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<SEC-DOCUMENT>0001079974-05-000169.txt : 20050516
<SEC-HEADER>0001079974-05-000169.hdr.sgml : 20050516
<ACCEPTANCE-DATETIME>20050516080529
ACCESSION NUMBER:		0001079974-05-000169
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20050420
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050516
DATE AS OF CHANGE:		20050516

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ZYNEX MEDICAL HOLDINGS   INC
		CENTRAL INDEX KEY:			0000846475
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845]
		IRS NUMBER:				870403828
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	033-26787-D
		FILM NUMBER:		05831414

	BUSINESS ADDRESS:	
		STREET 1:		8100 SOUTH PARK WAY
		STREET 2:		SUITE A-9
		CITY:			LITTLETON
		STATE:			CO
		ZIP:			80120
		BUSINESS PHONE:		(303) 703-4906

	MAIL ADDRESS:	
		STREET 1:		8100 SOUTH PARK WAY
		STREET 2:		SUITE A-9
		CITY:			LITTLETON
		STATE:			CO
		ZIP:			80120

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FOX RIVER HOLDINGS  INC
		DATE OF NAME CHANGE:	20031126

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ARIZONA VENTURES INC
		DATE OF NAME CHANGE:	20030115

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHINA GLOBAL DEVELOPMENT INC
		DATE OF NAME CHANGE:	20020130
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>zynex8k_5162005.txt
<DESCRIPTION>REPORT 8-K
<TEXT>
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549



                                    FORM 8-K
                                 CURRENT REPORT

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


Date of Report (Date of earliest event reported): April 20, 2005
                                                  --------------


                          Zynex Medical Holdings, Inc.
             ------------------------------------------------------
             (Exact name of Registrant as specified in its charter)


         Nevada                    33-26787-D                  87-0403828
      ------------------         --------------        ---------------------
     (State or other             (Commission            (I.R.S. Employer
      jurisdiction               File Number)          Identification No.)
     of incorporation)


      8100 South Park Way, Suite A-9, Littleton, CO              80120
      ---------------------------------------------            ----------
        (Address of principal executive offices)               (Zip Code)


                  Registrant's telephone number: (303) 703-4906
                                                 --------------


                                 Total pages: 4
                                             ---

                               Exhibit index at: 3
                                                ---
<PAGE>


Section 2 -Financial Information

Item 2.02 Results of Operation and Financial Condition.

     On April 25, 2005, Zynex Medical Holdings, Inc. ("Zynex") announced in a
press release its expectations of results for the first quarter 2005. The press
release is attached as an Exhibit to this Form 8-K.

Section 5 - Corporate Governance and Management

Item 5.02 - Appointment of Principal Officers.
- ----------------------------------------------

     On April 20, 2005, Zynex announced the election of Peter J. Leveton as
Chief Financial Officer of Zynex. A press release concerning this matter is
attached as an exhibit to this Form 8-K. Mr. Leveton was elected to this
position on April 18, 2005. After a transition period during the second quarter
of 2005, Mr. Leveton will become Zynex' principal financial officer. Prior to
joining Zynex, Mr. Leveton served as the Vice President Sales & Marketing of
Integrated Financial Systems, Inc., a Denver healthcare financial services firm
since 2002. From May 1999 until January 2002, Mr. Leveton was the President and
Chief Executive Officer of Surgical Acuity, Inc, an international manufacturer
of dental and medical devices, which was acquired in 2002 by Sybron Dental
Specialties, Inc., an NYSE listed company. Mr. Leveton was employed by Sybron in
a mergers and acquisition/business development capacity through September 2002.


Section 9 - Financial Statements and Exhibits.

Item 9.01 Financial Statements and Exhibits.
- --------------------------------------------

     The following exhibit is filed with this Report:

         Exhibit No.       Document
         -----------       ---------------------------------------------
             99.1          Press Release of Zynex Medical Holdings, Inc.
                           dated April 20, 2005.

             99.2          Press Release of Zynex Medical Holdings, Inc.
                           dated April 25, 2005.

<PAGE>

                                   SIGNATURES


     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on as its behalf by the
undersigned hereunto duly authorized.



                                                    Zynex Medical Holdings, Inc.
                                                    (Registrant)



Date:  May 13, 2005                   By:  /s/ Thomas Sandgaard
                                           -------------------------------------
                                           Thomas Sandgaard
                                           President and Chief Executive Officer



<PAGE>

                                  EXHIBIT INDEX


         Exhibit No.       Document
         -----------       ---------------------------------------------
             99.1          Press Release of Zynex Medical Holdings, Inc.
                           dated April 20, 2005.

             99.2          Press Release of Zynex Medical Holdings, Inc.
                           dated April 25, 2005.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>2
<FILENAME>zynex8kex992_5162005.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>
                                                                    Exhibit 99.2

                                                                     Page 1 of 2

           Zynex Medical Reports Results for Year Ended Dec. 31, 2004;
                         Expects Return to Profitability
                        on Record Revenue in 1st Qtr 2005
================================================================================


LITTLETON, Colo.

Zynex Medical
Thomas Sandgaard, 303-707-0203
or
The Wall Street Group, Inc.
Ron Stabiner, 212-888-4848

Zynex Medical Holdings (OTCBB: ZYNX), a provider of pain management systems and
electrotherapy products for medical patients with functional disability, today
announced financial results for year ended Dec. 31, 2004, as well as preliminary
results for the first quarter ended March 31,2005.

For the year ended Dec. 31, 2004, net revenues from sales and rental of products
totaled $1,256,676 compared with $1,083,912 in 2003. For the year, Zynex had a
net loss of $975,878, or ($0.04) per share, compared with a net profit of
$40,697, or nil per share, in 2003. Basic and diluted weighted average shares
outstanding used in computing per share amounts were 22,728,763 and 22,151,662
respectively.

Much of the loss was attributed to an increase in selling, general and
administrative expenses, which rose to $1,907,830 from $762,819, including
expansion of the sales, marketing and support area, as well as other expenses
related to the Company's reverse acquisition in early 2004 in connection with
becoming a public company.

"During 2004, Zynex expended considerable resources transitioning into a
publicly traded company and concentrating on the expansion and development of
our sales organization, with the end result being a slight 15.9% increase in
revenues for the year," stated President and Chief Executive Officer, Thomas
Sandgaard. "However, net revenue in the fourth quarter and second half had a
55.9% and 29.6% increase, respectively, year-over-year," he said.

"With these expenses now behind us, for the first quarter of 2005, ended March
31, Zynex expects to report a return to profitability on record revenue of
approximately $560,000, a 1 13% increase over the year ago first quarter, and a
94% increase over the immediately preceding fourth quarter sales," Mr. Sandgaard
stated. "We attribute this to accelerating product sales and rental income led
by our NeuroMove(TM) stroke recovery system." Actual results of operations for
the first quarter ended March 31 will be announced on or before May 15, 2005.

About Zynex

Zynex Medical Reports Results for Year Ended Dec. 3 1,2004; Expects

<PAGE>

                                                                     Page 2 of 2

Zynex, a leading provider of therapeutic devices for patients with functional
disability through the creation, distribution, and marketing of electrotherapy
devices since 1996, strives to uphold its mission to improve the quality of life
of patients suffering from debilitating pain or illness by providing innovative
technology. Utilizing a unique combination of electromyographic (EMG) technology
combined with a system of instruction and reinforcement, including electrical
muscle stimulation (EMS), Zynex offers new treatment options to post-stroke and
spinal injury patients.

Safe Harbor Provision

Certain statements in this release are "forward-looking" and as such are subject
to numerous risks and uncertainties. Actual results may vary significantly from
the results expressed or implied in such statements. Factors that could cause
actual results to materially differ from forward-looking statements include, but
are not limited to, the Company's ability to meet terms and conditions required
to obtain project financing, risks and delays associated with product
development, risk of market acceptance of new products, technology or product
obsolescence, competitive risks, reliance on development partners and additional
capital needs.

                            Consolidated Statement of
                                   Operations
                               Year Ended Dec. 31,

     Net Sales & Rental income              $ 1,256,676        $ 1,083,912

     Net Income (Loss)                      $ (975,878)        $ 40,697
     Net Loss per Common Share -
     Basic and Diluted                      $ (0.04)           $ ---

     Common Shares Used in
     Computing Per Share Amounts--
     Basic and Diluted                       22,728,763        22,151,662

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>zynex8kex991_5162005.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>
                                                                    Exhibit 99.1


                                                                     Page 1 of 2


                  Zynex Medical Appoints Peter J. Leveton Chief
                                Financial Officer
================================================================================

LITTLETON, Colo.

Zynex Medical
Thomas Sandgaard, 303-707-0203
or
The Wall Street Group, Inc.
Ron Stabiner, 212-888-4848


Zynex Medical Holdings (OTCBB: ZYNX) today announced the appointment of Peter J.
Leveton, a seasoned corporate executive, as the Company's Chief Financial
Officer, a newly created position.

Mr. Leveton, who has successfully served as Chief Executive Officer, Chief
Financial Officer and in other key senior management positions with public and
privately owned companies in the medical products and healthcare industries,
comes to Zynex most recently from Integrated Financial Systems, Inc., a Denver
healthcare financial services firm.

"Peter has a thorough background in all aspects of senior management, operations
and finance," stated Zynex President and Chief Executive Officer Thomas
Sandgaard. "His knowledge of corporate finance and all-around strategic planning
will make him a valuable asset to our management team as we plan and initiate
future expansion programs."

"This is an exciting time to be joining Zynex, which is entering a period of
anticipated growth with its proprietary line of pain management and non-invasive
products for medical patients," Mr. Leveton stated. "I am pleased to have the
opportunity to play a central role in planning and implementing the Company's
future."

Mr. Leveton's previous positions included Vice President Sales & Marketing with
Integrated Financial Systems; Chief Executive Officer with Surgical Acuity,
Inc., international manufacturer of dental and medical devices; President and
Chief Executive Officer of Romed Corporation, the developer and operator of
several outpatient healthcare facilities, and concurrently Vice President and
Treasurer of Rose Health Care System; and President and Chief Executive Officer
of Earth Sciences, Inc., a publicly owned chemical manufacturing and natural
resources company.

Mr. Leveton, 67, holds an MBA from New York University and a BA from Willamette
University in Salem, Ore.

<PAGE>

                                                                     Page 2 of 2

About Zynex

Zynex, a leading provider of therapeutic devices for patients with functional
disability through the creation, distribution, and marketing of electrotherapy
devices since 1996, strives to uphold its mission to improve the quality of life
of patients suffering from debilitating pain or illness by providing innovative
technology. Utilizing a unique combination of electromyographic (EMG) technology
combined with a system of instruction and reinforcement, including electrical
muscle stimulation (EMS), Zynex offers new treatment options to post-stroke and
spinal injury patients.


Safe Harbor Provision

Certain statements in this release are "forward-looking" and as such are subject
to numerous risks and uncertainties. Actual results may vary significantly from
the results expressed or implied in such statements. Factors that could cause
actual results to materially differ from forward-looking statements include, but
are not limited to, the Company's ability to meet terms and conditions required
to obtain project financing, risks and delays associated with product
development, risk of market acceptance of new products, technology or product
obsolescence, competitive risks, reliance on development partners and additional
capital needs.
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
