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): October 5, 2005
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Zynex Medical Holdings, Inc.
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(Exact name of Registrant as specified in its charter)
Nevada 33-26787-D 90-0214497
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(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
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number: (303) 703-4906
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Total pages: 2
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Exhibit index at: 2
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Item 1.01 Entry into a Material Definitive Agreement
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant
On October 5, 2005 Zynex Medical Holdings, Inc. and Zynex Medical, Inc
(collectively "Zynex") received $400,000 under a three year term loan agreement
with Silicon Valley Bank, Santa Clara, California and Boulder. Colorado (the
"Lender"). The loan bears interest at a per annum fixed rate of 7.84%. The loan
is guaranteed by Zynex Chairman, President and Chief Executive Officer Thomas
Sandgaard and is collateralized by a first perfected security interest in
accounts, inventory, chattel paper, equipment, fixtures, general intangibles,
including intellectual property and other assets. Registrant will repay the loan
in 36 equal monthly payments of principal and interest. The loan includes
financial covenants for minimum liquidity and minimum debt service coverage. In
connection with the loan, the Lender was granted a seven-year warrant to
purchase 50,000 shares of Zynex Common Stock at an exercise price of $0.71 per
share.
The following exhibits are filed with this Report:
Exhibit No. Document
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10.1 Loan and Security Agreement among Zynex Medical
Holdings, Inc, Zynex Medical, Inc and Silicon Valley
Bank, dated September 29, 2005.
10.2 Warrant to Purchase Stock from Zynex Medical Holdings,
Inc. to Silicon Valley Bank.
10.3 Unconditional Guaranty by Thomas Sandgaard for Silicon
Valley Bank, dated September 29, 2005.
99.1 Press Release dated October 5, 2005.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Zynex Medical Holdings, Inc.
(Registrant)
Date: October 7, 2005 By: /s/ Thomas Sandgaard
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Thomas Sandgaard
President and Chief Executive Officer
EXHIBIT INDEX
Exhibit No. Document
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10.1 Loan and Security Agreement among Zynex Medical
Holdings, Inc, Zynex Medical, Inc and Silicon Valley
Bank, dated September 29, 2005.
10.2 Warrant to Purchase Stock from Zynex Medical Holdings,
Inc. to Silicon Valley Bank.
10.3 Unconditional Guaranty by Thomas Sandgaard for Silicon
Valley Bank, dated September 29, 2005.
99.1 Press Release dated October 6.
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