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  <head>
    <title>FORM S-8 REGISTRATION STATEMENT</title>
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    <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;"><a name="eolPage1">&#160;</a><a name="FIS_TOP_OF_DOCUMENT"/><a name="A07_5355_1S8_HTM"/><a name="FIS_FORM"/><a name="A07_5355_1S8_HTM_SCOTCH">As
      filed with the Securities and
      Exchange Commission on December 3, 2007</a></font></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;">Registration
      No. 333-_______________</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="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;"><strong>SECURITIES
      AND EXCHANGE COMMISSION</strong></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;"><strong>&#160;Washington,
      D.C. 20549</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div><br>&#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;"><strong>FORM
      S-8</strong></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;"><strong>REGISTRATION
      STATEMENT</strong></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;"><strong>UNDER</strong></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;"><strong>THE
      SECURITIES ACT OF 1933</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div><br></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;"><strong>EMTA
      HOLDINGS, INC.</strong></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;">&#160;(Exact
      name of registrant as specified in its charter)</font></div>
    <div><br></div>
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            <td valign="top" width="37%">
              <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;"><strong>&#160;Nevada</strong></font></div>
            </td>
            <td valign="bottom" width="2%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
            </td>
            <td valign="top" width="38%">
              <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;"><strong>41-2145716</strong></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="37%">
              <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</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
                incorporation or organization)</font></div>
            </td>
            <td valign="bottom" width="2%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
            </td>
            <td valign="top" width="38%">
              <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 Identification No.)</font></div>
            </td>
          </tr>

      </table>
    </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="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;"><strong>7430
      E. Butherus, Suite C</strong></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;"><strong>Scottsdale,
      Arizona 85260</strong></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;">&#160;(Address
      of principal executive offices) (Zip Code)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div><br></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;"><strong>EMTA
      HOLDINGS, INC.</strong></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;"><strong>2007
      STOCK INCENTIVE PLAN</strong></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;"><strong>EMPLOYEE
      STOCK PURCHASE PLAN</strong></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;">&#160;(Full
      title of the Plan(s))</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div><br></div>
    </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;"><strong>EDMOND
      L. LONERGAN</strong></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;"><strong>CHIEF
      EXECUTIVE OFFICER AND PRESIDENT</strong></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;"><strong>EMTA
      HOLDINGS, INC.</strong></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;"><strong>7430
      E. Butherus, Suite C</strong></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;"><strong>Scottsdale,
      Arizona 85260</strong></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;">&#160;(Name
      and address 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="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>(480)
      222-6222</strong></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;">&#160;(Telephone
      number, including area code, of agent for service)<a name="FIS_REGISTRATION_FEE"/></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">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
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      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
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    <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="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>CALCULATION
      OF REGISTRATION FEE</strong></font></div>
    <div><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="bottom" width="23%" style="BORDER-TOP: #000000 4.5pt double; 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;"><strong>&#160;Title&#160;of&#160;
                Securities&#160;to&#160;be&#160;Registered</strong></font></div>
            </td>
            <td valign="bottom" width="1%" style="BORDER-TOP: #000000 4.5pt double; 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="11%" style="BORDER-TOP: #000000 4.5pt double; 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;"><strong>Amount&#160;to&#160;be</strong></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;"><strong>Registered&#160;(1)</strong></font></div>
            </td>
            <td valign="bottom" width="1%" style="BORDER-TOP: #000000 4.5pt double; 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="14%" style="BORDER-TOP: #000000 4.5pt double; 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;"><strong>Proposed&#160;Maximum</strong></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;"><strong>Offering&#160;Price&#160;Per</strong></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;"><strong>Share&#160;(2)</strong></font></div>
            </td>
            <td valign="bottom" width="1%" style="BORDER-TOP: #000000 4.5pt double; 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="18%" style="BORDER-TOP: #000000 4.5pt double; 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;"><strong>Proposed&#160;Maximum</strong></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;"><strong>Aggregate&#160;Offering</strong></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;"><strong>Price&#160;(2)</strong></font></div>
            </td>
            <td valign="bottom" width="1%" style="BORDER-TOP: #000000 4.5pt double; 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="11%" style="BORDER-TOP: #000000 4.5pt double; 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;"><strong>Amount&#160;of&#160;</strong></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;"><strong>Registration</strong></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;"><strong>Fee</strong></font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="23%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">2007
                Stock Incentive Plan</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Common
                Stock, $0.001 par value</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid">
              <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;">20,000,000</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="right" valign="bottom" width="14%" style="BORDER-BOTTOM: black 2px solid">
              <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;">$0.15</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="right" valign="bottom" width="18%" style="BORDER-BOTTOM: black 2px solid">
              <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;">$3,000,000</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">$&#160;
                92.10</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="23%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Employee
                Stock Purchase Plan</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Common
                Stock, $0.001 par value</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 10pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 10pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">2,000,000</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 10pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="right" valign="bottom" width="14%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 10pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">$0.15</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 10pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="right" valign="bottom" width="18%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 10pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">$300,000</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 10pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">$&#160;&#160;
                &#160;9.21</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="23%" style="BORDER-BOTTOM: black 4px double">
              <div style="DISPLAY: block; MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double">
              <div style="DISPLAY: block; MARGIN-LEFT: 10pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double">
              <div style="DISPLAY: block; MARGIN-LEFT: 10pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
            </td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double">
              <div style="DISPLAY: block; MARGIN-LEFT: 10pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="right" colspan="3" valign="bottom" width="32%" style="BORDER-BOTTOM: black 4px double">
              <div style="DISPLAY: block; MARGIN-LEFT: 10pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Aggregate
                Registration Fee:</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double">
              <div style="DISPLAY: block; MARGIN-LEFT: 10pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double">
              <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;">$101.31</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top">
            <td style="WIDTH: 22pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(1)</font></div>
            </td>
            <td>
              <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;">This
                Registration Statement shall also cover any additional shares of
                Common
                Stock which become issuable under the EMTA Holdings, Inc. 2007 Stock
                Incentive Plan, and Employee Stock Purchase Plan by reason of any
                stock
                dividend, stock split, recapitalization or other similar transaction
                effected without the Registrant&#8217;s receipt of consideration which results
                in an increase in the number of the outstanding shares of Registrant&#8217;s
                Common Stock.</font></div>
            </td>
          </tr>

      </table>
    </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: 22pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(2)</font></div>
            </td>
            <td>
              <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;">Calculated
                solely for purposes of this offering under Rule 457(h) of the Securities
                Act of 1933, as amended. As to shares under the 2007 Stock Incentive
                Plan
                and the Employee Stock Purchase Plan, the price is based on the average
                of
                the high and low selling price per share of Registrant&#8217;s Common Stock on
                November 28, 2007 as reported by the NASD Over the Counter &#8211; Other
                Bulletin Board Market.</font></div>
            </td>
          </tr>

      </table>
    </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;">2</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="left">&#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;"><strong><a name="eolPage2">PART
      I</a></strong></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="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Information
      Required in the Section 10(a) Prospectus<a name="FIS_PLAN_INFORMATION"/></strong></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">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top">
            <td align="left" style="WIDTH: 40pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
                1.</strong></font></div>
            </td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Plan
                Information</strong></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="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      documents containing the information specified in Part I, Items 1 and 2, will
      be
      delivered to each of the participants in accordance with Form S-8 and Rule
      428
      promulgated under the Securities Act of 1933.<a name="FIS_REGISTRANT_INFORMATION"/></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">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top">
            <td align="left" style="WIDTH: 40pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
                2.</strong></font></div>
            </td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Registrant
                Information and Employee Plan Annual
                Information</strong></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="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      employees participating in the 2007 Stock Incentive Plan and the Employee Stock
      Purchase Plan and recipients of the option grants shall be provided a written
      statement notifying them that upon written or oral request they will be
      provided, without charge, (i) the documents incorporated by reference in Item
      3
      of Part II of the registration statement, and (ii) other documents required
      to
      be delivered pursuant to Rule 428(b). The statement will inform the participants
      that these documents are incorporated by reference in the Section 10(a)
      prospectus directed in writing or orally to the Registrant's CEO at 7430 E.
      Butherus, Suite 3, Scottsdale, AZ 85260, telephone number (480)
      222-6222.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</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;"><strong><a name="FIS_PART_II">PART
      II</a></strong></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;"><strong>Information
      Required in the Registration Statement<a name="FIS_DOCUMENTS_BY_REFERENCE"/></strong></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">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top">
            <td align="left" style="WIDTH: 40pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
                3.</strong></font></div>
            </td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Incorporation
                of Documents by Reference</strong></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: 40pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">EMTA
      Holdings, Inc. (the &#8220;Registrant&#8221;) hereby incorporates by reference into this
      Registration Statement the following documents previously filed with the
      Securities and Exchange Commission (the &#8220;Commission&#8221;):</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">
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

            <tr valign="top">
              <td style="WIDTH: 40pt">
              </td>
              <td align="left" style="WIDTH: 30pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(a)</font></div>
              </td>
              <td align="left">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
                  Registrant&#8217;s Registration Statement No. 333-136583 on Form S-1/A filed
                  with the Commission on November 1, 2006, in which there is described
                  the
                  terms, rights and provisions applicable to the Registrant&#8217;s outstanding
                  Common Stock.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div align="left">&#160;</div>
    </div>
    <div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

              <tr valign="top">
                <td style="WIDTH: 40pt">
                </td>
                <td align="left" style="WIDTH: 30pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(b)</font></div>
                </td>
                <td align="left">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
                    annual report on Form 10-KSB for the year ended March 31, 2007
                    and the
                    Form 10-QSB for the quarter ended September 30, 2007 pursuant
                    to the
                    Section 15(d) of the Securities and Exchange Act of 1934, as
                    amended (the
                    &#8220;1934 Act&#8221;).</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div align="left">&#160;</div>
      </div>
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
            <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                <tr valign="top">
                  <td style="WIDTH: 40pt">
                  </td>
                  <td align="left" style="WIDTH: 30pt">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(c)</font></div>
                  </td>
                  <td align="left">
                    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">All
                      reports filed pursuant to Section 12 of the 1934 Act since
                      the end of the
                      fiscal year covered by the Registrant&#8217;s Annual Report referred to in (b)
                      above; and</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div align="left">&#160;</div>
        </div>
      </div>
    </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;">All
      reports and definitive proxy or information statements filed pursuant to Section
      13(a), 13(c), 14 or 15(d) of the 1934 Act after the date of this Registration
      Statement and prior to the filing of a post-effective amendment which indicates
      that all securities offered hereby have been sold or which de-registers all
      securities then remaining unsold shall be deemed to be incorporated by reference
      into this Registration Statement and to be a part hereof from the date of filing
      of such documents.<a name="FIS_SECURITIES_DESCRIPTION"/></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;">3</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>&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top">
            <td align="left" style="WIDTH: 40pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
                4.</strong></font></div>
            </td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Description
                of Securities</strong></font></div>
            </td>
          </tr>

      </table>
    </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
      following description of our capital stock and provisions of our articles of
      incorporation and bylaws, each as amended, is only a summary. You should also
      refer to the copies of our articles of incorporation and bylaws, which are
      included as exhibits to the Registration Statement of which this prospectus
      forms a part. Our authorized capital stock consists of 250,000,000 shares of
      common stock, par value $0.001 per share and 1,000,000 shares of preferred
      stock. As of November 22, 2007, there were 42,042,770 shares of common stock
      issued and outstanding. No shares of preferred stock were outstanding at that
      date.</font></div>
    <div><br></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;"><strong>Common
      Stock</strong></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;">We
      are
      authorized to issue 250,000,000 shares of common stock of which as of November
      22, 2007, 42,042,770&#160;shares are issued and outstanding. Holders of our
      common stock are entitled to one vote for each share held on all matters
      submitted to a vote of our stockholders. Holders of our common stock are
      entitled to receive dividends ratably, if any, as may be declared by the board
      of directors out of legally available funds, subject to any preferential
      dividend rights of any outstanding preferred stock. Upon our liquidation,
      dissolution or winding up, the holders of our common stock are entitled to
      receive ratably our net assets available after the payment of all debts and
      other liabilities and subject to the prior rights of any outstanding preferred
      stock. Holders of our common stock have no preemptive, subscription, redemption
      or conversion rights. The outstanding shares of common stock are fully paid
      and
      nonassessable. The rights, preferences and privileges of holders of our common
      stock are subject to, and may be adversely affected by, the rights of holders
      of
      shares of any series of preferred stock which we may designate and issue in
      the
      future without further stockholder approval.</font></div>
    <div><br></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;"><strong>Preferred
      Stock</strong></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
      board
      of directors is authorized without further stockholder approval, to issue from
      time to time up to a total of 1,000,000 shares of preferred stock in one or
      more
      series and to fix or alter the designations, preferences, rights and any
      qualifications, limitations or restrictions of the shares of each series,
      including the dividend rights, dividend rates, conversion rights, voting rights,
      term of redemption, redemption price or prices, liquidation preferences and
      the
      number of shares constituting any series or designations of these series without
      further vote or action by the stockholders. The issuance of preferred stock
      may
      have the effect of delaying, deferring or preventing a change in control of
      our
      management without further action by the stockholders and may adversely affect
      the voting and other rights of the holders of common stock. The issuance of
      preferred stock with voting and conversion rights may adversely affect the
      voting power of the holders of common stock, including the loss of voting
      control to others. Currently, there are no shares of preferred stock outstanding
      and we have no present plans to issue any shares of preferred
      stock.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><a name="FIS_TRANSFER_AGENT"><br></a></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;"><strong>Transfer
      Agent and Registrar</strong></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
      transfer agent and registrar for our common stock is Island Stock Transfer
      (a
      division of Island Capital Management, L.L.C.), 100 Second Avenue South 300N,
      St. Petersburg, FL 33701, Phone: 727-289-0010.</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;">4</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">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top">
            <td align="left" style="WIDTH: 40pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
                5.</strong></font></div>
            </td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Interests
                of Named Experts and
                Counsel</strong></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: 40pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>Legal
      Opinion</u>. &#160; The validity of the shares of Common Stock to be offered
      hereunder has been passed upon for the Registrant by Michael K. Hair, P.C.&#160;
As of November 28, 2007, no attorneys of Michael Hair, P.C. (directly and
      indirectly) owned any shares of the Common Stock of the Registrant.<a name="FIS_INDEMNIFICATION"/></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">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top">
            <td align="left" style="WIDTH: 40pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
                6.</strong></font></div>
            </td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Indemnification
                of Directors and Officers</strong></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: 40pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Nevada
      law expressly authorizes a Nevada corporation to indemnify its directors,
      officers, employees, and agents against liabilities arising out of such persons'
      conduct as directors, officers, employees, or agents if they acted in good
      faith, in a manner they reasonably believed to be in or not opposed to the
      best
      interests of the company, and, in the case of criminal proceedings, if they
      had
      no reasonable cause to believe their conduct was unlawful. Generally,
      indemnification for such persons is mandatory if such person was successful,
      on
      the merits or otherwise, in the defense of any such proceeding, or in the
      defense of any claim, issue, or matter in the proceeding. In addition, as
      provided in the articles of incorporation, bylaws, or an agreement, the
      corporation may pay for or reimburse the reasonable expenses incurred by such
      a
      person who is a party to a proceeding in advance of final disposition if such
      person furnishes to the corporation an undertaking to repay such expenses if
      it
      is ultimately determined that he did not meet the requirements. In order to
      provide indemnification, unless ordered by a court, the corporation must
      determine that the person meets the requirements for indemnification. Such
      determination must be made by a majority of disinterested directors; by
      independent legal counsel; or by a majority of the shareholders.</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;">Article
      18 of the Articles of Incorporation of the Registrant provides that the
      corporation shall indemnify its directors, officers, and agents to the full
      extent permitted by the laws of the State of Nevada.</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;">Pursuant
      to the terms of the Registrant's employment agreements with Messrs Lonergan
      and
      Marshall, its President and CFO, respectively, the Registrant has agreed to
      indemnify each party if he is made a party, or is threatened to be made a party,
      to any action, suit or proceeding, whether civil, criminal, administrative,
      or
      investigative, by reason of the fact that he is or was a director, officer
      or
      employee of the Registrant, or is, or was, serving at the Registrant's request
      as a director, officer, member, employee or agent of another corporation,
      partnership, limited liability company, joint venture, trust or other
      enterprise. The Registrant has also agreed to advance all reasonable costs
      and
      expenses incurred by either party in connection with any such proceeding,
      provided that the party undertakes to repay the amount of such advance if it
      is
      ultimately determined that he was not entitled to be indemnified against the
      costs and expenses.</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;">Insofar
      as indemnification for liabilities arising under the Securities Act of 1933
      (the
      "Act") may be permitted to directors, officers and controlling persons of the
      Registrant pursuant to the foregoing provisions, or otherwise, the Registrant
      has been advised that in the opinion of the Securities and Exchange Commission,
      such indemnification is against public policy as expressed in the Act and is,
      therefore, unenforceable.</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;">5</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>&#160;</div>
    </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;">In
      the
      event that a claim for indemnification against such liabilities (other than
      the
      payment by the Registrant of expenses incurred or paid by a director, officer
      or
      controlling person of the Registrant in the successful defense of any action,
      suit or proceeding) is asserted by such director, officer or controlling person
      in connection with the securities being registered, the Registrant will, unless
      in the opinion of its counsel the matter has been settled by controlling
      precedent, submit to a court of appropriate jurisdiction the question whether
      such indemnification by it is against public policy as expressed in the
      Securities Act and will be governed by the final adjudication of such issue.<a name="FIS_EXEMPTION_FROM_REGISTRATION"/><a name="eolPage3"/></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">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top">
            <td align="left" style="WIDTH: 40pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
                7.</strong></font></div>
            </td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Exemption
                from Registration Claimed</strong></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: 40pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Not
      applicable.<a name="FIS_EXHIBITS"/></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">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top">
            <td align="left" style="WIDTH: 40pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
                8.</strong></font></div>
            </td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Exhibits</strong><a name="FIS_UNIDENTIFIED_TABLE_2"/></font></div>
            </td>
          </tr>

      </table>
    </div><a name="FIS_UNIDENTIFIED_TABLE_2"/>
    <div><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr style="LINE-HEIGHT: 1.25;">
            <td align="left" valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Number</strong></font></div>
            </td>
            <td valign="bottom" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
            </td>
            <td valign="bottom" width="73%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Exhibit</strong></font></div>
            </td>
          </tr>
          <tr style="LINE-HEIGHT: 1.25;">
            <td align="left" valign="top" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="left" valign="top" width="3%">
              <div align="left">&#160;</div>
            </td>
            <td align="left" valign="top" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
          </tr>
          <tr bgcolor="#cceeff" style="LINE-HEIGHT: 1.25;">
            <td align="left" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; 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="3%">
              <div align="left">&#160;</div>
            </td>
            <td align="left" valign="bottom" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">EMTA
                Holdings, Inc. 2007 Stock Incentive Plan</font></div>
            </td>
          </tr>
          <tr style="LINE-HEIGHT: 1.25;">
            <td align="left" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">4.2</font></div>
            </td>
            <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="bottom" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">EMTA
                Holdings, Inc. Employee Stock Purchase Plan&#160;</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff" style="LINE-HEIGHT: 1.25;">
            <td align="left" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">5</font></div>
            </td>
            <td align="left" valign="top" width="3%">
              <div align="left">&#160;</div>
            </td>
            <td align="left" valign="bottom" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Opinion
                and consent of Michael K. Hair, P.C.</font></div>
            </td>
          </tr>
          <tr style="LINE-HEIGHT: 1.25;">
            <td align="left" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; 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="3%">
              <div align="left">&#160;</div>
            </td>
            <td align="left" valign="bottom" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Consent
                of Semple, Marchal &amp; Cooper, LLP, Independent Registered Public
                Accounting Firm</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; 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="3%">
              <div align="left">&#160;</div>
            </td>
            <td align="left" valign="bottom" width="73%">
              <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 Michael K. Hair, P.C. is contained in Exhibit
                5</font></div>
            </td>
          </tr>

      </table>
    </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="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top">
            <td align="left" style="WIDTH: 40pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
                9.</strong></font></div>
            </td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Undertakings</strong></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: 40pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">A.&#160;&#160;&#160;&#160;
      The undersigned Registrant hereby undertakes:&#160; (1) to file, during any
      period in which offers or sales are being made, a post-effective amendment
      to
      this Registration Statement (i) to include any prospectus required by Section
      10(a)(3) of the Securities Act of 1933 Act, as amended (the &#8220;1933 Act&#8221;), (ii) to
      reflect in the prospectus any facts or events arising after the effective date
      of this Registration Statement (or the most recent post-effective amendment
      thereof) which, individually or in the aggregate, represent a fundamental change
      in the information set forth in this Registration Statement and (iii) to include
      any material information with respect to the plan of distribution not previously
      disclosed in this Registration Statement or any material change to such
      information in this Registration Statement; provided, however, that clauses
      (1)(i) and (1)(ii) shall not apply if the information required to be included
      in
      a post-effective amendment by those clauses is contained in periodic reports
      filed with or furnished to the Commission by the Registrant pursuant to Section
      13 or Section 15(d) of the 1934 Act that are incorporated by reference into
      this
      Registration Statement; (2) that for the purpose of determining any liability
      under the 1933 Act each such post-effective amendment 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; and (3) to remove from registration by means of a
      post-effective amendment any of the securities being registered which remain
      unsold at the termination of the Registrant&#8217;s 2007 Stock Incentive Plan, and
      Employee Stock Purchase Plan.</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;">6</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>&#160;</div>
    </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;">B.&#160;&#160;&#160;&#160;
      The undersigned Registrant hereby undertakes that, for purposes of determining
      any liability under the 1933 Act, each filing of the Registrant&#8217;s annual report
      pursuant to Section 13(a) or Section 15(d) of the 1934 Act that is incorporated
      by reference into this 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>
    <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;">C.&#160;&#160;&#160;&#160;
      Insofar as indemnification for liabilities arising under the 1933 Act may be
      permitted to directors, officers, or controlling persons of the Registrant
      pursuant to the indemnification provisions summarized in Item 6 or otherwise,
      the Registrant has been advised that, in the opinion of the Commission, such
      indemnification is against public policy as expressed in the 1933 Act, and
      is,
      therefore, unenforceable.</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;">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 1933
      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 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;">7</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">
      <div><a name="FIS_SIGNATURES"/>&#160;</div>
    </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;"><strong>SIGNATURES</strong></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;">Pursuant
      to the requirements of the Securities Act of 1933, as amended, the Registrant
      certifies that it has reasonable grounds to believe that it meets all of the
      requirements for filing on Form S-8, and has duly caused this Registration
      Statement to be signed on its behalf by the undersigned, thereunto duly
      authorized, in the City of Scottsdale, State of Arizona on this 30th&#160;day of
      November, 2007.</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">
      <table border="0" cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="top" width="50%" style="BORDER-TOP: medium none; BORDER-LEFT: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
            <td colspan="2" valign="top" width="38%" style="BORDER-TOP: medium none">
              <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;"><strong>EMTA
                HOLDINGS, INC.</strong></font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-RIGHT: medium none; BORDER-TOP: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="50%" style="BORDER-LEFT: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
            <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
            <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
            <td valign="top" width="12%" style="BORDER-RIGHT: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="50%" style="BORDER-LEFT: medium none; BORDER-BOTTOM: #ffffff solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td valign="top" width="3%" style="BORDER-BOTTOM: #ffffff solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">By:
                </font></div>
            </td>
            <td align="left" nowrap valign="top" width="35%" style="BORDER-BOTTOM: gray 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">/s/&#160;Edmond
              L. Lonergan</font></td>
            <td valign="top" width="12%" style="BORDER-RIGHT: medium none; BORDER-BOTTOM: #ffffff solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="50%" style="BORDER-LEFT: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
            <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
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          <tr>
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            <td valign="top" width="35%" style="BORDER-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
            <td valign="top" width="12%" style="BORDER-RIGHT: medium none; BORDER-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font></td>
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      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    <div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Pursuant
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        has been signed by the following persons in the capacities and on the dates
        indicated.</font></div>
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    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="bottom" width="30%" style="BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: black 2px solid">
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
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            <td valign="bottom" width="40%" style="BORDER-TOP: medium none; BORDER-BOTTOM: black 2px solid">
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
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          </tr>
          <tr>
            <td align="left" valign="top" width="30%" style="BORDER-LEFT: medium none">
              <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 align="left">&#160;</div>
            </td>
            <td align="left" valign="top" width="40%">
              <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 align="left">&#160;</div>
            </td>
            <td align="left" valign="top" width="20%" style="BORDER-RIGHT: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="30%" style="BORDER-LEFT: medium none; BORDER-BOTTOM: gray 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;">/s/
                Edmond L. Lonergan</font></div>
            </td>
            <td align="left" valign="top" width="2%">
              <div align="left">&#160;</div>
            </td>
            <td align="left" valign="bottom" width="40%">
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            </td>
            <td align="left" valign="top" width="2%">
              <div align="left">&#160;</div>
            </td>
            <td align="left" valign="bottom" width="20%" style="BORDER-RIGHT: medium none">
              <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;">November
                30, 2007</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="30%" style="BORDER-LEFT: medium none">
              <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;">Edmond,
                L. Lonergan</font></div>
            </td>
            <td align="left" valign="top" width="2%">
              <div align="left">&#160;</div>
            </td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="2%">
              <div align="left">&#160;</div>
            </td>
            <td align="left" valign="top" width="20%" style="BORDER-RIGHT: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="30%" style="BORDER-LEFT: medium none">
              <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 align="left">&#160;</div>
            </td>
            <td align="left" valign="top" width="40%">
              <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 align="left">&#160;</div>
            </td>
            <td align="left" valign="top" width="20%" style="BORDER-RIGHT: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="30%" style="BORDER-LEFT: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="bottom" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="bottom" width="20%" style="BORDER-RIGHT: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="30%" style="BORDER-LEFT: medium none; BORDER-BOTTOM: gray 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;">/s/
                James C. Marshall</font></div>
            </td>
            <td align="left" valign="top" width="2%">
              <div align="left">&#160;</div>
            </td>
            <td align="left" valign="bottom" width="40%">
              <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 and Director (Principal Accounting
                Officer)</font></div>
            </td>
            <td align="left" valign="top" width="2%">
              <div align="left">&#160;</div>
            </td>
            <td align="left" valign="bottom" width="20%" style="BORDER-RIGHT: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                <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;">November
                  30, 2007</font></div>
              </div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="30%" style="BORDER-LEFT: medium none">
              <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;">James
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            </td>
            <td align="left" valign="top" width="2%">
              <div align="left">&#160;</div>
            </td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="2%">
              <div align="left">&#160;</div>
            </td>
            <td align="left" valign="top" width="20%" style="BORDER-RIGHT: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="30%" style="BORDER-LEFT: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="20%" style="BORDER-RIGHT: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="30%" style="BORDER-LEFT: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="bottom" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="bottom" width="20%" style="BORDER-RIGHT: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="30%" style="BORDER-LEFT: medium none; BORDER-BOTTOM: gray 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;">/s/
                Kenneth L. Bennett</font></div>
            </td>
            <td align="left" valign="top" width="2%" style="PADDING-BOTTOM: 2px">
              <div align="left">&#160;</div>
            </td>
            <td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 2px">
              <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;">VP
                Distribution Operations and </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Director</font></div>
            </td>
            <td align="left" valign="top" width="2%" style="PADDING-BOTTOM: 2px">
              <div align="left">&#160;</div>
            </td>
            <td align="left" valign="bottom" width="20%" style="BORDER-RIGHT: medium none; PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                <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;">November
                  30, 2007</font></div>
              </div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="30%" style="BORDER-LEFT: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Kenneth
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            <td align="left" valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="20%" style="BORDER-RIGHT: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="30%" style="BORDER-LEFT: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="20%" style="BORDER-RIGHT: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="30%" style="BORDER-LEFT: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="bottom" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="bottom" width="20%" style="BORDER-RIGHT: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="30%" style="BORDER-LEFT: medium none; BORDER-BOTTOM: gray 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                <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/
                  Ed Miller</font></div>
              </div>
            </td>
            <td align="left" valign="top" width="2%">
              <div align="left">&#160;</div>
            </td>
            <td align="left" valign="bottom" width="40%">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Director</font></div>
            </td>
            <td align="left" valign="top" width="2%">
              <div align="left">&#160;</div>
            </td>
            <td align="left" valign="bottom" width="20%" style="BORDER-RIGHT: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                <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;">November
                  30, 2007</font></div>
              </div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="30%" style="BORDER-LEFT: medium none">
              <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;">Ed
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            </td>
            <td align="left" valign="top" width="2%">
              <div align="left">&#160;</div>
            </td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="2%">
              <div align="left">&#160;</div>
            </td>
            <td align="left" valign="top" width="20%" style="BORDER-RIGHT: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="30%" style="BORDER-LEFT: medium none">
              <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 align="left">&#160;</div>
            </td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="2%">
              <div align="left">&#160;</div>
            </td>
            <td align="left" valign="top" width="20%" style="BORDER-RIGHT: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="30%" style="BORDER-LEFT: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="bottom" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="bottom" width="20%" style="BORDER-RIGHT: medium none"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
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          <tr>
            <td align="left" valign="bottom" width="30%" style="BORDER-LEFT: medium none; BORDER-BOTTOM: gray 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;">/s/
                Pat Choate</font></div>
            </td>
            <td align="left" valign="top" width="2%">
              <div align="left">&#160;</div>
            </td>
            <td align="left" valign="bottom" width="40%">
              <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;">Director</font></div>
            </td>
            <td align="left" valign="top" width="2%">
              <div align="left">&#160;</div>
            </td>
            <td align="left" valign="bottom" width="20%" style="BORDER-RIGHT: medium none">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                <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;">November
                  30, 2007</font></div>
              </div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="30%" style="BORDER-LEFT: medium none; BORDER-BOTTOM: 4px">
              <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;">Pat
                Choate</font></div>
            </td>
            <td align="left" valign="top" width="2%" style="BORDER-BOTTOM: 4px">
              <div align="left">&#160;</div>
            </td>
            <td valign="top" width="40%" style="BORDER-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="top" width="2%" style="BORDER-BOTTOM: 4px">
              <div align="left">&#160;</div>
            </td>
            <td align="left" valign="top" width="20%" style="BORDER-RIGHT: medium none; BORDER-BOTTOM: 4px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
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                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                  </td>
                  <td valign="bottom" width="73%" style="BORDER-BOTTOM: black 2px solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Exhibit</strong></font></div>
                  </td>
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                  <td align="left" valign="top" width="7%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                  </td>
                  <td align="left" valign="top" width="3%">
                    <div align="left">&#160;</div>
                  </td>
                  <td align="left" valign="top" width="73%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                  </td>
                </tr>
                <tr bgcolor="#cceeff" style="LINE-HEIGHT: 1.25;">
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                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">4.1</font></div>
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                  <td align="left" valign="top" width="3%">
                    <div align="left">&#160;</div>
                  </td>
                  <td align="left" valign="bottom" width="73%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">EMTA
                      Holdings, Inc. 2007 Stock Incentive Plan</font></div>
                  </td>
                </tr>
                <tr style="LINE-HEIGHT: 1.25;">
                  <td align="left" valign="bottom" width="7%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">4.2</font></div>
                  </td>
                  <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                  <td align="left" valign="bottom" width="73%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">EMTA
                      Holdings, Inc. Employee Stock Purchase Plan&#160;</font></div>
                  </td>
                </tr>
                <tr bgcolor="#cceeff" style="LINE-HEIGHT: 1.25;">
                  <td align="left" valign="bottom" width="7%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">5</font></div>
                  </td>
                  <td align="left" valign="top" width="3%">
                    <div align="left">&#160;</div>
                  </td>
                  <td align="left" valign="bottom" width="73%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Opinion
                      and consent of Michael K. Hair, P.C.</font></div>
                  </td>
                </tr>
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                  </td>
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                    <div align="left">&#160;</div>
                  </td>
                  <td align="left" valign="bottom" width="73%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Consent
                      of Semple, Marchal &amp; Cooper, LLP, Independent Registered Public
                      Accounting Firm</font></div>
                  </td>
                </tr>
                <tr bgcolor="#cceeff">
                  <td align="left" valign="bottom" width="7%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">23.2</font></div>
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                    <div align="left">&#160;</div>
                  </td>
                  <td align="left" valign="bottom" width="73%">
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                      of Michael K. Hair, P.C. is contained in Exhibit
                      5</font></div>
                  </td>
                </tr>

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[{"type": "S-8", "sequence": "1", "filename": "p1114_s-8.htm", "description": "FORM S-8 REGISTRATION STATEMENT", "secsgml_size_bytes": 107074}]
{"company-data": {"conformed-name": "EMTA Holdings, Inc.", "cik": "0001372533", "assigned-sic": "2911", "irs-number": "721782324", "state-of-incorporation": "NV", "fiscal-year-end": "0331"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-147773", "film-number": "071280176"}, "business-address": {"street1": "7430 E BUTHERUS DRIVE", "street2": "SUITE C", "city": "SCOTSDALE", "state": "AZ", "zip": "85260", "phone": "480 222 6222"}, "mail-address": {"street1": "7430 E BUTHERUS DRIVE", "street2": "SUITE C", "city": "SCOTSDALE", "state": "AZ", "zip": "85260"}, "former-company": {"former-conformed-name": "EMTA HOLDING", "date-changed": "20060811"}}
FORM S-8 REGISTRATION STATEMENT
As
      filed with the Securities and
      Exchange Commission on December 3, 2007
Registration
      No. 333-_______________
SECURITIES
      AND EXCHANGE COMMISSION
Washington,
      D.C. 20549
FORM
      S-8
REGISTRATION
      STATEMENT
UNDER
THE
      SECURITIES ACT OF 1933
EMTA
      HOLDINGS, INC.
(Exact
      name of registrant as specified in its charter)
Nevada
41-2145716
(State
                or other jurisdiction
of
                incorporation or organization)
(I.R.S.
                Employer Identification No.)
7430
      E. Butherus, Suite C
Scottsdale,
      Arizona 85260
(Address
      of principal executive offices) (Zip Code)
EMTA
      HOLDINGS, INC.
2007
      STOCK INCENTIVE PLAN
EMPLOYEE
      STOCK PURCHASE PLAN
(Full
      title of the Plan(s))
EDMOND
      L. LONERGAN
CHIEF
      EXECUTIVE OFFICER AND PRESIDENT
EMTA
      HOLDINGS, INC.
7430
      E. Butherus, Suite C
Scottsdale,
      Arizona 85260
(Name
      and address of agent for service)
(480)
      222-6222
(Telephone
      number, including area code, of agent for service)
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 (2)
Amount of
Registration
Fee
2007
                Stock Incentive Plan
Common
                Stock, $0.001 par value
20,000,000
$0.15
$3,000,000
$ 
                92.10
Employee
                Stock Purchase Plan
Common
                Stock, $0.001 par value
2,000,000
$0.15
$300,000
$  
                 9.21
Aggregate
                Registration Fee:
$101.31
(1)
This
                Registration Statement shall also cover any additional shares of
                Common
                Stock which become issuable under the EMTA Holdings, Inc. 2007 Stock
                Incentive Plan, and Employee Stock Purchase Plan by reason of any
                stock
                dividend, stock split, recapitalization or other similar transaction
                effected without the Registrant's receipt of consideration which results
                in an increase in the number of the outstanding shares of Registrant's
                Common Stock.
(2)
Calculated
                solely for purposes of this offering under Rule 457(h) of the Securities
                Act of 1933, as amended. As to shares under the 2007 Stock Incentive
                Plan
                and the Employee Stock Purchase Plan, the price is based on the average
                of
                the high and low selling price per share of Registrant's Common Stock on
                November 28, 2007 as reported by the NASD Over the Counter – Other
                Bulletin Board Market.
2
PART
      I
Information
      Required in the Section 10(a) Prospectus
Item
                1.
Plan
                Information
The
      documents containing the information specified in Part I, Items 1 and 2, will
      be
      delivered to each of the participants in accordance with Form S-8 and Rule
      428
      promulgated under the Securities Act of 1933.
Item
                2.
Registrant
                Information and Employee Plan Annual
                Information
The
      employees participating in the 2007 Stock Incentive Plan and the Employee Stock
      Purchase Plan and recipients of the option grants shall be provided a written
      statement notifying them that upon written or oral request they will be
      provided, without charge, (i) the documents incorporated by reference in Item
      3
      of Part II of the registration statement, and (ii) other documents required
      to
      be delivered pursuant to Rule 428(b). The statement will inform the participants
      that these documents are incorporated by reference in the Section 10(a)
      prospectus directed in writing or orally to the Registrant's CEO at 7430 E.
      Butherus, Suite 3, Scottsdale, AZ 85260, telephone number (480)
      222-6222.
PART
      II
Information
      Required in the Registration Statement
Item
                3.
Incorporation
                of Documents by Reference
EMTA
      Holdings, Inc. (the "Registrant") hereby incorporates by reference into this
      Registration Statement the following documents previously filed with the
      Securities and Exchange Commission (the "Commission"):
(a)
The
                  Registrant's Registration Statement No. 333-136583 on Form S-1/A filed
                  with the Commission on November 1, 2006, in which there is described
                  the
                  terms, rights and provisions applicable to the Registrant's outstanding
                  Common Stock.
(b)
The
                    annual report on Form 10-KSB for the year ended March 31, 2007
                    and the
                    Form 10-QSB for the quarter ended September 30, 2007 pursuant
                    to the
                    Section 15(d) of the Securities and Exchange Act of 1934, as
                    amended (the
                    "1934 Act").
(c)
All
                      reports filed pursuant to Section 12 of the 1934 Act since
                      the end of the
                      fiscal year covered by the Registrant's Annual Report referred to in (b)
                      above; and
All
      reports and definitive proxy or information statements filed pursuant to Section
      13(a), 13(c), 14 or 15(d) of the 1934 Act after the date of this Registration
      Statement and prior to the filing of a post-effective amendment which indicates
      that all securities offered hereby have been sold or which de-registers all
      securities then remaining unsold shall be deemed to be incorporated by reference
      into this Registration Statement and to be a part hereof from the date of filing
      of such documents.
3
Item
                4.
Description
                of Securities
The
      following description of our capital stock and provisions of our articles of
      incorporation and bylaws, each as amended, is only a summary. You should also
      refer to the copies of our articles of incorporation and bylaws, which are
      included as exhibits to the Registration Statement of which this prospectus
      forms a part. Our authorized capital stock consists of 250,000,000 shares of
      common stock, par value $0.001 per share and 1,000,000 shares of preferred
      stock. As of November 22, 2007, there were 42,042,770 shares of common stock
      issued and outstanding. No shares of preferred stock were outstanding at that
      date.
Common
      Stock
We
      are
      authorized to issue 250,000,000 shares of common stock of which as of November
      22, 2007, 42,042,770 shares are issued and outstanding. Holders of our
      common stock are entitled to one vote for each share held on all matters
      submitted to a vote of our stockholders. Holders of our common stock are
      entitled to receive dividends ratably, if any, as may be declared by the board
      of directors out of legally available funds, subject to any preferential
      dividend rights of any outstanding preferred stock. Upon our liquidation,
      dissolution or winding up, the holders of our common stock are entitled to
      receive ratably our net assets available after the payment of all debts and
      other liabilities and subject to the prior rights of any outstanding preferred
      stock. Holders of our common stock have no preemptive, subscription, redemption
      or conversion rights. The outstanding shares of common stock are fully paid
      and
      nonassessable. The rights, preferences and privileges of holders of our common
      stock are subject to, and may be adversely affected by, the rights of holders
      of
      shares of any series of preferred stock which we may designate and issue in
      the
      future without further stockholder approval.
Preferred
      Stock
Our
      board
      of directors is authorized without further stockholder approval, to issue from
      time to time up to a total of 1,000,000 shares of preferred stock in one or
      more
      series and to fix or alter the designations, preferences, rights and any
      qualifications, limitations or restrictions of the shares of each series,
      including the dividend rights, dividend rates, conversion rights, voting rights,
      term of redemption, redemption price or prices, liquidation preferences and
      the
      number of shares constituting any series or designations of these series without
      further vote or action by the stockholders. The issuance of preferred stock
      may
      have the effect of delaying, deferring or preventing a change in control of
      our
      management without further action by the stockholders and may adversely affect
      the voting and other rights of the holders of common stock. The issuance of
      preferred stock with voting and conversion rights may adversely affect the
      voting power of the holders of common stock, including the loss of voting
      control to others. Currently, there are no shares of preferred stock outstanding
      and we have no present plans to issue any shares of preferred
      stock.
Transfer
      Agent and Registrar
The
      transfer agent and registrar for our common stock is Island Stock Transfer
      (a
      division of Island Capital Management, L.L.C.), 100 Second Avenue South 300N,
      St. Petersburg, FL 33701, Phone: 727-289-0010.
4
Item
                5.
Interests
                of Named Experts and
                Counsel
Legal
      Opinion
.   The validity of the shares of Common Stock to be offered
      hereunder has been passed upon for the Registrant by Michael K. Hair, P.C. 
As of November 28, 2007, no attorneys of Michael Hair, P.C. (directly and
      indirectly) owned any shares of the Common Stock of the Registrant.
Item
                6.
Indemnification
                of Directors and Officers
Nevada
      law expressly authorizes a Nevada corporation to indemnify its directors,
      officers, employees, and agents against liabilities arising out of such persons'
      conduct as directors, officers, employees, or agents if they acted in good
      faith, in a manner they reasonably believed to be in or not opposed to the
      best
      interests of the company, and, in the case of criminal proceedings, if they
      had
      no reasonable cause to believe their conduct was unlawful. Generally,
      indemnification for such persons is mandatory if such person was successful,
      on
      the merits or otherwise, in the defense of any such proceeding, or in the
      defense of any claim, issue, or matter in the proceeding. In addition, as
      provided in the articles of incorporation, bylaws, or an agreement, the
      corporation may pay for or reimburse the reasonable expenses incurred by such
      a
      person who is a party to a proceeding in advance of final disposition if such
      person furnishes to the corporation an undertaking to repay such expenses if
      it
      is ultimately determined that he did not meet the requirements. In order to
      provide indemnification, unless ordered by a court, the corporation must
      determine that the person meets the requirements for indemnification. Such
      determination must be made by a majority of disinterested directors; by
      independent legal counsel; or by a majority of the shareholders.
Article
      18 of the Articles of Incorporation of the Registrant provides that the
      corporation shall indemnify its directors, officers, and agents to the full
      extent permitted by the laws of the State of Nevada.
Pursuant
      to the terms of the Registrant's employment agreements with Messrs Lonergan
      and
      Marshall, its President and CFO, respectively, the Registrant has agreed to
      indemnify each party if he is made a party, or is threatened to be made a party,
      to any action, suit or proceeding, whether civil, criminal, administrative,
      or
      investigative, by reason of the fact that he is or was a director, officer
      or
      employee of the Registrant, or is, or was, serving at the Registrant's request
      as a director, officer, member, employee or agent of another corporation,
      partnership, limited liability company, joint venture, trust or other
      enterprise. The Registrant has also agreed to advance all reasonable costs
      and
      expenses incurred by either party in connection with any such proceeding,
      provided that the party undertakes to repay the amount of such advance if it
      is
      ultimately determined that he was not entitled to be indemnified against the
      costs and expenses.
Insofar
      as indemnification for liabilities arising under the Securities Act of 1933
      (the
      "Act") may be permitted to directors, officers and controlling persons of the
      Registrant pursuant to the foregoing provisions, or otherwise, the Registrant
      has been advised that in the opinion of the Securities and Exchange Commission,
      such indemnification is against public policy as expressed in the Act and is,
      therefore, unenforceable.
5
In
      the
      event that a claim for indemnification against such liabilities (other than
      the
      payment by the Registrant of expenses incurred or paid by a director, officer
      or
      controlling person of the Registrant in the successful defense of any action,
      suit or proceeding) is asserted by such director, officer or controlling person
      in connection with the securities being registered, the Registrant will, unless
      in the opinion of its counsel the matter has been settled by controlling
      precedent, submit to a court of appropriate jurisdiction the question whether
      such indemnification by it is against public policy as expressed in the
      Securities Act and will be governed by the final adjudication of such issue.
Item
                7.
Exemption
                from Registration Claimed
Not
      applicable.
Item
                8.
Exhibits
Number
Exhibit
4.1
EMTA
                Holdings, Inc. 2007 Stock Incentive Plan
4.2
EMTA
                Holdings, Inc. Employee Stock Purchase Plan
5
Opinion
                and consent of Michael K. Hair, P.C.
23.1
Consent
                of Semple, Marchal & Cooper, LLP, Independent Registered Public
                Accounting Firm
23.2
Consent
                of Michael K. Hair, P.C. is contained in Exhibit
                5
Item
                9.
Undertakings
A.    
      The undersigned Registrant hereby undertakes:  (1) to file, during any
      period in which offers or sales are being made, a post-effective amendment
      to
      this Registration Statement (i) to include any prospectus required by Section
      10(a)(3) of the Securities Act of 1933 Act, as amended (the "1933 Act"), (ii) to
      reflect in the prospectus any facts or events arising after the effective date
      of this Registration Statement (or the most recent post-effective amendment
      thereof) which, individually or in the aggregate, represent a fundamental change
      in the information set forth in this Registration Statement and (iii) to include
      any material information with respect to the plan of distribution not previously
      disclosed in this Registration Statement or any material change to such
      information in this Registration Statement; provided, however, that clauses
      (1)(i) and (1)(ii) shall not apply if the information required to be included
      in
      a post-effective amendment by those clauses is contained in periodic reports
      filed with or furnished to the Commission by the Registrant pursuant to Section
      13 or Section 15(d) of the 1934 Act that are incorporated by reference into
      this
      Registration Statement; (2) that for the purpose of determining any liability
      under the 1933 Act each such post-effective amendment 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; and (3) to remove from registration by means of a
      post-effective amendment any of the securities being registered which remain
      unsold at the termination of the Registrant's 2007 Stock Incentive Plan, and
      Employee Stock Purchase Plan.
6
B.    
      The undersigned Registrant hereby undertakes that, for purposes of determining
      any liability under the 1933 Act, each filing of the Registrant's annual report
      pursuant to Section 13(a) or Section 15(d) of the 1934 Act that is incorporated
      by reference into this 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 1933 Act may be
      permitted to directors, officers, or controlling persons of the Registrant
      pursuant to the indemnification provisions summarized in Item 6 or otherwise,
      the Registrant has been advised that, in the opinion of the Commission, such
      indemnification is against public policy as expressed in the 1933 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 1933
      Act
      and will be governed by the final adjudication of such issue.
7
SIGNATURES
Pursuant
      to the requirements of the Securities Act of 1933, as amended, the Registrant
      certifies that it has reasonable grounds to believe that it meets all of the
      requirements for filing on Form S-8, and has duly caused this Registration
      Statement to be signed on its behalf by the undersigned, thereunto duly
      authorized, in the City of Scottsdale, State of Arizona on this 30th day of
      November, 2007.
EMTA
                HOLDINGS, INC.
By:
/s/ Edmond
              L. Lonergan
Edmond
              L. Lonergan
Chief
                Executive Officer and President
Pursuant
        to the requirement of the Securities Act of 1933, this registration statement
        has been signed by the following persons in the capacities and on the dates
        indicated.
Signature
Title
Date
/s/
                Edmond L. Lonergan
Chief
                Executive Officer, President and Director (Principal Executive
                Officer)
November
                30, 2007
Edmond,
                L. Lonergan
/s/
                James C. Marshall
Chief
                Financial Officer and Director (Principal Accounting
                Officer)
November
                  30, 2007
James
                C. Marshall
/s/
                Kenneth L. Bennett
VP
                Distribution Operations and
Director
November
                  30, 2007
Kenneth
              L. Bennett
/s/
                  Ed Miller
Director
November
                  30, 2007
Ed
                Miller
/s/
                Pat Choate
Director
November
                  30, 2007
Pat
                Choate
8
EXHIBIT
      INDEX
Number
Exhibit
4.1
EMTA
                      Holdings, Inc. 2007 Stock Incentive Plan
4.2
EMTA
                      Holdings, Inc. Employee Stock Purchase Plan
5
Opinion
                      and consent of Michael K. Hair, P.C.
23.1
Consent
                      of Semple, Marchal & Cooper, LLP, Independent Registered Public
                      Accounting Firm
23.2
Consent
                      of Michael K. Hair, P.C. is contained in Exhibit
                      5
9