Document:

Exhibit 10.1

                             SUBSCRIPTION AGREEMENT

SRKP 3, Inc.
1900 Avenue of the Stars, Suite 310
Los Angeles, CA  90067

Attn:  Tony Pintsopoulos, Chief Financial Officer

         Re:  Prospectus, dated __________, 2005

Dear Mr. Pintsopoulos:

The   undersigned   investor   ("Investor")  in  this   Subscription   Agreement
("Agreement")  hereby  acknowledges  receipt of the  prospectus  ("Prospectus"),
dated ____________,  2005, of SRKP 3, Inc., a Delaware corporation ("SRKP"), and
subscribes for the following  number of shares upon the terms and conditions set
forth in the  Prospectus.  The Investor agrees that this Agreement is subject to
availability and acceptance by SRKP.

The Investor hereby  subscribes for  ____________  shares of SRKP's common stock
("Common  Stock")  at  $0.17  per  share,  for an  aggregate  purchase  price of
$____________.  Enclosed is the Investor's  check made payable to "City National
Bank/SRKP 3, Inc.'s Escrow Account" and has been forwarded to the escrow account
in  the  pre-addressed   postage  paid  envelope  that  has  been  provided  for
convenience. The Investor may also elect to submit his subscription funds to the
escrow account via wire transfer as provided in this Agreement.

The Investor  hereby  acknowledges  that City  National Bank is acting solely as
escrow  holder in  connection  with the  offering  of Common  Stock and makes no
recommendation   with  respect   thereto.   City   National  Bank  has  made  no
investigation  regarding  the  offering or any person or entity  involved in the
offering.

              [Remainder of this page is left blank intentionally.]

<PAGE>
<TABLE>
<CAPTION>
Wiring Instructions:                                Accepted and Agreed:
<S>                                                 <C>
ABA #
     --------------------------------------         --------------------------------------
City National Bank                                  Signature of Investor
A/C
f/f/c Trust account #
                      ---------------------         --------------------------------------
Account Name:  SRKP 3, Inc.                         Print Full Name
Attn:
     --------------------------------------         --------------------------------------
                                                    Street Address

                                                    --------------------------------------
                                                    City, State, Zip

                                                    --------------------------------------
                                                    Area Code and Telephone Number

                                                    --------------------------------------
                                                    Social Security Number

                                                    Accepted and Agreed:

                                                    SRKP 3, Inc.

                                                    By:
                                                       -----------------------------------
                                                       Tony Pintsopoulos

</TABLE>

                                       2June 30, 2005

PERSONAL AND CONFIDENTIAL

Mr. Wolfgang Grabher
7932 Prospect Place
La Jolla, Ca 92037

Dear Mr. Grabher:

      This later memorializes the agreement (the "Agreement") that you reached
with Patient Safety Technologies, Inc. ("PST") under which directly or though
its agents or representatives PST agreed to serve as a consultant to IPEX, Inc.
(the "Company") a Nevada Corporation whose principal place of business is 9255
Towne Centre Drive, Suite 235, San Diego, California (the "Company") in
connection with the provision of certain turnaround services described below to
the Company. You acknowledge that you are the principal and largest shareholder
of the Company and that you have a substantial interest in its viability and
financial performance.

      Pursuant to the Agreement, PST has provided and/or Will provide if
reasonably necessary within the next 12 months, the following services (the
"Services") to the Company: (a) substantial review of the Company% business and
operations in order to facilitate an analysis of the Company's strategic options
regarding a turnaround of the Company; (b) providing advice in the following
areas: (i) identification of financing sources for the Company; (ii) providing
capital introductions to the Company of financial institutions and/or strategic
investors; (iii) evaluation and recommendation of candidates for appointment as
officers, directors or employees of the Company; (iv) making personnel of PSI
available to the Company to provide services to the Company on a temporary or
permanent basis; (v) evaluation and/or negotiation of merger or sate
opportunities for the Company, or such other form of transaction or endeavor
which the Company may elect to pursue; and (vi) providing any other services as
are mutually agreed upon in writing by PST and Grabher from time to time; and
(c) assisting the Company in installing a new management team.

      In consideration of the Services provided by PSI to the Company under the
Agreement, Grabher agrees to pay to PST, on or before August 15, 2005 either (1)
500,000 shares of common stock of the Company (the "Shares") or (2)
$1,500,000.00 (one and a half million dollars) in cash (the "Cash") as a
non-refundable consulting fee (the "Consulting Fee") Whether the Consulting Fee
shall be paid in the form of the Shares or the Cash shall be in the sole
discretion of Grabber.

<PAGE>

Mr. Wolfgang Grabher
June 30, 2005
Page 2

      If Grabher determines to pay the Consulting Fee by Shares, then for the
purpose of ensuring the transfer of the Shares to PST as contemplated herein,
Grabber agrees to enter into such additional agreements, sign such additional
documents, and provide such additional certifications and documentation as may
be requested by PST, the Transfer Agent, the Company or such other parties
necessary to carry out the terms of the Agreement. Grabher represents and
warrants that all Shares owned by Grabher have been duly authorized and validly
issued, and are free and clear of all liens and other encumbrances, and are
fully paid and non-assessable.

      This letter agreement contains the entire agreement between the parties
hereto with respect to the subject matter hereof', and all prior negotiations,
agreements and understandings are merged herein. This letter agreement may not
be modified or rescinded except pursuant to a written instrument signed by the
party against whom enforcement is sought.

      The terms and conditions of this Agreement shall inure to the benefit of
and be binding upon the respective successors, heirs and assigns of the parties.
Nothing in this Agreement, express or implied, is intended to confer upon any
party other than the parties hereto or their respective successors, heirs and
assigns any rights, remedies, obligations, or liabilities under or by reason of
this Agreement, except as expressly provided in this Agreement.

      If the foregoing correctly sets forth our mutual understanding, please
indicate your acceptance hereof by signing and returning the original copy of
this letter agreement to the undersigned.

                                       Sincerely,

                                       PATIENT SAFETY TECHNOLOGIES, INC.

                                       By: /s/ Milton Ault
                                           -------------------------------------
                                           Milton "Todd" Ault, III
                                           Chief Executive Officer

Accepted and Agreed to this 30 day of
June, 2005

Wolfgang Grabher

By: /s/ Wolfgang Grabher
    -----------------------------------July 7, 2005

PERSONAL AND CONFIDENTIAL

VIA FEDEX

Mr. Mr. Russell Ingledew President and Chief Financial Officer
IPEX, Inc.
9255 Towne Centre Drive, Suite 235
San Diego, California 92121

      RE:   Agreement between Patient Safety Technologies and Wolfgang Grabher
            for services to IPEX, Inc.

Dear Mr. Ingledew:

      As you know, Patient Safety Technologies, Inc. ("PST") recently entered
into an agreement with Wolfgang Grabher ("Grabher") whereby PST has agreed to
serve as a consultant to IPEX, Inc. (the "Company") in connection with the
provision of certain turnaround services to the Company (the "Agreement").

      Pursuant to that Agreement (a copy of which is attached hereto as Exhibit
A), PST agreed to provide the following services ("the "Services") to the
Company: (a) substantial review of the Company's business and operations in
order to facilitate an analysis of the Company's strategic options regarding a
turnaround of the Company; (b) providing advice in the following areas: (i)
identification of financing sources for the Company; (ii) providing capital
introductions to the Company of financial institutions and/or strategic
investors; (iii) evaluation and recommendation of candidates for appointment as
officers, directors or employees of the Company; (iv) making personnel of PST
available to the Company to provide services to the Company on a temporary or
permanent basis; (v) evaluation and/or negotiation of merger or sale
opportunities for the Company, or such other form of transaction or endeavor
which the Company may elect to pursue; and (vi) providing any other services as
are mutually agreed upon in writing by PST and Grabher from time to time; and
(c) assisting the Company in installing a new management team.

      The parties to the Agreement agree that the Company is an intended third
party beneficiary of the Agreement, and, as such, shall have the right to
enforce any provision of the Agreement against either party thereto by
instituting all necessary actions at law or suits in equity, including, without
limitation, suits for specific performance.

      We therefore request that you consent to the rendering of Services by PST
to the Company pursuant the Agreement, and the Company's third-party beneficiary
interest in such Agreement.

<PAGE>

Mr. Russell Ingledew
IPEX, Inc.
July 7, 2005
Page 2

      Please evidence your consent to and acknowledgement of the foregoing by
signing the acknowledgment below, faxing the executed page to (310) 752-1486,
and returning the original executed letter to PST at 100 Wilshire Blvd, Suite
1500, Santa Monica, CA 90401.

      Should you have any questions, please do not hesitate to contact me at
(310) 752-1416. Thank you for your assistance with this matter. Your prompt
attention is greatly appreciated.

                                       Sincerely,

                                       PATIENT SAFETY TECHNOLOGIES, INC.

                                       By: /s/ Milton Ault
                                           -------------------------------------
                                           Milton C. Ault, III
                                           Chief Executive Officer

Accepted and Agreed to this 7th day of July, 2005.

IPEX, Inc.

        /s/ Russell Ingledew
        ---------------------------------------------
By:     Russell Ingledew
Title:  President and Chief Financial Officer

Enclosures /

cc:   Wolfgang Grabher

<PAGE>

Mr. Russell Ingledew
IPEX, Inc.
July 7, 2005
Page 3

                                    EXHIBIT A

                               [FORM OF AGREEMENT]

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