      COMMISSION
Washington,
      D.C.
      20549
FORM
      S-8
REGISTRATION
      STATEMENT
UNDER
      THE SECURITIES ACT OF
      1933
ZYNEX
      MEDICAL HOLDINGS,
      INC.
(Exact
      Name of Registrant as Specified in Its Charter)
NEVADA
(State
                  or Other Jurisdiction of
Incorporation
                  or Organization)
90-0214497
(I.R.S.
                  Employer
Identification
                  No.)
8022
                  Southpark Circle, Suite
                  100
Littleton,
                  Colorado
                  80120
(303) 703-4906
(Address,
                  Including Zip Code, and Telephone Number
of
                  Registrant's Principal Executive
                  Offices)
2005
        STOCK OPTION
        PLAN
(Full
        Title of the Plan)
Thomas
        Sandgaard
President,
        Chief Executive Officer
        and Treasurer
Zynex
        Medical Holdings,
        Inc.
8022
        Southpark Circle, Suite
        100
Littleton,
        Colorado
        80120
(303) 703-4906
(Name,
        Address and Telephone Number,
Including
        Area Code, of Agent for Service)
Copies
        to:
Amy
        L. Bowler,
        Esq.
Holland
&
Hart
        LLP
8390
        East Crescent Parkway, Suite
        400
Greenwood
        Village, Colorado
        80111
(303)
        290-1086
(303)
        290-1606
        (fax)
CALCULATION
            OF REGISTRATION
            FEE
Title of
                      Securities To
                      Be
Registered
Amount
                      To
                      Be
Registered
(1)
Proposed
                      Maximum
Offering
                      Price Per Share
(2)
Proposed
                      Maximum
Aggregate
                      Offering
                      Price
Amount
                      of
Registration
                      Fee
Common
                      Stock, par value $.001
per
                      share
3,000,000
                      shares
$1.33
$3,990,000
$156.81
(1)
Pursuant
                      to Rule 416 under the Securities Act of 1933, as amended, this
                      Registration Statement shall also cover additional shares of
                      Common Stock
                      which may become issuable to prevent dilution resulting from
                      any stock
                      split, stock dividend, recapitalization or other similar
                      transactions.
(2)
The
                      proposed maximum offering price per share was estimated solely
                      for the
                      purpose of calculating the registration fee in accordance with
                      Rule 457(h) under the Securities Act and is based on the last sale
                      price per share for our Common Stock on the OTC Bulletin Board
                      on January 8, 2008 of $1.33 per
                      share.
-
                2 -
PART
            I
INFORMATION
              REQUIRED IN THE SECTION
              10(a) PROSPECTUS
The
              information required in Part I of this Registration Statement is included
              in the
              prospectus for the 2005 Stock Option Plan, which the Registrant has
              excluded
              from this Registration Statement in accordance with the instructions
              to Form
              S-8.
PART
              II
INFORMATION
              REQUIRED IN THE
              REGISTRATION STATEMENT
Item
              3. Incorporation of Documents by
              Reference.
Zynex
              Medical Holdings, Inc. (the "Company") incorporates herein by reference the
              following documents filed with the Securities and Exchange Commission
              (the
"Commission"):
(1)  The
              Company's Annual Report on Form 10-KSB for the year ended December 31, 2006,
              filed pursuant to Sections 13(a) or 15(d) of the Securities Exchange
              Act of 1934
              (the "Exchange Act"); and
(2)  The
              Company's Quarterly Reports on Form 10-QSB for the quarters ended March 31,
              2007, June 30, 2007 and September 30, 2007.
All
              documents subsequently filed by
              the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the
              Exchange Act, prior to the filing of a post-effective amendment which
              indicates
              that all securities offered hereby have been sold or which deregisters
              all
              securities then remaining unsold, shall be deemed to be incorporated
              by
              reference herein and to be a part hereof from the date of filing of
              such
              documents.
Item
              4.  Description of
              Securities.
The
              following description of our
              capital stock is a summary and is qualified in its entirety by the
              provisions of
              our articles of incorporation, with amendments, all of which have been
              filed as
              exhibits to this registration statement.
Common
              Shares
We
              are authorized to issue up to
              100,000,000 shares of Common Stock, par value $.001. Holders of common
              stock are
              entitled to one vote for each share held of record on all matters to
              be voted on
              by the shareholders.  The holders of common stock are entitled to
              receive dividends ratably, when, as and if declared by the board of
              directors,
              out of funds legally available. In the event of a liquidation, dissolution
              or
              winding-up of us, the holders of common stock are entitled to share
              equally and
              ratably in all assets remaining available for distribution after payment
              of
              liabilities and after provision is made for each class of stock, if
              any, having
              preference over the common stock.  The holders of shares of common
              stock, as such, have no conversion, preemptive, or other subscription
              rights and
              there are no redemption provisions applicable to the common stock.
              All of the
              outstanding shares of common stock are validly issued, fully-paid and
              nonassessable.
-
                  3 -
Preferred
              Shares
We
              are
              authorized to issue up to 10,000,000 shares of preferred stock, par
              value
              $.001.  As of the date of this Registration Statement, there were no
              shares of preferred stock issued and outstanding. The shares of preferred
              stock
              may be issued in series and shall have such voting powers, full or
              limited, or
              no voting powers, and such designations, preferences and relative participating,
              optional or other special rights, and qualifications, limitations or
              restrictions thereof, as shall be stated and expressed in the resolution
              or
              resolutions providing for the issuance of such stock adopted from time
              to time
              by the board of directors.  The board of directors is expressly vested
              with the authority to determine and fix in the resolution or resolutions
              providing for the issuances of preferred stock the voting powers, designations,
              preferences and rights, and the qualifications, limitations or restrictions
              thereof, of each such series to the full extent now or hereafter permitted
              by
              the laws of the State of Nevada. Issuances of preferred stock could
              dilute the
              voting power of common stockholders, adversely affect the voting power
              of common
              stockholders, adversely affect the likelihood that common stockholders
              will
              receive dividend payments on liquidation, and have the effect of delaying
              or
              preventing a change in stockholder and management control.
Our
              articles of incorporation and the Nevada General Corporation Law include
              a
              number of provisions that may have the effect of encouraging persons
              considering
              unsolicited tender offers or other unilateral takeover proposals to
              negotiate
              with our sole director rather than pursue non-negotiated takeover
              attempts.  We believe that the benefits of these provisions outweigh
              the potential disadvantages of discouraging these proposals because,
              among other
              things, negotiation of the proposals might result in an improvement
              of their
              terms. Our articles of incorporation authorize the issuance of preferred
              stock.  The Company's sole director can set and determine the voting,
              redemption, conversion and other rights relating to any series of preferred
              stock.  In some circumstances, the Company could issue preferred stock
              to prevent a merger, tender offer or other takeover attempt, which
              our board of
              directors opposes.
Our
              Bylaws provide, among other things, that in the event we receive a
              takeover
              offer, our Board of Directors shall consider all relevant factors in
              evaluating
              such offer, including, but not limited to, the terms of the offer,
              and the
              potential economic and social impact of such offer on our stockholders,
              employees, customers, creditors and community in which we operate.
Item
              5.  Interested of
              Named Experts and Counsel.
Not
              applicable
Item
              6.  Indemnification of
              Directors and Officers.
The
              Articles of Incorporation and Bylaws of the Company provide for indemnification
              of our directors and certain officers for liabilities and expenses
              that they may
              incur in such capacities. In general, our directors and certain officers
              are
              indemnified with respect to actions taken in good faith and in a manner
              such
              person believed to be in our best interests, and with respect to any
              criminal
              action or proceedings, actions that such person has no reasonable cause
              to
              believe were unlawful. Furthermore, the personal liability of our directors
              is
              limited as provided in our Articles of Incorporation.
The
              General Corporation Law of the State of Nevada generally provides that
              a
              corporation may indemnify any person who was or is a party or is threatened
              to
              be made a party to any threatened, pending or completed action, suit
              or
              proceeding, whether civil, criminal, administrative or investigative,
              except an
              action by or in the right of the corporation, by reason of the fact
              that he is
              or was a director, officer, employee or agent of the corporation, or
              is or was
              serving at the request of the corporation as a director, officer, employee
              or
              agent of another corporation, partnership, joint venture, trust or
              other
              enterprise, against expenses, including attorneys' fees, judgments, fines and
              amounts paid in settlement actually and reasonably incurred by him
              in connection
              with the action, suit or proceeding if he is not liable; or acted in
              good faith
              and in a manner which he reasonably believed to be in or not opposed
              to the best
              interests of the corporation, and, with respect to any criminal action
              or
              proceeding, had no reasonable cause to believe his conduct was
              unlawful.
-
                  4 -
Insofar
              as indemnification for liabilities arising under the Securities Act
              may be
              permitted to directors, officers or persons controlling us pursuant
              to the
              foregoing provisions, we have been informed that in the opinion of
              the
              Securities and Exchange Commission, such indemnification is against
              public
              policy as expressed in the Securities Act and is therefore
              unenforceable.  In the event that a claim for indemnification against
              such liabilities (other than the payment by the registrant of expenses
              incurred
              or paid by a director, officer or controlling person of the Registrant
              in the
              successful defense of any action, suit or proceeding) is asserted by
              such
              director, officer or controlling person in connection with the securities
              being
              registered, we will, unless in the opinion of its counsel the matter
              has been
              settled by controlling precedent, submit to a court of appropriate
              jurisdiction
              the question whether such indemnification by it is against public policy
              as
              expressed in the Securities Act and will be governed by the final adjudication
              of such issue.
Item
              7. Exemption from Registration
              Claimed.
Not
              applicable.
Item
              8. Exhibits.
See
              Index
              to Exhibits attached hereto.
Item
              9.
              Undertakings.
(a)
The
                        undersigned Registrant hereby undertakes that Registrant
                        will:
(1)
File,
                        during any period in which it offers or sells securities,
                        a post-effective
                        amendment to the registration statement
                        to:
(i)
Include
                        any prospectus required by Section 10(a)(3) of the Securities
                        Act of 1933;
(ii)
Reflect
                        in the prospectus any facts or events which, individually
                        or together
                        represent a fundamental change in the information set forth
                        in the
                        registration statement.  Notwithstanding the foregoing, any
                        increase or decrease in volume of securities offered (if
                        the total dollar
                        value of securities offered would not exceed that which was
                        registered)
                        and any deviation from the low or high end of the estimated
                        maximum
                        offering range may be reflected in the form of prospectus
                        filed with the
                        Commission pursuant to Rule 424(b) if, in the aggregate,
                        the changes in
                        volume and price represent no more than a 20 percent change
                        in the maximum
                        aggregate offering price set forth in the "Calculation of Registration
                        Fee" table in the effective registration
                        statement.
(iii)
Include
                        any additional or changed material information with respect
                        to the plan of
                        distribution;
provided,
              however
, that
              paragraph (a)(1)(i) and (a)(1)(ii) do not apply if the
              information required to be included in a post-effective amendment by
              those
              paragraphs is contained in periodic reports filed with or furnished
              to the
              Commission by the Registrant pursuant to Sections 13 or 15(d) of the
              Securities Exchange Act of 1934 that are incorporated by reference
              in the
              registration statement.
-
                    5 -
(2)
For
                        determining liability under the Securities Act of 1933, treat
                        each
                        post-effective amendment as a new registration statement
                        of securities
                        offered, and the offering of the securities at that time
                        to be the initial
                        bona fide offering.
(3)
File
                        a post-effective amendment to remove from registration any
                        of the
                        securities that remain unsold at the end of the
                        offering.
(4)
For
                        determining liability of the undersigned Registrant under
                        the Securities
                        Act to any purchaser in the initial distribution of the securities,
                        the
                        Registrant undertakes that in a primary offering of securities
                        of the
                        Registrant pursuant to this registration statement, regardless
                        of the
                        underwriting method used to sell the securities to the purchaser,
                        if the
                        securities are offered or sold to such purchaser by means
                        of any of the
                        following communications, the Registrant will be a seller
                        to the purchaser
                        and will be considered to offer or sell such securities to
                        such
                        purchaser:
(i)
Any
                        preliminary prospectus or prospectus of the Registrant relating
                        to the
                        offering required to be filed pursuant to Rule
                        424;
(ii)
Any
                        free writing prospectus relating to the offering prepared
                        by or on behalf
                        of the Registrant or used or referred to by the
                        Registrant;
(iii)
The
                        portion of any other free writing prospectus relating to
                        the offering
                        containing material information about the Registrant or its
                        securities
                        provided by or on behalf of the Registrant;
                        and
(iv)
Any
                        other communication that is an offer in the offering made
                        by the
                        Registrant to the purchaser.
(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 Sections 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 may be permitted to directors, officers and controlling
                        persons of
                        the Registrant pursuant to the provisions described in Item
                        6, or
                        otherwise, the Registrant has been advised that in the opinion
                        of the
                        Securities and Exchange Commission such indemnification is
                        against public
                        policy as expressed in the Act and is, therefore, unenforceable.
                        In the
                        event that a claim for indemnification against such liabilities
                        (other
                        than the payment by the Registrant of expenses incurred or
                        paid by a
                        director, officer or controlling person of the Registrant
                        in the
                        successful defense of any action, suit or proceeding) is
                        asserted by such
                        director, officer or controlling person in connection with
                        the securities
                        being registered, the Registrant will, unless in the opinion
                        of its
                        counsel the matter has been settled by controlling precedent,
                        submit to a
                        court of appropriate jurisdiction the question whether such
                        indemnification by it is against public policy as expressed
                        in the Act and
                        will be governed by the final adjudication of such
                        issue.
-
                  6 -
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 in its behalf by the undersigned, thereunto duly authorized,
              in the City
              of Littleton, State of Colorado, on this 10
th
day of
              January,
              2008.
ZYNEX
                        MEDICAL HOLDINGS, INC.
By:
Name:
Title:
/s/  FRITZ
                        G. ALLISON
Fritz
                        G. Allison
Chief
                        Financial Officer
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/  THOMAS
                          SANDGAARD
Thomas
                          Sandgaard
President,
                          Chief Executive Officer and Director
January
                          10, 2008
/s/ FRITZ
                          G.
                          ALLISON
Fritz
                          G. Allison
Chief
                          Financial Officer
(Principal
                          Financial and Accounting Officer)
January
                            10, 2008
-
                      7 -
INDEX
                TO EXHIBITS
Exhibit Number
Description
4.1
Articles
                            of Incorporation of Ibonzi.com, Inc, incorporated by
                            reference to Exhibit
                            3.1 of the Company's Current Report on Form 8-K, filed
                            January 31,
                            2002.
4.2
Articles
                            of Merger of Ibonzi.com, Inc. with and into Ibonzi.com,
                            to effect a
                            migratory merger, incorporated by reference to Exhibit
                            2.1 of the Current
                            Report on Form 8-K, filed January 31, 2002.
4.3
Amendment
                            to Articles of Incorporation of Ibonzi.com, Inc., changing
                            the Company's
                            name to China Global Development, Inc., by reference
                            to Exhibit 3.2 of the
                            Company's Current Report on Form 8-K, filed January 31,
                            2002.
4.4
Certificate
                            of Correction to Amendment to Articles of Incorporation,
                            incorporated by
                            reference to Exhibit 3.3 of the Company's Current Report
                            on Form 8-K,
                            filed January 31, 2002.
4.5
Amendment
                            to the Articles of Incorporation, changing the Company's
                            name to Arizona
                            Ventures, Inc. and effecting a 1:10 reverse split of
                            common stock,
                            incorporated by reference to Exhibit 3.5 of the Company's
                            registration
                            statement filed on Form SB-2, filed July 6, 2004.
4.6
Amendment
                            to the Articles of Incorporation, changing the Company's
                            name to Fox River
                            Holdings, Inc., incorporated by reference to Exhibit
                            3.6 of the Company's
                            registration statement filed on Form SB-2, filed July
                            6,
                            2004.
4.7
Amendment
                            to the Articles of Incorporation, effecting a 1:40 reverse
                            split of common
                            stock, incorporated by reference to Exhibit 3.7 of the
                            Company's
                            registration statement filed on Form SB-2, filed July
                            6,
                            2004.
4.8
Amendment
                            to the Articles of Incorporation, changing the Company's
                            name to Zynex
                            Medical Holdings, Inc., incorporated by reference to
                            Exhibit 3.8 of the
                            Company's registration statement filed on Form SB-2,
                            filed July 6,
                            2004.
4.9
Bylaws
                            of the Company, incorporated by reference to Exhibit
                            3.4
of
                            the Company's Current Report on Form 8-K, filed January
                            31,
2002.
4.10
The
                            2005 Stock Option Plan incorporated by reference to Exhibit
                            10.5 of the
                            Company's Annual Report on Form 10-K, filed April 15,
                            2005.
4.11
Form
                            of Stock Option Agreement.
5.1
Opinion
                            of Holland & Hart LLP, as to the legality of the Common Stock offered
                            hereby.
23.1
Consent
                            of Holland & Hart LLP (included as part of Exhibit 5.1
                            hereto).
23.2
Consent
                            of GHP Horwath, P.C., Independent Registered Public Accounting
                            Firm.
- 8
                -