On March 20, 2009, a financing arrangement of ADCO Surgical Supply, Inc. (ADCO) (a wholly-owned subsidiary of Nyer Medical Group, Inc. (Nyer)) with KeyBank National Association (the Bank) was renewed by the Bank. The line of credit in the maximum principal amount of $300,000 (the Line of Credit) is used as working capital for Nyer and is secured by a lien on the land (and improvements thereon) located at 1292 Hammond Street, Bangor, Maine. The amount currently outstanding under the Line of Credit is $300,000. All of the terms and conditions in the documentation executed by the parties to the original financing arrangement (executed in October, 2004) remain the same with the exception of (i) the maturity date which is now September 1, 2009 and (ii) the interest rate which is now two (2) percentage points over the Wall Street Journal Prime Rate. The Line of Credit is guaranteed by Nyer pursuant to a commercial guaranty. Repayment of the Line of Credit is in monthly payments of interest only, with the principal being due at maturity, unless renewed. The maturity date is September 1, 2009, unless renewed by the Bank. Prior to the maturity date, ADCO must repay the amounts outstanding under the Line of Credit upon the demand of the Bank. There exist possibilities for increased charges under the Line of Credit, including, late charges, increased interest after default, payment of attorneys' fees and expenses of the Bank in certain situations and a dishonored item fee. In addition to the commercial guaranty noted above, which was executed by Nyer in favor of the Bank, the other material documents executed in connection with this financing arrangement were (a) a promissory note by ADCO in favor of the Bank and (b) a mortgage executed by ADCO in favor of the Bank. Such agreements were attached as exhibits to the Annual Report on Form 10-K filed by Nyer on October 18, 2004. Attached to this Form 8-K as Exhibit 10.1, is the Change in Terms Agreement.

(d) Exhibits.

Exhibit
Number       Exhibit Description

10.1         Change in Terms Agreement, dated March 20, 2009, between
             KeyBank National Association and ADCO Surgical Supply, Inc.