UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
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(Amendment No. 3)
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 MD
772 Potato Patch
Vail, Colorado 81657
(970) 476-3386
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
January 10, 2002
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(Date of Event which Requires Filing of this Statement)
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If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(b)(3) or (4), check the following
box [_].
Check the following box if a fee is being paid with the statement [_]. (A fee
is not required only if the reporting person: (1) has a previous statement on
file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
NOTE: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13-d1(a) for 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
the Notes).
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CUSIP NO. 042698209 SCHEDULE 13D PAGE 2 OF 3 PAGES
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Russell C. Chambers MD
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [_]
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SEC USE ONLY
3
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SOURCE OF FUNDS*
4
PF
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
5 PURSUANT TO ITEMS 2(d) or 2(e) [_]
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
U.S.
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SOLE VOTING POWER
7
NUMBER OF 473,713 Shares Common Stock,
$.01 Par Value
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
23,802 Shares Common Stock,
OWNED BY $.01 Par Value
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EACH SOLE DISPOSITIVE POWER
9
REPORTING 473,713 Shares Common Stock,
$.01 Par Value
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10 23,802 Shares Common Stock,
$.01 Par Value
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
473,713 Shares Common Stock, $.01 Par Value
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 [_]
Excludes 23,802 shares owned by the Chambers Medical Foundation
which Dr. Chambers is co-trustee but disclaims any beneficial ownership.
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
15.9%
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TYPE OF REPORTING PERSON*
14
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
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CUSIP NO. 042698209 SCHEDULE 13D PAGE 3 OF 3 PAGES
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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 25 Sawyer Passway, Fitchburg, Massachusetts 01420
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 and as a result of
any such proceeding was or is subject to 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 acquired by Dr. Chambers has been purchased for an
aggregate cash consideration of $112,050.00, utilizing personal funds.
Item 4. Purpose of Transaction
Dr. Chambers has purchased the Common Stock of ART for investment purposes.
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 MD 473,713 shares 15.9%
(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 since the last Schedule 13D filing:
Date Amount of Securities Price per Share Where and How Effected
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09/25/99 5,535 $1.7500 Open Market
10/28/99 3,000 $1.5000 Open Market
08/26/00 4,600 $1.7500 Open Market
09/07/00 10,000 $1.7500 Open Market
05/10/00 4,013 $1.5000 Comp.for Dir.Svcs.
10/13/00 10,000 $1.6250 Open Market
12/31/01 5,000 $2.4100 Open Market
12/31/01 1,000 $2.5000 Open Market
01/02/02 500 $2.5000 Open Market
01/10/02 18,000 $1.0625 Exercise of Options
01/14/02 5,000 $2.7500 Open Market
01/15/02 500 $2.7500 Open Market
01/16/02 500 $2.8000 Open Market
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.
Item 7. Material to be Filed as Exhibits
Not Applicable
After reasonable inquiry and to the best knowledge and belief of each, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
Dated: January 18, 2002 /s/ Russell C. Chambers MD
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Russell C. Chambers, M.D.