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): March 28, 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 Center Drive, Suite 235, San Diego, CA 92121
               (Address of principal executive offices) (zip code)

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

             12520 High Bluff Drive, Suite 260, San Diego, CA 92130
                 (Former address, if changed since last report)

                                   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 1.01 Entry Into a Material Definitive Agreement.

      On March 28, 2005,  AICI,  Inc., a wholly owned  subsidiary of IPEX,  Inc.
(the  "Company"),  loaned to Joseph L.  Putegnat  III the sum of  $400,000.  Mr.
Putegnat is a shareholder of the Company, Vice President, Carrier Sales of AICI,
Inc. and the former owner of Jupiter Telecom,  Inc. a predecessor in interest to
the Company's  current  business.  The loan was  evidenced by a Loan  Agreement,
Promissory  Note (the  "Note") and Pledge and  Security  Agreement,  attached as
Exhibits to this form.

      The Note  bears  interest  at the rate of 5.5% per  annum.  Principal  and
interest  on the Note must be repaid by March 28,  2006 (the  "Maturity  Date").
However,  Mr.  Putegnat may extend payment of principal and interest on the Note
an  additional  three  months  provided  that he is not in  default  of the loan
documents and he pays an extension fee in the amount of $5,000 cash prior to the
Maturity  Date.  Mr.  Putegnat must pay a late charge equal to 10% of the amount
due if payment is not received by AICI,  Inc. on or before the Maturity Date, or
in the event of an  extension,  on the  extended due date three months after the
Maturity Date.

      The performance by Mr. Putegnat of his obligations  under the Note and the
loan  agreement are secured by a deed of trust on the real  property  located at
10863  Stone Haven Way,  San Diego,  California  92130,  and a pledge of 120,000
shares of the Company's common stock owned by Mr. Putegnat.

      In the event of  default  under  the Note,  the  entire  unpaid  principal
balance and interest will become immediately due and payable. The following will
constitute and event of default:  (1) if Mr. Putegnat defaults in any payment of
principal or interest under the Note or in the payment of any interest under the
Note,  Deed of  Trust  or  Pledge  and  Security  Agreement  when  due;  (2) the
occurrence  of any  default  as  defined  in the Deed of Trust or the Pledge and
Security  Agreement or a material  breach  thereunder,  or any default under any
agreement or  instrument  which  evidences a debt owed by Mr.  Putegnat to AICI,
Inc.; or (3) the filing of a petition in bankruptcy by or against Mr.  Putegnat,
the appointment of a receiver or trustee of substantially all of the property of
Mr.  Putegnat or the making by Mr.  Putegnat of an assignment for the benefit of
creditors,  provided  however that Mr.  Putegnat  shall have 60 days to cure any
involuntary proceedings commenced against him.

Item 1.02 Termination of Material Definitive Agreement.

      The above loan to Mr. Putegnat was assumed by DJB Holdings, Inc., a Nevada
Corporation,  and on May 16, 2005 the sum of $400,000  was paid to the  Company.
Daren Barone is a principal of DJB Holdings,  Inc. and is a minority shareholder
of the Company.

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

      The Audit Committee of the Board of Directors is  investigating  the above
transactions to determine whether the loan to Mr. Putegnat constituted a "direct
or indirect loan to a director or executive  officer (or  equivalent  thereof)."
Currently,  the Board of Directors,  under the advice of independent counsel, is
investigating  the facts  surrounding  the making and assignment of the loan, as
well as other  transactions  involving  Wolfgang  Grabher,  the Chief  Executive
Officer and  President  of the Company,  and will report its  findings  when the
investigation is complete.  During the pendency of the investigation,  effective
May 21, 2005 Mr. Grabher has been put on temporary leave of absence.  During the
pendency of the investigation,  Russell Ingledew, the Chief Financial Officer of
the Company will serve as the Acting President.


                                       1
<PAGE>

Item 9.01 Financial Statements and Exhibits.

(c)   Exhibits

Exhibit Number                            Description
--------------    --------------------------------------------------------------
10.1              Loan  Agreement  Dated March 28, 2005 by and between Joseph L.
                  Putegnat III and AICI, Inc.

10.2              Promissory  Note signed by Joseph L.  Putegnat III in favor of
                  AICI, Inc. dated March 28, 2005

10.3              Pledge and  Security  Agreement  dated March 28, 2005  between
                  Joseph L. Putegnat III, AICI, Inc. and Richard A. Weintraub PC

10.4              Assignment of Loan Agreement  dated March 28, 2005 in favor of
                  DJB Holdings, Inc.


                                       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: May 24, 2005                         By: /s/ Russell Ingledew
                                                --------------------------------
                                            Name:   Russell Ingledew
                                            Title:  Acting President and Chief
                                                    Financial Officer


                                       3
{"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": "05854861"}, "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): March 28, 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 Center Drive, Suite 235, San Diego, CA 92121
               (Address of principal executive offices) (zip code)

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

             12520 High Bluff Drive, Suite 260, San Diego, CA 92130
                 (Former address, if changed since last report)

                                   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 1.01 Entry Into a Material Definitive Agreement.

      On March 28, 2005,  AICI,  Inc., a wholly owned  subsidiary of IPEX,  Inc.
(the  "Company"),  loaned to Joseph L.  Putegnat  III the sum of  $400,000.  Mr.
Putegnat is a shareholder of the Company, Vice President, Carrier Sales of AICI,
Inc. and the former owner of Jupiter Telecom,  Inc. a predecessor in interest to
the Company's  current  business.  The loan was  evidenced by a Loan  Agreement,
Promissory  Note (the  "Note") and Pledge and  Security  Agreement,  attached as
Exhibits to this form.

      The Note  bears  interest  at the rate of 5.5% per  annum.  Principal  and
interest  on the Note must be repaid by March 28,  2006 (the  "Maturity  Date").
However,  Mr.  Putegnat may extend payment of principal and interest on the Note
an  additional  three  months  provided  that he is not in  default  of the loan
documents and he pays an extension fee in the amount of $5,000 cash prior to the
Maturity  Date.  Mr.  Putegnat must pay a late charge equal to 10% of the amount
due if payment is not received by AICI,  Inc. on or before the Maturity Date, or
in the event of an  extension,  on the  extended due date three months after the
Maturity Date.

      The performance by Mr. Putegnat of his obligations  under the Note and the
loan  agreement are secured by a deed of trust on the real  property  located at
10863  Stone Haven Way,  San Diego,  California  92130,  and a pledge of 120,000
shares of the Company's common stock owned by Mr. Putegnat.

      In the event of  default  under  the Note,  the  entire  unpaid  principal
balance and interest will become immediately due and payable. The following will
constitute and event of default:  (1) if Mr. Putegnat defaults in any payment of
principal or interest under the Note or in the payment of any interest under the
Note,  Deed of  Trust  or  Pledge  and  Security  Agreement  when  due;  (2) the
occurrence  of any  default  as  defined  in the Deed of Trust or the Pledge and
Security  Agreement or a material  breach  thereunder,  or any default under any
agreement or  instrument  which  evidences a debt owed by Mr.  Putegnat to AICI,
Inc.; or (3) the filing of a petition in bankruptcy by or against Mr.  Putegnat,
the appointment of a receiver or trustee of substantially all of the property of
Mr.  Putegnat or the making by Mr.  Putegnat of an assignment for the benefit of
creditors,  provided  however that Mr.  Putegnat  shall have 60 days to cure any
involuntary proceedings commenced against him.

Item 1.02 Termination of Material Definitive Agreement.

      The above loan to Mr. Putegnat was assumed by DJB Holdings, Inc., a Nevada
Corporation,  and on May 16, 2005 the sum of $400,000  was paid to the  Company.
Daren Barone is a principal of DJB Holdings,  Inc. and is a minority shareholder
of the Company.

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

      The Audit Committee of the Board of Directors is  investigating  the above
transactions to determine whether the loan to Mr. Putegnat constituted a "direct
or indirect loan to a director or executive  officer (or  equivalent  thereof)."
Currently,  the Board of Directors,  under the advice of independent counsel, is
investigating  the facts  surrounding  the making and assignment of the loan, as
well as other  transactions  involving  Wolfgang  Grabher,  the Chief  Executive
Officer and  President  of the Company,  and will report its  findings  when the
investigation is complete.  During the pendency of the investigation,  effective
May 21, 2005 Mr. Grabher has been put on temporary leave of absence.  During the
pendency of the investigation,  Russell Ingledew, the Chief Financial Officer of
the Company will serve as the Acting President.

                                       1
Item 9.01 Financial Statements and Exhibits.

(c)   Exhibits

Exhibit Number                            Description
--------------    --------------------------------------------------------------
10.1              Loan  Agreement  Dated March 28, 2005 by and between Joseph L.
                  Putegnat III and AICI, Inc.

10.2              Promissory  Note signed by Joseph L.  Putegnat III in favor of
                  AICI, Inc. dated March 28, 2005

10.3              Pledge and  Security  Agreement  dated March 28, 2005  between
                  Joseph L. Putegnat III, AICI, Inc. and Richard A. Weintraub PC

10.4              Assignment of Loan Agreement  dated March 28, 2005 in favor of
                  DJB Holdings, Inc.

                                       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: May 24, 2005                         By: /s/ Russell Ingledew
                                                --------------------------------
                                            Name:   Russell Ingledew
                                            Title:  Acting President and Chief
                                                    Financial Officer

                                       3