<PAGE>   1
                                                                   EXHIBIT 10.32

                               PURCHASE AGREEMENT


1.       PARTIES: IVy Green Corporation, an Illinois corporation ("Seller")
         agrees to sell and convey to Sharps Compliance, Inc., a Texas
         corporation ("Buyer") and Buyer agrees to buy from Seller the Assets
         only of the business operations of Pitch It, Pitch It, Jr. and other
         disposable IV poles (collectively, the "Business") located at 83
         Ambrogio, Suite B, Gurnee, Illinois 60031.

2.       PRICE AND TERMS: Seller shall convey the Assets (as described below) to
         Buyer on the Closing Date, and shall execute a Bill of Sale, in form
         attached hereto as Exhibit "A", and those other documents described in
         Section 12, below. The total purchase price for the Assets shall be
         $100,000, payable and due at Closing. In accordance with paragraph 2 of
         that certain Letter of Intent previously entered into between Buyer and
         Seller, Buyer has previously tendered $12,500 to Seller as earnest
         money, which earnest money shall be applied to the Purchase Price or in
         the absence of a Closing, as provided in the Letter of Intent.
         Simultaneously herewith, Buyer has tendered $87,500 in readily
         available funds.

3.       ASSETS INCLUDED: Seller agrees to sell, transfer, convey and assign to
         Buyer at Closing the following:

         (a)      all personal property, leases, contracts, rights under or
                  pursuant to all warranties, representations and guaranties
                  made by suppliers in connection with products, materials or
                  services, permits, plans, licenses and licensing agreements
                  and any other agreements or undertakings of any kind of Seller
                  relating exclusively to the Business;

         (b)      all trade secrets, know-how, patents, applications for
                  patents, trademarks, inventions, engineering drawings,
                  licenses and other intellectual property and intangible assets
                  in, developed for exclusive use in, or under development for
                  exclusive use in the Business as set forth on Exhibit "B";

         (c)      all customer lists, and vender and supplier information as set
                  forth on Exhibit "C";

         (d)      all prototypes, plans, designs and test results of any and all
                  disposable IV poles manufactured or designed by Seller
                  including the Pitch It and Pitch It, Jr., and all other
                  disposable IV poles under development ("Disposable IV Poles");
                  and

         (e)      all files, records, information and data directly relating to
                  any of the Assets.

         Items (a) through (e) are hereafter collectively referred to as
"Assets". Assets shall not include accounts receivable of Seller.

4.       NO ASSUMPTION OF LIABILITIES: Buyer is not assuming and does not agree
         to pay any liabilities incurred by Seller or incurred by the Business
         or the Assets prior to Closing. Seller indemnifies Buyer and agrees to
         defend and hold Buyer harmless from and against any


                                        1

<PAGE>   2



         and all claims, causes of action, debts, obligations and liabilities
         incurred or arising prior to Closing for two (2) years from the date
         hereof.

5.       WARRANTIES AND COVENANTS OF SELLER:

         a.       Authority. The execution and delivery of this Agreement and
                  the consummation by Seller of the transactions contemplated
                  herein and therein (i) have been duly authorized by the Board
                  of Directors of Seller; (ii) are not prohibited by, and do not
                  violate any provisions or result in the breach of, or
                  accelerate or permit the acceleration of the performance
                  required by the terms of (a) the Articles of Incorporation or
                  Bylaws, or other governing documents of Seller; (b) any
                  applicable law, rule, regulation or other requirement of the
                  United States, any state, municipality or subdivision therein,
                  or of any authority, department, commission, board, bureau,
                  agency or instrumentality thereof; or (c) any contract,
                  indenture, agreement or commitment to which Seller is a party
                  or is bound or by which any of the Assets are bound, and (iii)
                  have not resulted and will not result in the creation or
                  imposition of any lien, encroachment, easement, encumbrances,
                  mortgage, hypothecation, equity, charge, restriction,
                  possibility of reversion or other similar conflicting
                  ownership or security interest in favor of any third party on
                  any of the Assets.

         b.       Title. Seller has and will have at Closing and will transfer,
                  convey and deliver to Buyer at Closing good and marketable
                  title to the Assets, free and clear of all liens and
                  encumbrances and claims of any third persons.

         c.       Compliance with Law. To the best of Seller's knowledge, Seller
                  has conducted and is now conducting Seller's business in
                  compliance with all applicable regulatory, federal, state or
                  local laws, statutes and regulations the violation of which
                  would have a material and adverse effect upon Seller's
                  business or the Assets.

         d.       Litigation. No litigation, including any arbitration,
                  investigation or other proceeding of or before any court,
                  arbitrator or governmental or regulatory official body or
                  authority is pending or, to the best knowledge of Seller,
                  threatened against Seller or which relates to the Assets of
                  Seller or the transactions contemplated by this Agreement.
                  Seller does not know of any reasonable likelihood for the
                  basis of any such litigation, arbitration, investigation or
                  proceeding, the result of which could adversely affect Seller,
                  the Assets or the transactions contemplated hereby.

         e.       Consents. No consent, approval, authorization or order of any
                  governmental agency or body or other persons are required for
                  the consummation of the transactions contemplated by this
                  Agreement.

         f.       Referrals. Seller hereby covenants and agrees that it shall
                  immediately forward to Buyer any and all indications of
                  interest to acquire any of the products subject to the
                  Business.



                                        2

<PAGE>   3



6.       FURTHER ASSURANCES: At the Closing, and at all times thereafter as it
         may be necessary, Seller shall execute and deliver to Buyer such other
         instruments of transfer as shall be reasonably necessary or appropriate
         to vest in Buyer good and indefeasible title to all of the Assets
         individually and/or in the aggregate including execution of all
         documents necessary to assign all rights in and to United States
         Letters Patent No(s). DES 390,952 and DES 390,953.

7.       SPECIAL CONDITIONS: In addition to the agreements described herein,
         Buyer agrees to grant to Wren Medical Systems the right to (a) acquire
         Pitch It and Pitch It, Jr. from Buyer at a price equal to five percent
         (5%) below the amount paid by other distributors, and (b) acquire the
         Pump Pole from Buyer at a price, equal to the lesser of (i) five
         percent (5%) less than other distributors, or (ii) a twenty-five (25)
         point mark-up over cost. Seller agrees that all calls relating to the
         sale and distribution of Disposable IV Poles shall be referred to Buyer
         at 1-800-772-5657, except for sales to regional companies whose base of
         operation are in the states of Illinois, Indiana, Wisconsin, Minnesota
         and Michigan, which shall be referred to Wren Medical Systems. Seller
         and Wren Medical Systems shall grant Buyer the right to audit Seller's
         and Wren Medical Systems' sales of all Disposable IV Poles.
         Distribution rights granted to Wren Medical Systems herein shall only
         be applicable (i) for so long as Wren Medical Systems actively markets
         and sells Disposable IV Poles, and (ii) for sales originated by Wren
         Medical Systems to new customers in the States of Illinois, Indiana,
         Wisconsin, Minnesota and Michigan. Wren Medical Systems hereby
         acknowledges that Buyer shall be its exclusive manufacturer of
         Disposable IV poles. Furthermore, in consideration of the pricing
         schedule above, Wren Medical Systems hereby agrees that it shall not
         manufacture, for itself or on behalf of others, any Disposable IV
         Poles. Buyer acknowledges that Seller shall not be liable for a breach
         by Wren Medical Systems of this Section 7, unless Seller shall have
         directly contributed to such breach by Wren Medical Systems.

8.       CONTINGENCIES: This contract and Buyer's obligations hereunder shall be
         contingent upon satisfaction of the following:

         a.       all covenants, warranties, representations and agreements of
                  Seller hereunder shall be true and correct at the time of
                  execution of this contract and at closing of the transaction
                  described herein;

         b.       Seller shall have performed all of Seller's obligations
                  hereunder;

9.       CLOSING DATE: The closing of the sale shall be on or before June 19,
         1998 in the offices of DiCecco, Fant & Burman, L.L.P. or any other
         place or by any other means as may be agreed upon by the parties.

10.      POSSESSION: The possession of the Assets shall be delivered to Buyer,
         in its present condition, ordinary wear and tear excepted, at Closing.

11.      EFFECTIVE DATE: The effective date of sale shall be at closing. The
         effective date of this Contract shall be the date of execution by all
         parties hereto.

                                       3
<PAGE>   4


12.      CLOSING DOCUMENTS: Closing documents to be executed and delivered at
         Closing shall consist of the following:

         a.       Bill of Sale;
         b.       Assignment of Patents in the form attached hereto as Exhibit
                  "D";
         c.       Assignment of Contracts in the form attached hereto as Exhibit
                  "E";
         d.       Assignment of Tradename in the form attached hereto as Exhibit
                  "F";
         e.       Any other documents deemed reasonably necessary or appropriate
                  to close this transaction.

13.      SALES, TRANSFER AND DOCUMENTARY TAXES: Seller shall pay all federal,
         state and local sales, documentary and other transfer taxes, if any,
         due as a result of the purchase, sale or transfer of the Assets in
         accordance herewith whether imposed by law on Seller or Buyer and
         Seller shall indemnify, reimburse and hold harmless Buyer in respect of
         the liability for payment of or failure to pay any such taxes or the
         filing of or failure to file any reports required in connection
         therewith.

14.      WARRANTY: Seller warrants that the Business and assets being sold and
         conveyed to Buyer will be sold, assigned, conveyed and transferred free
         and clear of all debts, liens, taxes (including payroll, sales and
         excise taxes) and/or any other encumbrances, except those specifically
         disclosed herein/agreed to by Buyer, as of the Closing Date.

15.      GENERAL INDEMNIFICATION OF SELLER: From the Closing Date, and for two
         (2) years thereafter, Seller will (i) reimburse, indemnify and hold
         harmless Buyer and its successors and assigns against and in respect of
         any and all damages, losses, deficiencies, liabilities, costs and
         expenses incurred or suffered by Buyer as a result of Seller's
         operations or ownership of the Assets prior to Closing; (ii) any
         misrepresentation, breach of warranty or nonfulfillment of any
         agreement or covenant on the part of Seller under this Agreement, or
         from any misrepresentation in or omission from any certificate,
         schedule, exhibit, statement, document or instrument furnished to Buyer
         pursuant hereto or in connection with the negotiation, execution or
         performance of this Agreement and the attached Exhibits; and (iii) any
         and all actions, suits, claims, proceedings, investigations, demands,
         assessments, audits, filings, judgments, costs and other expenses
         (including without limitation, reasonable legal fees, costs and
         expenses) incident to Seller's operations or ownership of the Assets
         prior to Closing or to the enforcement of this Section 15. From the
         Closing Date, and for two (2) years thereafter, Buyer will reimburse,
         indemnify and hold harmless Seller and its successors and assigns
         against and in respect of any and all damages, losses, deficiencies,
         liabilities, costs and expenses incurred or suffered by Seller as a
         result of Buyer's operations or ownership of the Assets after the
         Closing.

16.      COVENANT NOT TO COMPETE: For three (3) years from execution of this
         Agreement, Seller, its officers, directors, stockholders and
         affiliates, (collectively "Seller Parties" agree that it shall not, 
         directly or indirectly, engage in the business operations of Pitch It,
         Pitch It, Jr. and other Disposable IV Poles. Furthermore, Seller
         Parties shall not contact any customers of the Buyer for the same time
         period specified above in connection with the sale of Disposable Poles,
         except as required in Section 7 above. Seller Parties shall be deemed 


                                       4
<PAGE>   5

         to be in competition with Buyer and in violation of this Agreement if
         payments for activities prohibited under this Agreement are received by
         (a) Seller Parties, (b) any partnerships, corporations, affiliates or
         other entities in which Seller Parties owns ten percent (10%) or
         greater interest therein, or (c) any family members of Seller Parties,
         with respect to competitive activities of such corporation as
         authorized herein. Notwithstanding anything to the contrary herein,
         this Agreement shall not (i) restrict Seller Parties from participating
         or engaging in the business of manufacturing and selling non-disposable
         IV poles, so long as said corporation confines its business to same and
         in no way engages in the same or similar business as Buyer, or (ii)
         restrict Wren Medical Systems from its distribution rights set forth in
         Section 7.

17.      ATTORNEY'S FEES: Any signatory to this contract who is the prevailing
         party in any legal proceeding against any other signatory brought under
         or with relation to this contract or transaction shall be additionally
         entitled to recover court costs and reasonable attorney's fees from the
         non-prevailing party.

18.      BENEFIT: This contract shall inure to the benefit of and be binding on
         the parties hereto, their heirs, executors, legal representatives,
         successors and assigns.

19.      SURVIVAL: All the terms, conditions, provisions, and obligations under
         this contract, and all instruments related to this transaction, shall
         survive the Closing for one (1) year.

20.      GOVERNING LAW: This Agreement shall be governed by and interpreted and
         enforced in accordance with the laws of the State of Texas, and the
         venue for all proceedings shall be Harris County, Texas.

21.      EXPENSES: Except as otherwise provided in this Agreement, each party
         hereto shall pay its own expenses incidental to the preparation of this
         Agreement, the carrying out of the provisions of this Agreement and the
         consummation of the transactions contemplated hereby.

22.      BROKER FEES: There are no broker fees to be paid in connection with the
         consummation of this transaction. Each party shall indemnify the other
         party from and against any claims by any brokers in connection with
         this transaction.

23.      NOTICES: Any notice, request, demand, waiver, consent, approval or
         other communication which is required or permitted hereunder shall be
         in writing and shall be deemed given if personally delivered or sent by
         registered or certified mail to the party at the address set forth
         below.

24.      SEVERABILITY: Any provision of this Agreement which is invalid or
         unenforceable in any jurisdiction shall be unaffected to the extent of
         such invalidity or unenforceability without invalidating or rendering
         unenforceable the remaining provisions hereof, and any such invalidity
         or unenforceability in any jurisdiction shall not invalidate or render
         unenforceable such provision in any other jurisdiction.


                                       5
<PAGE>   6

25.      COUNTERPARTS: This Agreement may be executed in any number of
         counterparts and any party hereto may execute any such counterpart,
         each of which when executed and delivered shall be deemed to be an
         original and all of which counterparts taken together shall constitute
         one in the same instrument.


BUYER:                                       SELLER:

SHARPS COMPLIANCE, INC.                      IVY GREEN CORPORATION



By: /s/ BURT KUNIK                           By: 
   --------------------------                    --------------------------
Name:    BURT KUNIK                          Name:
Title:   President                                -------------------------
                                             Title:
                                                   ------------------------

ADDRESS:                                     ADDRESS:

8928 Kirby Drive                             83 Ambrogio, Suite B
Houston, Texas  77054                        Gurnee, Illinois  60031
Attn:  Dr. Burt Kunik                        Attn:
                                                  -------------------------

         Wren Medical Systems hereby executes this Agreement solely for
acknowledging its agreement to the terms and conditions described in Section 7
above.

WREN MEDICAL SYSTEMS



By:
   --------------------------
Name:
     ------------------------
Title:
      -----------------------
ADDRESS:

-----------------------------

-----------------------------

-----------------------------

                                        6

<PAGE>   7



                                    EXHIBIT A

                                  BILL OF SALE

THE STATE OF ILLINOIS             )
                                  )        KNOW ALL MEN BY THESE PRESENTS
COUNTY OF LAKE                    )

         THAT IVY GREEN CORPORATION, an Illinois corporation ("Seller"), for and
in consideration of the purchase price provided for in, and the other terms and
conditions of, that certain Purchase Agreement, dated June ___, 1998, by and
among SHARPS COMPLIANCE, INC., a Texas corporation ("Buyer"), and Seller (the
"Agreement") (capitalized terms used and not otherwise defined herein shall have
the meanings ascribed to them in the Agreement) has bargained and sold, and by
these presents Seller does sell, assign, transfer and convey unto Buyer all of
Seller's right, title and interest in the Assets. Seller hereby acknowledges and
agrees that this Bill of Sale is made pursuant to and subject to all the terms
and conditions of the Agreement, including without limitation, Buyer's rights of
indemnification under the Agreement.

         Seller hereby represents and warrants to Buyer that Seller is the
absolute owner of the Assets, that the Assets are free and clear of any and all
liens, charges and encumbrances of any kind whatsoever, and that Seller has full
right, power and authority to sell the Assets to Buyer and to make this Bill of
Sale.

         Seller hereby binds itself, its successors and assigns to WARRANT AND
FOREVER DEFEND the title to the Assets to Buyer, and Buyer's successors and
assigns, against the lawful claim or claims of any and all persons.

         The parties hereto agree that this Bill of Sale shall be governed by
and construed in accordance with the laws of the State of Texas, without resort
to the conflict of law principles thereof.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]




<PAGE>   8



         EXECUTED effective the ____day of June, 1998.


BUYER:                                            SELLER:

SHARPS COMPLIANCE, INC.                           IVY GREEN CORPORATION
a Texas corporation                               an Illinois corporation



By: /s/ DR. BURT KUNIK                           By:
   ---------------------------                      -------------------------
      Dr. Burt Kunik,                            Name:                       ,
      President                                       -----------------------
                                                 Title:
                                                       ----------------------


<PAGE>   9


                                    EXHIBIT B

                        LIST OF PATENTS, TRADEMARKS, ETC.






                  PATENTS:

                                    U.S. Design Patent No. Des. 390,952

                                    U.S. Design Patent No. Des. 390,953

                  TRADEMARKS:

                                    Pitch It

                                    Pitch It, Jr.



<PAGE>   10


                                    EXHIBIT C

                    LIST OF CUSTOMERS, VENDORS AND SUPPLIERS



                  CUSTOMERS:

                                    List attached

                  VENDORS/SUPPLIERS:

                           Sierra Pacific Co., Ltd.

                                    Address:   3F-4, No. 14, Ta Ing St.
                                               Nan Twen District, Taichung
                                               Taiwan, R. O. C.

                                    Phone:     011-886-4-381-2053
                                    Fax:       011-886-4-382-8530
                                    Email:     spec8488@ms4.hinet.net

                                    Contact:   Fred Lin
                                               Ingrid

                                    Bank Information: Bank of Taiwan
                                                      Liming Branch
                                                      6-1 No. 37, 37 Liming Road
                                                      Taichung
                                                      Taiwan ROC

                           Circle International (Freight forwarder)

                                    Address:   Bensenville, IL
                                    Phone:     630-766-9220
                                    Contact:   Kim Hund

                                    Note:   Will need to establish account with 
                                            Houston office. Kim will provide 
                                            referral information.


<PAGE>   11


                                    EXHIBIT D

                              ASSIGNMENT OF PATENTS


STATE OF ILLINOIS                     )
                                      )
COUNTY OF LAKE                        )

         WHEREAS IVY GREEN CORPORATION ("Assignor"), an Illinois corporation
with offices at 83 Ambrogio, Suite B, Gurnee, Illinois 60031 is the owner of the
entire right, title, and interest to the United States Letters Patent No(s).
DES. 390,952 and DES. 390,953 (the "Patents") and the inventions covered by the
Patents (the "Inventions");

         AND WHEREAS SHARPS COMPLIANCE, INC., ("Assignee"), a Texas corporation
with offices at 8928 Kirby Drive, Houston, Texas 77054, is desirous of acquiring
the entire right, title, and interest in and to the Inventions in the United
States and foreign countries and the Patents;

         NOW THEREFORE, for good and valuable consideration, the receipt of
which is hereby acknowledged, and intending to be legally bound hereby, Assignor
hereby assigns and transfers to Assignee the entire right, title, and interest
in and to the Inventions in the United States and foreign countries and the
Patents, including but not limited to all reissues, divisions, continuations and
extensions of the Patents, all rights of action arising from the Patents, all
claims for damages by reason of past infringement of the Patents and the right
to sue and collect damages for such infringement, to be held and enjoyed by the
Assignee for its own use and benefit and for its successors and assigns as the
same would have been held by Assignor had this assignment not been made.

Dated:  June ___, 1998.

ASSIGNOR:


By:
    -------------------------
Title:
       ----------------------

Subscribed and sworn to before me on June ___, 1998.



Notary Public:
              ------------------------------
Printed Name:
             -------------------------------


<PAGE>   12



                                    EXHIBIT E

                             ASSIGNMENT OF CONTRACTS
                                 AND WARRANTIES


THE STATE OF ILLINOIS              )
                                   )        KNOW ALL MEN BY THESE PRESENTS:
COUNTY OF LAKE                     )


         That IVY GREEN CORPORATION, (hereinafter called the "Assignor" whether
one or more), for and in consideration of the sum of Ten and No/100 Dollars
($10.00) and other good and valuable consideration paid to the Assignor by
SHARPS COMPLIANCE, INC. (hereinafter called the "Assignee" whether one or more),
the receipt and sufficiency of which consideration are hereby confessed and
acknowledged by the undersigned, has SOLD, ASSIGNED, TRANSFERRED and CONVEYED
and by these presents does hereby SELL, ASSIGN, TRANSFER and CONVEY unto
Assignee, and Assignee's heirs, legal representatives, successors and assigns,
all of Assignor's right, title and interest in and to all contracts, agreements,
and to the extent assignable, all guaranties, warranties and service contracts
with respect to all or any portion of the products known as Pitch It and Pitch
It, Jr.

         TO HAVE and TO HOLD all of Assignor's right, title and interest in and
to said contracts and agreements unto the Assignee and Assignee's heirs, legal
representatives, successors and assigns forever.


         EXECUTED effective the ___ day of June, 1998.



                                                 ------------------------------
                                                 Name:
                                                      -------------------------


                                                 ------------------------------
                                                 Name:
                                                      -------------------------



                                        1

<PAGE>   13


THE STATE OF ILLINOIS                      )
                                           )
COUNTY OF LAKE                             )


         BEFORE ME, the undersigned authority, on this date personally appeared
________________________, known to me to be the person whose name is subscribed
to the foregoing instrument, and acknowledged to me that he/she executed the
same for the purposes and consideration therein expressed.

         SWORN TO AND SUBSCRIBED BEFORE ME on this ___ day of June, 1998.



                                                  -----------------------------
                                                          Notary Public
My Commission Expires:

-----------------------------                     -----------------------------
                                                          (Print Name)



                                        2

<PAGE>   14



                                    EXHIBIT F

                             ASSIGNMENT OF TRADENAME


THE STATE OF ILLINOIS              )
                                   )        KNOW ALL MEN BY THESE PRESENTS:
COUNTY OF LAKE                     )


         That IVY GREEN CORPORATION, (hereinafter called the "Assignor" whether
one or more), for and in consideration of the sum of Ten and No/100 Dollars
($10.00) and other good and valuable consideration paid to the Assignor by
SHARPS COMPLIANCE, INC., (hereinafter called the "Assignee" whether one or
more), the receipt and sufficiency of which consideration are hereby confessed
and acknowledged by the undersigned, has SOLD, ASSIGNED, TRANSFERRED, and
CONVEYED and by these presents does hereby SELL, ASSIGN, TRANSFER, and CONVEY
unto the Assignee, and Assignee's heirs, legal representatives, successors and
assigns, all of Assignor's right, title and interest in and to the tradename
Pitch It and Pitch It, Jr. including, without limitation, the exclusive right to
use and enjoy such tradename to the fullest extent that the Assignor may
lawfully grant such exclusive right.

         TO HAVE and TO HOLD all of Assignor's right, title and interest in and
to said tradename unto the Assignee and Assignee's heirs, legal representatives,
successors and assigns forever.

         Executed effective the ___ day of June, 1998.



                                                 ------------------------------
                                                 Name:
                                                      -------------------------


                                                 ------------------------------
                                                 Name:
                                                      -------------------------




                                        1

<PAGE>   15


THE STATE OF ILLINOIS               )
                                    )
COUNTY OF LAKE                      )


         BEFORE ME, the undersigned authority, on this date personally appeared
________________________, known to me to be the person whose name is subscribed
to the foregoing instrument, and acknowledged to me that he/she executed the
same for the purposes and consideration therein expressed.

         SWORN TO AND SUBSCRIBED BEFORE ME on this ___ day of June, 1998.




                                                  -----------------------------
                                                          Notary Public
My Commission Expires:

-----------------------------                     -----------------------------
                                                          (Print Name)


                                        2