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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
ARRHYTHMIA RESEARCH TECHNOLOGY, INC.
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(Name of Issuer)
COMMON STOCK, PAR VALUE $.01
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(Title of Class of Securities)
042698209
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(CUSIP Number)
RUSSELL C. CHAMBERS, 772 POTATO PATCH, VAIL, COLORADO 81657 (512) 343-6912
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(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications)
OCTOBER 30, 1998
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is
filing this schedule because of Sections 240.13d-1(e), 240.13d-1(f) or
240.13d-1(g), check the following box. _____
NOTE: Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. See Section
240.13d-7(b) for the other parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section
of the Act but shall be subject to all other provisions of the Act (however,
see Notes).
Page 1 of 5
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<TABLE>
<CAPTION>
<S> <C>
1) Names of Reporting Persons I.R.S. Identification Nos. of Above Persons
(entities only)
Russell C. Chambers
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2) Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
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(b)
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3) SEC Use Only
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4) Source of Funds (See Instructions) PF
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5) Check if Disclosure of Legal Proceedings is Required Pursuant to
Item 2(d) or 2(e)
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6) Citizenship or Place of Organization U.S.
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Number of 7) Sole Voting Power 359,465 Shares Common Stock, $.01 Par Value
Shares bene- ------------------------------------------------------------------------
ficially 8) Shared Voting Power N/A
owned by each ------------------------------------------------------------------------
reporting 9) Sole Dispositive Power 359,465 Shares Common Stock, $.01 Par Value
Person with ------------------------------------------------------------------------
10) Shared Dispositive Power N/A
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11) Aggregate Amount Beneficially Owned by Each Reporting Person
359,465 Shares Common Stock, $.01 Par Value
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12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
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13) Percent of Class Represented by Amount in Row (11) 10.1%
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14) Type of Reporting Person (See Instructions) IN
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Page 2 of 5
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CUSIP No. 042698209 Page 3 of 5
ITEM 1. SECURITY AND ISSUER
This statement relates to the $.01 Par Value Common Stock ("Common
Stock") of Arrhythmia Research Technology, Inc. ("ART"), the principal
executive offices of which are located at 5910 Courtyard Drive, Suite 300,
Austin, Texas 78731.
ITEM 2. IDENTITY AND BACKGROUND
(a) Russell C. Chambers, MD
(b) Dr. Chambers' business address is 772 Potato Patch, Vail,
Colorado 81657.
(c) Dr. Chambers' principal occupation is overseeing his
personal investments.
(d) Dr. Chambers has not been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors)
during the last five years.
(e) Dr. Chambers has not been a party to a civil proceeding of a
judicial or administrative body of competent jurisdiction
the result of which was a judgment, decree or final order
enjoining future violations of, or prohibiting or mandating
activities subject to federal or state securities laws or
finding any violation with respect to such laws during the
last five years.
(f) Dr. Chambers is a citizen of the United States.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
The Common Stock of ART has been purchased for an aggregate cash
consideration of $50,000.00 utilizing personal funds.
ITEM 4. PURPOSE OF TRANSACTION
Dr. Chambers has purchased and sold the Common Stock of ART for investment
purposes.
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CUSIP No. 042698209 Page 4 of 5
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) The aggregate number of shares of Common Stock of ART
beneficially owned by Dr. Chambers and the percentage which
those shares are of the outstanding Common Stock of ART are
as follows:
Russell C. Chambers 359,465 shares 10.1 %
(b) Dr. Chambers has the sole power to vote and the sole power
to dispose or direct the disposition of all of the shares
of Common Stock listed in subpart (a) of this Item.
(c) The following transactions in the Common Stock of ART were
effected by Dr. Chambers within the last sixty days:
<TABLE>
<CAPTION>
DATE AMOUNT OF SECURITIES PRICE PER SHARE WHERE AND HOW EFFECTED
- ---- -------------------- --------------- ----------------------
<S> <C> <C> <C>
10/01/98 1,500 Shares $1 Open Market
10/06/98 5,000 Shares $1-1/8 Open Market
10/08/98 5,000 Shares $1-1/8 Open Market
10/15/98 500 Shares $1-1/8 Open Market
10/19/98 100 Shares $1-1/8 Open Market
10/20/98 4,400 Shares $1-1/8 Open Market
10/21/9 10,000 Shares $1-1/8 Open Market
10/22/98 5,000 Shares $1-1/8 Open Market
10/30/98 3,500 Shares $1 Open Market
10/30/98 10,000 Shares $1-1/8 Open Market
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ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER
Dr. Chambers does not have any contracts, arrangements, understandings, or
relationships (legal or otherwise) with any persons with respect to any
securities of ART, including but not limited to transfer or voting of any
securities of ART; finders fees; joint ventures; loan or option arrangements;
puts or calls; guarantees of profits; divisions of profits or losses; or the
giving or withholding of proxies.
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CUSIP No. 042698209 Page 5 of 5
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Not applicable.
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: November 6, 1998
SIGNATURE /s/ Russell C. Chambers
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NAME/TITLE: Russell C. Chambers
