UNITED STATES
                       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): June 21, 2005

                                   IPEX, Inc.
             (Exact name of registrant as specified in its charter)

           Nevada                     000-50774                 41-2052984
(State or Other Jurisdiction       (Commission File          (I.R.S. Employer
     of Incorporation)                 Number)            Identification Number)

             9255 Towne Centre Drive, Suite 235, San Diego, CA 92121
               (Address of principal executive offices) (zip code)

                                 (858) 720-8000
              (Registrant's telephone number, including area code)

                                   Copies to:
                               Marc J. Ross, Esq.
                              David Schubauer, Esq.
                       Sichenzia Ross Friedman Ference LLP
                           1065 Avenue of the Americas
                            New York, New York 10018
                              Phone: (212) 930-9700
                               Fax: (212) 930-9725

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

|_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)

|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)

|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))

|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))


<PAGE>

Item 5.02 Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers.

      As described under Item 5.02 of a Form 8-K filed by IPEX, Inc. (the
"Company") on May 24, 2005, the Audit Committee of the Company's Board of
Directors has been investigating certain transactions involving a loan extended
by the Company's wholly owned subsidiary to Joseph L. Putegnat III to determine
whether the loan constituted a "direct or indirect loan to a director or
executive officer (or equivalent thereof)." If a loan to a director or executive
officer (or equivalent thereof) was made by the Company, or by a subsidiary of
the Company, the loan would constitute a violation of the Sarbanes-Oxley Act of
2002 and Section 13(k) of the Securities Exchange Act of 1934, as amended.

      Mr. Putegnat was the President, founder and sole shareholder of Jupiter
Telecom, Inc., a predecessor in interest to the Company's current business. On
February 24, 2005, Jupiter Telecom, Inc. merged with Administration for
International Credit & Investment, Inc., an Oregon corporation ("AICI"). On
March 17, 2005, AICI merged with AICI, Inc., a Nevada corporation and a wholly
owned subsidiary of the Company ("AICI Nevada"). All of the Company's current
operations are conducted through AICI Nevada. Until the March 17, 2005 merger,
Mr. Putegnat held the title of Senior Vice President of AICI. The Audit
Committee has completed its investigation into the loan to Mr. Putegnat and
found that there is sufficient evidence to determine that a direct loan was made
to Mr. Putegnat in March of 2005, and that Mr. Putegnat was acting in a capacity
equivalent to an executive officer of the Company, or its subsidiary, at the
time of the loan. Accordingly, the Audit Committee concluded that there is
sufficient evidence to determine that the loan to Mr. Putegnat was a violation
of the Sarbanes-Oxley Act of 2002 and the Securities Exchange Act of 1934, as
amended.

      As a result of the conclusions of the Audit Committee, Wolfgang Grabher
resigned from the Board of Directors, effective June 21, 2005.

      David Overskei resigned from the Company's Board of Directors effective
June 21, 2005. Mr. Overskei was a member of the Company's Audit Committee at the
time of his resignation.

      In connection with their resignations, the Company entered into
indemnification agreements with each of Messrs. Grabher and Overskei. The
indemnification agreements require the Company to indemnify Messrs. Grabher and
Overskei, to the extent not covered by the Company's directors' and officers'
liability insurance (including by reason of the fact that any proceeding
involves facts that occurred prior to the policy period which began April 8,
2005) for any expenses, judgment, fines, and/or penalties sustained by reason of
the fact that each of them is or was a director and/or officer of the Company.
The indemnification agreements expressly provide that the Company will not
indemnify Messrs. Grabher and Overskei in connection with any proceeding for
acts or omissions which involve intentional misconduct, fraud or a knowing
violation of the law. In addition, the scope of the indemnification agreements
is expressly limited to the extent of indemnification permitted by applicable
corporate law and the Company's Articles of Incorporation.

      On June 23, 2005, the Board of Directors of the Company appointed Alice
Campbell and Steven J. Bodnar to fill the vacancies on the Board. Ms. Campbell
and Mr. Bodnar were named to the Company's Audit Committee and Ms. Campbell was
named to chair the Audit Committee. The reconstituted Audit Committee is
continuing to investigate other aspects of the Company's operations.

      Ms. Campbell is currently a director nominee for Digicorp, a Utah
corporation whose common stock is quoted on the OTC Bulletin Board. Since
October 22, 2004, Ms. Campbell has been a director of Patient Safety
Technologies, Inc., a Delaware corporation whose common stock is traded on the
American Stock Exchange ("PST"). Since 2001, Ms. Campbell has been, and is
currently, an investigator and consultant, specializing in research and
litigation services, financial investigations and computer forensics, for major
companies and law firms throughout the United States. Ms. Campbell is a
certified fraud specialist, as well as a certified instructor for the Regional
Training Center of the United States Internal Revenue Service and for the
National Business Institute. From 1979 to 2001, Ms. Campbell served as a special
agent for the United States Treasury Department where she conducted criminal
investigations and worked closely with the United States Attorney's Office and
with several federal agencies, including the Internal Revenue Service, Federal
Bureau of Investigation, Secret Service, Customs Service, State Department, Drug
Enforcement Agency, Bureau of Alcohol, Tobacco and Firearms and U.S. Postal
Service. Ms. Campbell received her B.A. from the University of North Carolina,
Chapel Hill and has attended various specialized schools dealing with financial
matters.


                                       1
<PAGE>

      Since 2000, Mr. Bodnar's principal occupation has been managing personal
assets. From April 2003 to present, Mr. Bodnar has been Managing Member of
Bodnar Capital Management, LLC, a privately held capital management firm. From
December 2004 to present, Mr. Bodnar has been Managing Director of The Bodnar
Investment Fund, a privately held investment fund. From 1991 to 2000, Mr. Bodnar
was Vice President of Continental Motors, Inc., an automobile dealership which
was sold to United Auto Group in October 2000.

      There was no arrangement or understanding between Ms. Campbell or Mr.
Bodnar and any other person pursuant to which they were selected as a director.
In March 2005, Bodnar Capital Management, LLC purchased 50,000 units, including
100,000 shares of common stock and warrants to purchase an additional 100,000
shares of common stock, of the Company for an aggregate purchase price of
$100,000. Mr. Bodnar is a managing member of Bodnar Capital Management, LLC.
Except for the March 2005 investment by Bodnar Capital Management, LLC, there
was no transaction involving an amount exceeding $60,000 during the last two
years, or any such proposed transaction, to which the Company was or is to be a
party, in which Ms. Campbell or Mr. Bodnar had or is to have a direct or
indirect material interest.

Item 9.01 Financial Statements and Exhibits.

(c) Exhibits


Exhibit Number        Description
------------------    ----------------------------------------------------------
10.1                  Indemnification Agreement with Wolfgang Grabher
10.2                  Indemnification Agreement with David Overskei


                                       2
<PAGE>

                                   SIGNATURES

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

                                       IPEX, Inc.


Dated: June 27, 2005                   By:  /s/ Milton Ault
                                           -------------------------------------
                                       Name:    Milton "Todd" Ault, III
                                       Title:   Chairman and Acting Chief
                                                Financial Officer


                                       3
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UNITED STATES
                       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): June 21, 2005

                                   IPEX, Inc.
             (Exact name of registrant as specified in its charter)

           Nevada                     000-50774                 41-2052984
(State or Other Jurisdiction       (Commission File          (I.R.S. Employer
     of Incorporation)                 Number)            Identification Number)

             9255 Towne Centre Drive, Suite 235, San Diego, CA 92121
               (Address of principal executive offices) (zip code)

                                 (858) 720-8000
              (Registrant's telephone number, including area code)

                                   Copies to:
                               Marc J. Ross, Esq.
                              David Schubauer, Esq.
                       Sichenzia Ross Friedman Ference LLP
                           1065 Avenue of the Americas
                            New York, New York 10018
                              Phone: (212) 930-9700
                               Fax: (212) 930-9725

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

|_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)

|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)

|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))

|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Item 5.02 Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers.

      As described under Item 5.02 of a Form 8-K filed by IPEX, Inc. (the
"Company") on May 24, 2005, the Audit Committee of the Company's Board of
Directors has been investigating certain transactions involving a loan extended
by the Company's wholly owned subsidiary to Joseph L. Putegnat III to determine
whether the loan constituted a "direct or indirect loan to a director or
executive officer (or equivalent thereof)." If a loan to a director or executive
officer (or equivalent thereof) was made by the Company, or by a subsidiary of
the Company, the loan would constitute a violation of the Sarbanes-Oxley Act of
2002 and Section 13(k) of the Securities Exchange Act of 1934, as amended.

      Mr. Putegnat was the President, founder and sole shareholder of Jupiter
Telecom, Inc., a predecessor in interest to the Company's current business. On
February 24, 2005, Jupiter Telecom, Inc. merged with Administration for
International Credit & Investment, Inc., an Oregon corporation ("AICI"). On
March 17, 2005, AICI merged with AICI, Inc., a Nevada corporation and a wholly
owned subsidiary of the Company ("AICI Nevada"). All of the Company's current
operations are conducted through AICI Nevada. Until the March 17, 2005 merger,
Mr. Putegnat held the title of Senior Vice President of AICI. The Audit
Committee has completed its investigation into the loan to Mr. Putegnat and
found that there is sufficient evidence to determine that a direct loan was made
to Mr. Putegnat in March of 2005, and that Mr. Putegnat was acting in a capacity
equivalent to an executive officer of the Company, or its subsidiary, at the
time of the loan. Accordingly, the Audit Committee concluded that there is
sufficient evidence to determine that the loan to Mr. Putegnat was a violation
of the Sarbanes-Oxley Act of 2002 and the Securities Exchange Act of 1934, as
amended.

      As a result of the conclusions of the Audit Committee, Wolfgang Grabher
resigned from the Board of Directors, effective June 21, 2005.

      David Overskei resigned from the Company's Board of Directors effective
June 21, 2005. Mr. Overskei was a member of the Company's Audit Committee at the
time of his resignation.

      In connection with their resignations, the Company entered into
indemnification agreements with each of Messrs. Grabher and Overskei. The
indemnification agreements require the Company to indemnify Messrs. Grabher and
Overskei, to the extent not covered by the Company's directors' and officers'
liability insurance (including by reason of the fact that any proceeding
involves facts that occurred prior to the policy period which began April 8,
2005) for any expenses, judgment, fines, and/or penalties sustained by reason of
the fact that each of them is or was a director and/or officer of the Company.
The indemnification agreements expressly provide that the Company will not
indemnify Messrs. Grabher and Overskei in connection with any proceeding for
acts or omissions which involve intentional misconduct, fraud or a knowing
violation of the law. In addition, the scope of the indemnification agreements
is expressly limited to the extent of indemnification permitted by applicable
corporate law and the Company's Articles of Incorporation.

      On June 23, 2005, the Board of Directors of the Company appointed Alice
Campbell and Steven J. Bodnar to fill the vacancies on the Board. Ms. Campbell
and Mr. Bodnar were named to the Company's Audit Committee and Ms. Campbell was
named to chair the Audit Committee. The reconstituted Audit Committee is
continuing to investigate other aspects of the Company's operations.

      Ms. Campbell is currently a director nominee for Digicorp, a Utah
corporation whose common stock is quoted on the OTC Bulletin Board. Since
October 22, 2004, Ms. Campbell has been a director of Patient Safety
Technologies, Inc., a Delaware corporation whose common stock is traded on the
American Stock Exchange ("PST"). Since 2001, Ms. Campbell has been, and is
currently, an investigator and consultant, specializing in research and
litigation services, financial investigations and computer forensics, for major
companies and law firms throughout the United States. Ms. Campbell is a
certified fraud specialist, as well as a certified instructor for the Regional
Training Center of the United States Internal Revenue Service and for the
National Business Institute. From 1979 to 2001, Ms. Campbell served as a special
agent for the United States Treasury Department where she conducted criminal
investigations and worked closely with the United States Attorney's Office and
with several federal agencies, including the Internal Revenue Service, Federal
Bureau of Investigation, Secret Service, Customs Service, State Department, Drug
Enforcement Agency, Bureau of Alcohol, Tobacco and Firearms and U.S. Postal
Service. Ms. Campbell received her B.A. from the University of North Carolina,
Chapel Hill and has attended various specialized schools dealing with financial
matters.

                                       1
Since 2000, Mr. Bodnar's principal occupation has been managing personal
assets. From April 2003 to present, Mr. Bodnar has been Managing Member of
Bodnar Capital Management, LLC, a privately held capital management firm. From
December 2004 to present, Mr. Bodnar has been Managing Director of The Bodnar
Investment Fund, a privately held investment fund. From 1991 to 2000, Mr. Bodnar
was Vice President of Continental Motors, Inc., an automobile dealership which
was sold to United Auto Group in October 2000.

      There was no arrangement or understanding between Ms. Campbell or Mr.
Bodnar and any other person pursuant to which they were selected as a director.
In March 2005, Bodnar Capital Management, LLC purchased 50,000 units, including
100,000 shares of common stock and warrants to purchase an additional 100,000
shares of common stock, of the Company for an aggregate purchase price of
$100,000. Mr. Bodnar is a managing member of Bodnar Capital Management, LLC.
Except for the March 2005 investment by Bodnar Capital Management, LLC, there
was no transaction involving an amount exceeding $60,000 during the last two
years, or any such proposed transaction, to which the Company was or is to be a
party, in which Ms. Campbell or Mr. Bodnar had or is to have a direct or
indirect material interest.

Item 9.01 Financial Statements and Exhibits.

(c) Exhibits

Exhibit Number        Description
------------------    ----------------------------------------------------------
10.1                  Indemnification Agreement with Wolfgang Grabher
10.2                  Indemnification Agreement with David Overskei

                                       2
SIGNATURES

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

                                       IPEX, Inc.

Dated: June 27, 2005                   By:  /s/ Milton Ault
                                           -------------------------------------
                                       Name:    Milton "Todd" Ault, III
                                       Title:   Chairman and Acting Chief
                                                Financial Officer

                                       3