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): July 6, 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.
                       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.

      On July 6, 2005, IPEX, Inc. (the "Company")  appointed Sothi  Thillairajah
as the Company's  Chief Operating  Officer.  Also on July 6, 2005, Carl Perkins'
position was changed from Chief Operating Officer to Chief Technology Officer.

      From June 2004 to January  2005,  Mr.  Thillairajah  was a Director in the
derivatives group of Societe Generale,  focusing on hedge funds. From April 2002
to November 2004, Mr.  Thillairajah was head of linear options sales for Commerz
Bank.  From June 2001 to April 2002,  Mr.  Thillairajah  studied at the New York
Institute of Finance. From December 2000 to June 2001, Mr. Thillairajah was Vice
President of international equity sales for BNP Paribas. From July 1997 to March
2000,  Mr.  Thillairajah  was a principal of Bankers Trust in the  international
equity sales  division.  Mr.  Thillairajah  earned an MBA from the University of
Chicago and he graduated cum laude with a BA in Economics from the University of
Rochester.

      From March 16, 2005 until July 6, 2005,  Mr.  Perkins was Chief  Operating
Officer of the Company.  During the past 20 years,  Mr. Perkins  founded various
startup   companies  in  artificial   intelligence,   semiconductors,   computer
peripherals and Internet software. Among these companies, Mr. Perkins co-founded
Digital Media Works, a video ad company that became public in 2002. In the early
1990's Mr. Perkins  founded New Media, a PC Card company.  Mr. Perkins began his
career as a chip designer for Rockwell International's Semiconductor Division.

      On  July  6,  2005,  the  Company  entered  into  an  agreement  with  Mr.
Thillairajah to employ him as the Company's Chief Operating Officer. The initial
term of the agreement is 12 months, and will automatically  renew for additional
12-month  periods unless either party  delivers  written notice of its intention
not to renew at least 30 days  prior to the end of the  then-current  term.  Mr.
Thillairajah's  annual base compensation is $150,000.  In addition,  the Company
agreed to pay Mr.  Thillairajah  $20,000 for  relocation  expenses.  The Company
granted Mr.  Thillairajah 40,000 shares of the Company's common stock which will
vest upon  expiration  of the  initial  term of the  employment  agreement.  The
Company also granted Mr. Thillairajah  options to purchase 375,000 shares of the
Company's common stock with an exercise price of $3.91 per share,  which options
will vest upon  expiration of the initial term of the  employment  agreement and
will expire on July 6, 2010.  The Company  granted Mr.  Thillairajah  options to
purchase an additional  $125,000  shares of the  Company's  common stock with an
exercise  price of $3.91 per share,  which options will vest upon  expiration of
the initial term of the  employment  agreement if certain  milestones  have been
completed at such time and will expire on July 6, 2010. Mr. Thillairajah has the
right to terminate  the  employment  agreement at any time for any reason during
the employment  term. The Company may terminate the employment  agreement at any
time for any reason  after the  initial  term upon  delivery  of 30 days'  prior
written notice of such termination. The Company may also terminate the agreement
for cause (as defined in the employment agreement) at any time. In addition, the
employment agreement will automatically  terminate upon Mr. Thillairajah's death
or disability. If the agreement is voluntarily terminated by Mr. Thillairajah or
by the  Company  for cause,  the Company  must pay Mr.  Thillairajah  his earned
compensation through the termination date and any unvested stock options will be
cancelled.  If the Company  voluntarily  terminates the agreement without cause,
the  Company  must pay Mr.  Thillairajah  his earned  compensation  through  the
termination date and any unvested stock options will become immediately  vested.
If the  employment  agreement is terminated  upon the death or disability of Mr.
Thillairajah,  Mr.  Thillairajah  or his  appointed  trustee  will be  paid  his
compensation through the end of the employment term.

      On February 15, 2005, the Company's  wholly owned  subsidiary,  AICI, Inc.
(formerly  Administration for International  Credit & Investment,  Inc.) entered
into an  agreement  with Mr.  Perkins  to employ him as AICI's  Chief  Operating
Officer.  As described above, Mr. Perkins'  position changed to Chief Technology
Officer on July 6, 2005. Under the agreement,  Mr. Perkins is employed on an "at
will" basis and the terms of his employment will continue  unless  terminated by
either Mr. Perkins or AICI. Termination by AICI may be with or without cause, at
any time. However, the terminating party must give the other party three working
days notice  prior to any  termination,  with the caveat that AICI  reserves the
right to pay Mr.  Perkins the  equivalent of three days of salary in lieu of the
three-day notice  requirement.  Mr. Perkins' gross salary under the agreement is
set at an annual rate of $50,000.


<PAGE>

      There  was no  transaction  during  the last two  years,  or any  proposed
transactions,  to which the  Company was or is to be a party,  in which  Messrs.
Thillairajah  or  Perkins  had  or is to  have a  direct  or  indirect  material
interest.  There are no family  relationships  between  Messrs.  Thillairajah or
Perkins and the Company's directors,  executive officers or persons nominated or
charged by the Company to become directors or executive officers.

Item 9.01 Financial Statements and Exhibits.

(c) Exhibits

Exhibit Number     Description
-------------------------------------------------------------------------------
10.1               Employment Agreement of Sothi Thillairajah dated July 4, 2005
10.2               Employment Agreement of Carl Perkins dated February 15,
                   2005 (Incorporated by reference to Form 8-K, filed with
                   the Securities and Exchange Commission on March 22, 2005)
<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: July 8, 2005                        By:    /s/ Milton Ault
                                                  ------------------------------
                                           Name:  Milton "Todd" Ault, III
                                           Title: Chief Executive Officer
{"company-data": {"conformed-name": "IPEX, INC", "cik": "0001258383", "assigned-sic": "1000", "irs-number": "412052984", "state-of-incorporation": "NV", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-50774", "film-number": "05946227"}, "business-address": {"street1": "9255 TOWNE CENTRE DRIVE", "street2": "SUITE 235", "city": "SAN DIEGO,", "state": "CA", "zip": "92121", "phone": "(858) 720-8000"}, "mail-address": {"street1": "9255 TOWNE CENTRE DRIVE", "street2": "SUITE 235", "city": "SAN DIEGO,", "state": "CA", "zip": "92121"}, "former-company": {"former-conformed-name": "TAMARACK VENTURES INC", "date-changed": "20030805"}}
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): July 6, 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.
                       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.

      On July 6, 2005, IPEX, Inc. (the "Company")  appointed Sothi  Thillairajah
as the Company's  Chief Operating  Officer.  Also on July 6, 2005, Carl Perkins'
position was changed from Chief Operating Officer to Chief Technology Officer.

      From June 2004 to January  2005,  Mr.  Thillairajah  was a Director in the
derivatives group of Societe Generale,  focusing on hedge funds. From April 2002
to November 2004, Mr.  Thillairajah was head of linear options sales for Commerz
Bank.  From June 2001 to April 2002,  Mr.  Thillairajah  studied at the New York
Institute of Finance. From December 2000 to June 2001, Mr. Thillairajah was Vice
President of international equity sales for BNP Paribas. From July 1997 to March
2000,  Mr.  Thillairajah  was a principal of Bankers Trust in the  international
equity sales  division.  Mr.  Thillairajah  earned an MBA from the University of
Chicago and he graduated cum laude with a BA in Economics from the University of
Rochester.

      From March 16, 2005 until July 6, 2005,  Mr.  Perkins was Chief  Operating
Officer of the Company.  During the past 20 years,  Mr. Perkins  founded various
startup   companies  in  artificial   intelligence,   semiconductors,   computer
peripherals and Internet software. Among these companies, Mr. Perkins co-founded
Digital Media Works, a video ad company that became public in 2002. In the early
1990's Mr. Perkins  founded New Media, a PC Card company.  Mr. Perkins began his
career as a chip designer for Rockwell International's Semiconductor Division.

      On  July  6,  2005,  the  Company  entered  into  an  agreement  with  Mr.
Thillairajah to employ him as the Company's Chief Operating Officer. The initial
term of the agreement is 12 months, and will automatically  renew for additional
12-month  periods unless either party  delivers  written notice of its intention
not to renew at least 30 days  prior to the end of the  then-current  term.  Mr.
Thillairajah's  annual base compensation is $150,000.  In addition,  the Company
agreed to pay Mr.  Thillairajah  $20,000 for  relocation  expenses.  The Company
granted Mr.  Thillairajah 40,000 shares of the Company's common stock which will
vest upon  expiration  of the  initial  term of the  employment  agreement.  The
Company also granted Mr. Thillairajah  options to purchase 375,000 shares of the
Company's common stock with an exercise price of $3.91 per share,  which options
will vest upon  expiration of the initial term of the  employment  agreement and
will expire on July 6, 2010.  The Company  granted Mr.  Thillairajah  options to
purchase an additional  $125,000  shares of the  Company's  common stock with an
exercise  price of $3.91 per share,  which options will vest upon  expiration of
the initial term of the  employment  agreement if certain  milestones  have been
completed at such time and will expire on July 6, 2010. Mr. Thillairajah has the
right to terminate  the  employment  agreement at any time for any reason during
the employment  term. The Company may terminate the employment  agreement at any
time for any reason  after the  initial  term upon  delivery  of 30 days'  prior
written notice of such termination. The Company may also terminate the agreement
for cause (as defined in the employment agreement) at any time. In addition, the
employment agreement will automatically  terminate upon Mr. Thillairajah's death
or disability. If the agreement is voluntarily terminated by Mr. Thillairajah or
by the  Company  for cause,  the Company  must pay Mr.  Thillairajah  his earned
compensation through the termination date and any unvested stock options will be
cancelled.  If the Company  voluntarily  terminates the agreement without cause,
the  Company  must pay Mr.  Thillairajah  his earned  compensation  through  the
termination date and any unvested stock options will become immediately  vested.
If the  employment  agreement is terminated  upon the death or disability of Mr.
Thillairajah,  Mr.  Thillairajah  or his  appointed  trustee  will be  paid  his
compensation through the end of the employment term.

      On February 15, 2005, the Company's  wholly owned  subsidiary,  AICI, Inc.
(formerly  Administration for International  Credit & Investment,  Inc.) entered
into an  agreement  with Mr.  Perkins  to employ him as AICI's  Chief  Operating
Officer.  As described above, Mr. Perkins'  position changed to Chief Technology
Officer on July 6, 2005. Under the agreement,  Mr. Perkins is employed on an "at
will" basis and the terms of his employment will continue  unless  terminated by
either Mr. Perkins or AICI. Termination by AICI may be with or without cause, at
any time. However, the terminating party must give the other party three working
days notice  prior to any  termination,  with the caveat that AICI  reserves the
right to pay Mr.  Perkins the  equivalent of three days of salary in lieu of the
three-day notice  requirement.  Mr. Perkins' gross salary under the agreement is
set at an annual rate of $50,000.
There  was no  transaction  during  the last two  years,  or any  proposed
transactions,  to which the  Company was or is to be a party,  in which  Messrs.
Thillairajah  or  Perkins  had  or is to  have a  direct  or  indirect  material
interest.  There are no family  relationships  between  Messrs.  Thillairajah or
Perkins and the Company's directors,  executive officers or persons nominated or
charged by the Company to become directors or executive officers.

Item 9.01 Financial Statements and Exhibits.

(c) Exhibits

Exhibit Number     Description
-------------------------------------------------------------------------------
10.1               Employment Agreement of Sothi Thillairajah dated July 4, 2005
10.2               Employment Agreement of Carl Perkins dated February 15,
                   2005 (Incorporated by reference to Form 8-K, filed with
                   the Securities and Exchange Commission on March 22, 2005)
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: July 8, 2005                        By:    /s/ Milton Ault
                                                  ------------------------------
                                           Name:  Milton "Todd" Ault, III
                                           Title: Chief Executive Officer