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 30, 2005

                        Patient Safety Technologies, Inc.
             (Exact name of registrant as specified in its charter)

         Delaware                    333-124594              13-3419202
 (State or Other Jurisdiction     (Commission File         (I.R.S. Employer
      of Incorporation)               Number)           Identification Number)

              100 Wilshire Blvd., Ste. 1500, Santa Monica, CA 90401
               (Address of principal executive offices) (zip code)

                                 (310) 752-1416
              (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 1.01 Entry Into a Material Definitive Agreement.

      During June 2005,  Patient Safety  Technologies,  Inc. (the "Company") was
retained by IPEX,  Inc.  ("IPEX") to serve as a business  consultant to IPEX. On
June 30, 2005, the Company  agreed with IPEX as to the scope of such  consulting
services  and the  consideration  for such  services.  The Company has  provided
and/or  will  provide if  reasonably  necessary  within the next 12 months,  the
following  services (the  "Services") to IPEX: (a) substantial  review of IPEX's
business and  operations in order to facilitate an analysis of IPEX's  strategic
options  regarding a turnaround of IPEX's business;  (b) providing advice in the
following areas: (i) identification of financing sources; (ii) providing capital
introductions  of  financial  institutions  and/or  strategic  investors;  (iii)
evaluation  and  recommendation  of  candidates  for  appointment  as  officers,
directors or employees;  (iv) making personnel of the Company  available to IPEX
to provide  services to IPEX on a temporary or permanent  basis;  (v) evaluation
and/or  negotiation  of  merger or sale  opportunities,  or such  other  form of
transaction or endeavor  which IPEX may elect to pursue;  and (vi) providing any
other  services  as are  mutually  agreed  upon in  writing by the  Company  and
Wolfgang  Grabher from time to time;  and (c) assisting IPEX in installing a new
management team.

      Wolfgang  Grabher,  the majority  shareholder of IPEX,  former  President,
former Chief Executive Officer and former director of IPEX, in consideration for
the Services,  personally agreed to pay to the Company,  on or before August 15,
2005 either:  (a) 500,000  shares of common stock of IPEX, or (b)  $1,500,000 in
cash, as a non-refundable  consulting fee. Whether the consulting fee is paid in
the form of IPEX common stock or cash is in the sole discretion of Mr. Grabher.

      Milton  "Todd" Ault,  III is Chairman and Chief  Executive  Officer of the
Company and is Chairman and interim Chief  Executive  Officer of IPEX.  Mr. Ault
also beneficially owns 20,897,865 shares of IPEX's 28,195,566 outstanding shares
of common stock.  18,855,900 of such shares which are beneficially  owned by Mr.
Ault are  pursuant to an  irrevocable  voting  proxy  granted to Mr. Ault by Mr.
Grabher.  Alice Campbell is a director of the Company and is a director of IPEX.
The Company's management believes the consulting agreement with IPEX is on terms
at least as favorable as could be obtained with unrelated third parties.

Item 9.01 Financial Statements and Exhibits.

(c) Exhibits

Exhibit Number                  Description
--------------------------------------------------------------------------------

10.1              Consulting Agreement among Wolfgang Grabher and Patient Safety
                  Technologies, Inc.
10.2              Agreement between Patient Safety Technologies,  Inc. and IPEX,
                  Inc. dated July 7, 2005


                                       1
<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.

                                       Patient Safety Technologies, Inc.


Dated: July 7, 2005                    By: /s/ Milton Ault
                                           -------------------------------------
                                           Name:    Milton "Todd" Ault, III
                                           Title:   Chief Executive Officer

                                       2
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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 30, 2005

                        Patient Safety Technologies, Inc.
             (Exact name of registrant as specified in its charter)

         Delaware                    333-124594              13-3419202
 (State or Other Jurisdiction     (Commission File         (I.R.S. Employer
      of Incorporation)               Number)           Identification Number)

              100 Wilshire Blvd., Ste. 1500, Santa Monica, CA 90401
               (Address of principal executive offices) (zip code)

                                 (310) 752-1416
              (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 1.01 Entry Into a Material Definitive Agreement.

      During June 2005,  Patient Safety  Technologies,  Inc. (the "Company") was
retained by IPEX,  Inc.  ("IPEX") to serve as a business  consultant to IPEX. On
June 30, 2005, the Company  agreed with IPEX as to the scope of such  consulting
services  and the  consideration  for such  services.  The Company has  provided
and/or  will  provide if  reasonably  necessary  within the next 12 months,  the
following  services (the  "Services") to IPEX: (a) substantial  review of IPEX's
business and  operations in order to facilitate an analysis of IPEX's  strategic
options  regarding a turnaround of IPEX's business;  (b) providing advice in the
following areas: (i) identification of financing sources; (ii) providing capital
introductions  of  financial  institutions  and/or  strategic  investors;  (iii)
evaluation  and  recommendation  of  candidates  for  appointment  as  officers,
directors or employees;  (iv) making personnel of the Company  available to IPEX
to provide  services to IPEX on a temporary or permanent  basis;  (v) evaluation
and/or  negotiation  of  merger or sale  opportunities,  or such  other  form of
transaction or endeavor  which IPEX may elect to pursue;  and (vi) providing any
other  services  as are  mutually  agreed  upon in  writing by the  Company  and
Wolfgang  Grabher from time to time;  and (c) assisting IPEX in installing a new
management team.

      Wolfgang  Grabher,  the majority  shareholder of IPEX,  former  President,
former Chief Executive Officer and former director of IPEX, in consideration for
the Services,  personally agreed to pay to the Company,  on or before August 15,
2005 either:  (a) 500,000  shares of common stock of IPEX, or (b)  $1,500,000 in
cash, as a non-refundable  consulting fee. Whether the consulting fee is paid in
the form of IPEX common stock or cash is in the sole discretion of Mr. Grabher.

      Milton  "Todd" Ault,  III is Chairman and Chief  Executive  Officer of the
Company and is Chairman and interim Chief  Executive  Officer of IPEX.  Mr. Ault
also beneficially owns 20,897,865 shares of IPEX's 28,195,566 outstanding shares
of common stock.  18,855,900 of such shares which are beneficially  owned by Mr.
Ault are  pursuant to an  irrevocable  voting  proxy  granted to Mr. Ault by Mr.
Grabher.  Alice Campbell is a director of the Company and is a director of IPEX.
The Company's management believes the consulting agreement with IPEX is on terms
at least as favorable as could be obtained with unrelated third parties.

Item 9.01 Financial Statements and Exhibits.

(c) Exhibits

Exhibit Number                  Description
--------------------------------------------------------------------------------

10.1              Consulting Agreement among Wolfgang Grabher and Patient Safety
                  Technologies, Inc.
10.2              Agreement between Patient Safety Technologies,  Inc. and IPEX,
                  Inc. dated July 7, 2005

                                       1
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.

                                       Patient Safety Technologies, Inc.

Dated: July 7, 2005                    By: /s/ Milton Ault
                                           -------------------------------------
                                           Name:    Milton "Todd" Ault, III
                                           Title:   Chief Executive Officer

                                       2