Document:

PURCHASE AGREEMENT

                              by, between and among

                                   IPEX, Inc.
                                 ("Purchaser"),

                                   B Tech Ltd.
                                   ("B Tech"),

                                Massimo Ballerini
                                 ("Ballerini"),

                                       and

                                  Emanuele Boni
                                    ("Boni")
                            (collectively, "Seller")

                                  June 7, 2005

<PAGE>

                                TABLE OF CONTENTS

1.    PURCHASE AND SALE ASSETS                                                1

         1.1       Purchase and Sale of Assets                                1
         1.2       Liabilities Not Assumed                                    2
         1.3       Instruments of Conveyance or Assignment                    2

2.    PURCHASE PRICE                                                          2

         2.1       Purchase Price                                             2

3.    CLOSING                                                                 2

         3.1       Closing                                                    2

4.    TAXES AND PREPAID ITEMS                                                 3

5.    REPRESENTATIONS AND WARRANTIES OF B TECH AND BALLERINI                  3

         5.1       Organization and Corporate Power                           3
         5.2       Due Authorization; Effect of Transaction                   3
         5.3       Personal Properties                                        3
         5.4       Material Contracts and Arrangements                        3
         5.5       Litigation and Compliance With Laws                        4
         5.6       Intellectual Property, Trademarks, Licenses, etc.          4
         5.7       Adverse Restrictions                                       4
         5.8       Material Information                                       5
         5.9       Certain Transactions                                       5
         5.10      No Governmental Authorizations or Approvals
                   Required                                                   5
         5.11      Continuing Representations                                 5

6.    REPRESENTATIONS FOR UNITED STATES SECURITIES LAWS                       5

         6.1      Adherence with Applicable Securities Laws                   5
         6.2      Legends                                                     6
         6.3      Investment Purposes                                         7
         6.4      Continuing Representations                                  8

<PAGE>

7.    REPRESENTATIONS, WARRANTIES, AND AGREEMENTS OF PURCHASER                8

         7.1       Due Authorization; Effect of Transaction                   8
         7.2       Capitalization                                             8
         7.3       Valid Title to Common Stock                                8
         7.4       Continuing Representations                                 9

8.    CONDITIONS OF PURCHASER'S OBLIGATIONS                                   9

         8.1       Governance                                                 9
         8.2       Employment Letter                                          9
         8.3       Covenant Not to Compete and Confidentiality Agreement      9
         8.4       Instruments of Transfer                                    9
         8.5       Escrow Agreement                                           9

9.    CONDITIONS OF SELLER'S OBLIGATIONS                                      9

         9.1       Governance                                                 9
         9.2       Employment Letter                                         10
         9.3       Covenant Not to Compete and Confidentiality Agreement     10

10.   INDEMNIFICATION BY B TECH AND BALLERINI                                10

         10.1      Indemnification                                           10
         10.2      Notice of Claim                                           11
         10.3      Set-Off or Reimbursement                                  12
         10.4      Payment in Shares                                         12

11.   BROKERAGE FEE                                                          12

12.   AMENDMENTS; WAIVERS                                                    12

13.   ASSIGNMENT; SUCCESSORS AND ASSIGNS                                     13

14.   SEVERABILITY                                                           13

15.   COUNTERPARTS                                                           13

16.   SECTION AND OTHER HEADINGS                                             13

17.   NOTICES                                                                13

18.   GENDER                                                                 15

<PAGE>

19.   LAW TO GOVERN                                                          15

20.   COURTS                                                                 15

21.   CONFIDENTIALITY                                                        15

22.   POST-CLOSING MATTERS                                                   15

Exhibits:
         Exhibit A  Employment Letter
         Exhibit B  Covenant Not to Compete and Confidentiality Agreement
         Exhibit C  Escrow Agreement

Schedules:
         5.1       Seller's Jurisdictions
         5.4       Seller's Material Contracts
         5.5       Seller's Litigation
         5.6       Seller's Intellectual Property

<PAGE>

                               PURCHASE AGREEMENT

      THIS PURCHASE AGREEMENT (this  "Agreement"),  entered into this 7th day of
June 2005, by, between and among IPEX, Inc. a corporation organized and existing
under the laws of the State of Nevada ("Purchaser");  B Tech Ltd., a corporation
organized and existing  under the laws of the British Virgin Islands ("B Tech");
Massimo Ballerini ("Ballerini");  and Emanuele Boni ("Boni") (collectively,  the
"Seller").

                          W I T N E S S E T H T H A T:

      WHEREAS,  Purchaser  desires to  purchase  and Seller  desires to sell and
convey to Purchaser  certain  assets of Seller  relating to the  development  of
certain intellectual property,  upon the terms and subject to the conditions set
forth herein.

      WHEREAS,  the Purchaser  shall purchase from RGBChannel SRL, a corporation
organized and existing under the laws of Italy, certain other assets relating to
the development of certain other intellectual property, pursuant to an agreement
of even date, that will close simultaneously with this Agreement.

      NOW, THEREFORE,  in consideration of the agreements of the parties hereto,
and intending to be legally bound hereby, the parties hereto agree as follows:

1.    PURCHASE AND SALE OF ASSETS.

      1.1 Purchase and Sale of Assets. At the Closing (as defined in Section 3),
Seller agrees to sell, convey,  transfer,  assign, and deliver to Purchaser, and
Purchaser  agrees to purchase from Seller,  for the purchase  price  hereinafter
specified in Section 2.1, the Seller's  assets as set forth in Schedule 5.6 (the
"Assets"),  free and clear of all liens,  encumbrances and liabilities.  Without
limiting the generality of the foregoing, the Assets to be acquired by Purchaser
hereunder shall include:

            (a) All of  Seller's  rights  to or under  all  trademarks,  service
      marks,   certification   marks,   United  States  and  foreign   trademark
      registrations and  applications,  trade names,  copyrights,  domain names,
      United  States  and  foreign  patents  and  patent  applications,  if any,
      including  international  priority rights  associated  therewith,  and all
      patent and other  license,  trade secrets,  inventions,  and royalties and
      rights to sue for past  infringements,  relating to those items  listed or
      otherwise described on the Schedules hereto.

            (b) Any and all right,  title and  interest  of the Seller in and to
      all  intellectual  property rights and proprietary  expertise,  including,
      without limitation,  proprietary information,  technical and technological
      data, know-how, processes,  invention conception memoranda,  manufacturing
      and engineering data,  computer programs,  and trade secrets,  relating to
      the Assets.

                                       1
<PAGE>

            (c) Any and all files, papers, books, records, sales and advertising
      materials  and records,  technical  and user  manuals,  sales and purchase
      correspondence,  permits, licenses,  certificates of any governmental body
      and quotations affecting or pertaining to Seller's Assets.

      1.2 Liabilities Not Assumed. Purchaser shall not assume any liabilities of
Seller.

      1.3  Instruments  of  Conveyance  or  Assignment.  The  sale,  conveyance,
transfer,  assignment,  and delivery of the Assets, as herein provided, shall be
effected by bills of sale, assignments,  or other instruments in such reasonable
and customary form as shall be requested by Purchaser, and Seller, Ballerini and
Boni shall at any time and from time to time after the Closing,  upon reasonable
request,  execute,  acknowledge,  and  deliver  such  additional  bills of sale,
assignments,  or  other  instruments  and  take  such  other  actions  as may be
reasonably  required  to  effectuate  the  transactions   contemplated  by  this
Agreement.

2.    PURCHASE PRICE.

      2.1 Purchase Price. In consideration for the sale,  conveyance,  transfer,
and delivery of the Assets and upon the terms and subject to the  conditions set
forth in this  Agreement,  Purchaser  shall pay to Seller the "Purchase  Price",
which shall be:

            (a) An  issuance of common  stock,  in book form,  of the  Purchaser
      ("Common Stock"), valued at six million dollars ($6,000,000), at the price
      per share  computed as the average of the closing bid and asked  prices of
      the Common Stock  quoted in the  Over-The-Counter  Market  Summary for the
      five (5) trading days prior to the Closing Date.  The Common Stock will be
      issued as of the Valuation  Date as follows:  (i) to B Tech,  Common Stock
      valued at $5,640,000,  and (ii) to Boni,  Common Stock valued at $360,000;
      and

            (b) In the event that the intellectual  property, or a part thereof,
      acquired by the Purchaser  from the Seller,  as described in Schedule 5.6,
      is sold,  assigned or other wise disposed by the Purchaser within eighteen
      (18) months of the Closing Date (the "Sale"), B Tech and Boni (in the same
      ratio as set forth in Section 2.1(a)), shall receive as an addition to the
      Purchase Price set forth in subparagraphs (a) and (b), above,  twenty five
      percent (25%) of the consideration  received in the Sale, less six million
      dollars ($6,000,000),  allocated as designated by the Seller. In the event
      that twenty five percent (25%) of the  consideration  received in the Sale
      in less than six million dollars ($6,000,000), no addition to the Purchase
      Price according to this paragraph 2.1(b) shall be due.

      2.2  Purchase  Price  Adjustment.  On the date  ninety (90) days after the
Closing Date (the "Valuation  Date"),  the Purchaser shall compute the price per
share as the  average of the closing  bid and asked  prices of the Common  Stock
quoted in the  Over-The-Counter  Market  Summary for the five (5)  trading  days
prior to the Valuation  Date (the  "Valuation  Price per Share").  The number of
shares of Common Stock to be issued on the  Valuation  Date shall be adjusted by
dividing six million dollars ($6,000,000) by the Valuation Price per Share.

                                       2
<PAGE>

3.    CLOSING.

      3.1 Closing.  The closing of the sale and purchase (the  "Closing")  shall
take place at the offices of Weintraub  Law Group,  10085  Carroll  Canyon Road,
Suite 210B, San Diego,  California  92131  simultaneously  with the execution of
this Agreement by all the parties hereto (the "Closing  Date").  At the Closing,
Seller shall deliver to Purchaser such bills of sale, endorsements, assignments,
deeds, drafts,  checks, stock powers, or other instruments as shall be effective
to vest in  Purchaser  good and  marketable  title to the  Assets  subject to no
liens, encumbrances, or rights in any other party whatsoever.

4.    TAXES AND PREPAID ITEMS.

      Except as otherwise  provided  herein,  Seller will pay all Italian sales,
use,  franchise,  and other  taxes and  charges,  which may  become  payable  in
connection with the sale of the Assets pursuant to the terms of this Agreement.

5.    REPRESENTATIONS AND WARRANTIES OF B TECH AND BALLERINI.

      B Tech and Ballerini jointly and severally represent and warrant, covenant
and agree that as of the Closing Date:

      5.1  Organization  and  Corporate  Power.  B Tech  is a  corporation  duly
organized,  validly  existing,  and in  good  standing  under  the  laws  of its
jurisdiction  of  incorporation  with full power and  authority  (corporate  and
other) to carry on the  business in which it is engaged (a true and correct list
of each such  jurisdiction  is set forth in  Schedule  5.1) and to  execute  and
deliver and carry out the transactions contemplated by this Agreement.

      5.2  Due  Authorization;  Effect  of  Transaction.  No  provisions  of the
Certificate  of  Incorporation  or  By-Laws  of B  Tech,  or of  any  agreement,
instrument, or understanding,  or any judgment,  decree, rule, or regulation, to
which B Tech is a  party  or by  which  B Tech  is  bound,  has  been or will be
violated  by the  execution  and  delivery  by B Tech of this  Agreement  or the
performance or satisfaction of any agreement or condition  herein contained upon
its part to be performed or  satisfied,  and all  requisite  corporate and other
authorizations for such execution, delivery,  performance, and satisfaction have
been duly obtained. Upon execution and delivery, this Agreement will be a legal,
valid,  and binding  obligation of Seller,  enforceable  in accordance  with its
terms. B Tech is not in default in the performance,  observance,  or fulfillment
of any of the terms or conditions of its Articles of Incorporation or By-Laws.

      5.3 Personal Properties.  Seller owns and has good and marketable title to
all the tangible and intangible  personal  property and assets,  as set forth in
Schedule 5.6, free and clear of all mortgages,  liens,  encumbrances,  equities,
claims,  and  obligations to other persons,  of whatever kind and character Upon
the  sale,  assignment,  transfer,  and  delivery  of the  Assets  to  Purchaser
hereunder,  there will be vested in Purchaser good and  marketable  title to the
tangible and intangible personal property  constituting a part thereof, free and
clear of all mortgages,  liens, encumbrances,  equities, claims, and obligations
to other persons, of whatever kind and character.

                                       3
<PAGE>

      5.4 Material  Contracts and Arrangements.  Except as set forth in Schedule
5.4,  Seller is not a party to any contract or arrangement,  including,  without
limitation,  any commitments or obligations,  contingent or otherwise,  relating
directly or indirectly to the Assets.

      5.5  Litigation  and  Compliance  with Laws.  Seller is not a party to any
litigation or legal or other actions, suits, proceedings, or investigations,  at
law or in equity or admiralty, or before any federal, state, municipal, or other
governmental department, commission, board, agency, or instrumentality, domestic
or  foreign,  in which  Seller  or any of its  officers  or  directors,  in such
capacity,  is engaged, or, to the knowledge and belief of Seller and Controlling
Stockholder,  with  which  Seller  or  any  of  its  officers  or  directors  is
threatened,  except as set forth in Schedule 5.5 (subject to the  provisions  of
Section 11), in connection,  directly or in directly, with the Assets. Seller is
and at all times since its inception  has been in  compliance  with Italian laws
and  governmental  rules and  regulations,  and all  requirements  of  insurance
carriers, applicable to the Assets.

      5.6 Intellectual Property,  Trademarks,  Licenses,  Etc. Schedule 5.6 sets
forth all of the intellectual property,  trademarks, trade names, service marks,
patents,  copyrights,  registrations,  or applications with respect thereto, and
licenses or rights under them owned, used, or intended to be acquired or used by
Seller,  and,  to the extent  indicated  in  Schedule  5.6,  they have been duly
registered  in such  offices as are  indicated  therein.  Seller is the sole and
exclusive owner of the intellectual property,  trademarks,  trade names, service
marks,  and  copyrights,  the holder of the full record  title to the  trademark
registrations  and the sole owner of the  inventions  covered by the patents and
patent  applications,  all as set forth in Schedule 5.6; Seller has the sole and
exclusive right, to the extent listed in Schedule 5.6, to use such  intellectual
property,  trademarks,  trade names, service marks, patents and copyrights, and,
except to the extent set forth on Schedule  5.6,  all of them are free and clear
of  any  mortgages,  liens,  encumbrances,   equities,   licenses,  claims,  and
obligations to other persons of whatever kind and character.

      5.7 Adverse Restrictions. The execution and delivery of this Agreement and
the consummation of the transactions  contemplated hereby are not events that of
themselves  or with the giving of notice or the  passage of time or both,  could
constitute,  on the part of Seller, a violation of or conflict with or result in
any breach of, or default under the terms,  conditions,  or  provisions  of, any
judgment,  law,  or  regulation,  or of the  trust  agreements  of  Seller,  any
agreement or instrument  to which Seller is a party or by which it is bound,  or
result in the creation or imposition of any lien,  charge, or encumbrance of any
nature  whatsoever  on the  property  or assets of Seller  and no such  event of
itself or with the giving of notice or the  passage of time or both will  result
in the acceleration of the due date of any obligation of Seller.

                                       4
<PAGE>

      5.8 Material Information.  Neither this Agreement (including the Schedules
and  Exhibits  hereto)  nor any  certificate  or other  information  or document
furnished or to be furnished by either Seller or Ballerini to Purchaser contains
or will contain any untrue statement of a material fact or omits or will omit to
state a material  fact  required to be stated  herein or therein or necessary to
make the statements herein or therein not misleading.

      5.9 Certain Transactions.  None of the officers, directors or shareholders
of  Seller is  presently  a party to any  transaction  with  Seller,  including,
without limitation, any contract,  agreement, or other arrangement providing for
the  furnishing  of services to or by,  providing for rental of real or personal
property to or from, or otherwise  requiring  payments to or from, any officers,
directors or shareholders,  any member of a family of any officers, directors or
shareholders or any  corporation,  partnership,  trust, or other entity in which
any officers,  directors or  shareholders  has a  substantial  interest or is an
officer, director, trustee, or partner.

      5.10  No   Governmental   Authorizations   or   Approvals   Required.   No
authorization  or  approval  of,  or  filing  with,  any  governmental   agency,
authority,  or other body will be required in connection  with the execution and
delivery of this Agreement or the consummation of the transactions  contemplated
hereby.

      5.11 Continuing  Representations.  The representations and warranties of B
Tech and Ballerini  herein  contained  shall survive the Closing for a period of
one (1) year.

6.    REPRESENTATIONS FOR UNITED STATES SECURITIES LAWS.

      The B Tech,  Ballerini and Boni severally represent and warrant,  covenant
and agree that as of the date hereof and as of the Closing Date:

      6.1 Adherence with Applicable  Securities Laws. B Tech, Ballerini and Boni
understand  that the  Common  Stock is being  offered to them in  reliance  upon
specific exemptions from the registration  requirements of United States federal
and state securities laws under Regulation D and/or  Regulation S as promulgated
under the Securities Act of 1933, as amended,  and that the Purchaser is relying
upon the truth  and  accuracy  of,  and the B Tech's,  Ballerini's,  and  Boni's
compliance with, the representations,  warranties,  agreements,  acknowledgments
and  understandings  of B Tech,  Ballerini and Boni set forth herein in order to
determine the  availability  of such  exemptions and the  eligibility of B Tech,
Ballerini and Boni to acquire the Common Stock. Accordingly, each of the B Tech,
Ballerini and Boni hereby represents either:

      (a)   it is an "accredited  investor" within the meaning of Rule 501(a) of
            Regulation  D  promulgated  under  the  Securities  Act of 1933,  as
            amended,  and is  familiar  with the type of risks  inherent  in the
            acquisition  of securities  such as the Common Stock and each of the
            Seller's and Ballerini's  financial position is such that the Seller
            and  Ballerini  can  afford  to  retain  its  Common  Stock  for  an
            indefinite  period of time without  realizing any direct or indirect
            cash return on its investment; or

      (b)   it is  acquiring  the Common  Stock in an offshore  transaction  and
            further represents:

                                        5
<PAGE>

            (i) B Tech,  Ballerini  and Boni are outside the United  States when
            receiving and executing this Agreement;

            (ii) B Tech,  Ballerini and Boni are not aware of any  advertisement
            of any of the Common Stock;

            (iii) B Tech,  Ballerini and Boni have not acquired the Common Stock
            as a result of, and will not itself engage in, any "directed selling
            efforts"  (as defined in  Regulation S under the  Securities  Act of
            1933,  as  amended)  in the  United  States in respect of the Common
            Stock which would include any activities  undertaken for the purpose
            of, or that  could  reasonably  be  expected  to have the effect of,
            conditioning  the market in the United  States for the resale of the
            Common Stock;  provided,  however, that the Seller and Ballerini may
            sell  or  otherwise   dispose  of  the  Common  Stock   pursuant  to
            registration  of the Common Stock  pursuant to the Securities Act of
            1933, as amended, and any applicable state and provincial securities
            laws or under an exemption from such  registration  requirements and
            as otherwise provided herein;

            (iv) B Tech, Ballerini and Boni agree that the Purchaser will refuse
            to register any transfer of the Common Stock not made in  accordance
            with  the  provision  of  Regulation  S,  pursuant  to an  effective
            registration statement under the Securities Act of 1933, as amended,
            or  pursuant  to  an  available   exemption  from  the  registration
            requirements  of the Securities  Act of 1933 and in accordance  with
            applicable state and provincial securities laws;

            (v) B Tech,  Ballerini and Boni understand and agree that offers and
            sales  of any of the  Common  Stock,  prior to the  expiration  of a
            period of one year after the date of  transfer  of the Common  Stock
            (the  "Distribution  Compliance  Period"),  shall  only  be  made in
            compliance  with the safe harbor  provisions set forth in Regulation
            S, pursuant to the registration  provisions of the Securities Act of
            1933, as amended,  or an exemption  there from,  and that all offers
            and sales after the  Distribution  Compliance  Period  shall be made
            only  in  compliance  with  the   registration   provisions  of  the
            Securities Act of 1933, as amended,  or an exemption there from, and
            in each case only in accordance with all applicable securities laws;
            and

            (vi) B Tech,  Ballerini and Boni  understand and agree not to engage
            in any hedging transactions involving the Common Stock, prior to the
            end of the Distribution  Compliance  Period unless such transactions
            are in compliance with the Securities Act of 1933, as amended.

      6.2 Legends.  B Tech,  Ballerini and Boni hereby acknowledge that upon the
issuance  of the  Common  Stock,  and  until  such time as the same is no longer
required under the applicable securities laws and regulations,  the certificates
representing any of the Common Stock will bear a legend  substantially in one of
the following forms:

                                       6
<PAGE>

NO  SALE,  OFFER  TO  SELL,  OR  TRANSFER  OF THE  SHARES  REPRESENTED  BY  THIS
CERTIFICATE  SHALL BE MADE  UNLESS A  REGISTRATION  STATEMENT  UNDER THE FEDERAL
SECURITIES  ACT OF 1933, AS AMENDED (THE "1933 ACT"),  IN RESPECT OF SUCH SHARES
IS THEN IN EFFECT OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE 1933
ACT IS THEN IN FACT APPLICABLE TO SAID SHARES;

                                       OR

THESE  SECURITIES WERE ISSUED IN AN OFFSHORE  TRANSACTION TO PERSONS WHO ARE NOT
U.S.  PERSONS (AS DEFINED  HEREIN)  PURSUANT  TO  REGULATION  S UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"). ACCORDINGLY, NONE OF
THE SECURITIES TO WHICH THIS CERTIFICATE  RELATES HAVE BEEN REGISTERED UNDER THE
1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, NONE MAY
BE OFFERED OR SOLD IN THE UNITED  STATES OR,  DIRECTLY  OR  INDIRECTLY,  TO U.S.
PERSONS  (AS  DEFINED  HEREIN)  EXCEPT  PURSUANT  TO AN  EFFECTIVE  REGISTRATION
STATEMENT OR PURSUANT TO AN EXEMPTION  FROM, OR IN A TRANSACTION NOT SUBJECT TO,
THE  REGISTRATION  REQUIREMENTS  OF THE  1933  ACT  AND IN  EACH  CASE  ONLY  IN
ACCORDANCE  WITH  APPLICABLE  STATE   SECURITIES  LAWS.  IN  ADDITION,   HEDGING
TRANSACTIONS  INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN ACCORDANCE
WITH THE 1933 ACT.

      6.3 Investment  Purposes.  B Tech,  Ballerini and Boni agree that they are
acquiring the Common Stock for investment  purposes and will not offer,  sell or
otherwise transfer, pledge or hypothecate any of the Common Stock issued to them
(other than pursuant to an effective Registration Statement under the Securities
Act of 1933, as amended) directly or indirectly unless:

      (a)   the sale is to the Purchaser;

      (b)   the sale is made pursuant to the exemption from  registration  under
            the  Securities  Act of  1933,  as  amended,  provided  by Rule  144
            thereunder; or

      (c)   the  Common  Stock is sold in a  transaction  that does not  require
            registration  under the Securities  Act of 1933, as amended,  or any
            applicable  United States state laws and  regulations  governing the
            offer  and sale of  securities,  and the  vendor  has  furnished  to
            Purchaser an opinion of counsel to that effect or such other written
            opinion as may be reasonably required by Purchaser.

                                       7
<PAGE>

      6.4 Continuing  Representations.  The  representations and warranties of B
Tech,  Ballerini  and Boni and  Ballerini  herein  contained  shall  survive the
Closing for the applicable statute of limitations.

7.    REPRESENTATIONS, WARRANTIES, AND AGREEMENTS OF PURCHASER.

      Purchaser  represents  and  warrants,  covenants and agrees that as of the
Closing Date:

      7.1 Due Authorization;  Effect of Transaction. No provision of Purchaser's
Certificate of Incorporation  or By-Laws,  or of any agreement,  instrument,  or
understanding,  or any judgment, decree, rule, or regulation, to which Purchaser
is a party  or by  which it is  bound,  has  been,  or will be  violated  by the
execution by Purchaser of this Agreement or the  performance or  satisfaction of
any  agreement or condition  herein  contained  upon its part to be performed or
satisfied,  and all  requisite  corporate  and  other  authorizations  for  such
execution, delivery, performance, and satisfaction have been duly obtained. Upon
execution and  delivery,  this  Agreement  will be a legal,  valid,  and binding
obligation of Purchaser,  enforceable in accordance with its terms. Purchaser is
not in default in the  performance,  observance,  or  fulfillment  of any of the
terms or conditions of its Certificate of Incorporation or By-Laws.

      7.2 Capitalization. The authorized capital stock of the Purchaser consists
of  75,000,000  shares of common  stock,  having a par value of one-tenth of one
cent ($0.001) per share, of which  28,195,566  shares are issued and outstanding
("Capital  Stock").  On the  Valuation  Date,  the Common Stock will be duly and
validly  issued,  fully paid and  non-assessable.  The Capital Stock is free and
clear of any and all claims, liens, pledges, charges,  encumbrances,  mortgages,
security  interests,  options,  preemptive  or  other  rights,  restrictions  on
transfer,  or other interests or equities or imperfections of title  whatsoever.
Other than Series A Warrants to acquire 1,750,000 shares of common stock, Series
B Warrants to acquire  1,750,000  shares of common stock and warrants  issued to
certain placement agents to acquire 410,000 shares of Common Stock, there are no
other equity  securities of Purchaser  outstanding  on the date hereof and there
are no other  existing  warrants,  preemptive or other rights,  options,  calls,
commitments,  conversion  privileges,  or other agreements (all of the foregoing
being collectively called "Options") obligating Purchaser to issue any or all of
its authorized  and unissued  capital stock,  or any security  convertible  into
and/or  exchangeable  for capital stock of the  Purchaser.  The Purchaser has no
capital  stock of any class  authorized  or  outstanding  except  as  identified
herein.  The Capital Stock  represents one hundred  percent (100%) of the issued
and  outstanding  capital  stock of the Company.  The Capital  Stock and Options
issued to date by the  Purchaser  or any  subsidiary  were issued  pursuant to a
valid registration  statement or in transactions  exempt from registration under
the federal  Securities Act of 1933, as amended (the "Securities Act") and under
applicable state  securities or Blue Sky laws (the "State Laws").  The Purchaser
has not or will  not have  violated  the  Securities  Act or the  State  Laws in
connection with the issuance of any shares of capital stock or other  securities
from the date of incorporation through the Closing Date.

      7.3 Valid Title to Common  Stock.  The  Purchaser  will deliver to Seller,
valid and marketable  title to the Common Stock on the Valuation  Date, free and
clear of any claims, liens, pledges, charges, encumbrances, mortgages, security,
interests,  options,  preemptive  or other rights,  restrictions  on transfer or
other interest or equities or any other  imperfections of title whatsoever.  The

                                       8
<PAGE>

Purchaser represents and warrants that it has full power and lawful authority to
execute  and  deliver  this   Agreement  and  to  consummate   and  perform  the
transactions  contemplated  hereby;  and that the execution and delivery of this
Agreement  by it and  the  consummation  and  performance  of  the  transactions
contemplated  hereby  by it  are  and  will  be the  legal,  valid  and  binding
obligation of the  Purchaser,  enforceable  against it in accordance  with their
terms.

      7.4  Continuing  Representations.  The  representations  and warranties of
Purchaser  herein  contained  shall  survive the Closing for a period of one (1)
year.

8.    CONDITIONS OF PURCHASER'S OBLIGATIONS.

      The  obligations of Purchaser  hereunder are subject to the fulfillment to
the reasonable  satisfaction  of the Purchaser,  at the Closing,  of each of the
following conditions:

      8.1 Governance. B Tech shall deliver to Purchaser copies, certified by the
Secretary of B Tech, of the unanimous  written consent of the Board of Directors
of B Tech authorizing this Agreement and the other agreements and instruments to
be  delivered  pursuant  thereto and the  transactions  contemplated  hereby and
thereby.

      8.2  Employment  Letter.  Ballerini  shall have  executed and delivered to
Purchaser an Employment Letter, in substantially the form of Exhibit A hereto.

      8.3  Covenant  Not to  Compete  and  Confidentiality  Agreement.  B  Tech,
Ballerini  and Boni shall have  executed and delivered a Covenant Not to Compete
and Confidentiality Agreement, in substantially the form of Exhibit B hereto.

      8.4 Instruments of Transfer.  Seller and Ballerini shall have delivered to
Purchaser bills of sale, assignments, deeds, stock powers, and other instruments
of  transfer  and  assignment  in  accordance   with  the   provisions   hereof,
transferring  to Purchaser all of Seller's and  Ballerini's  right,  title,  and
interest in and to the Assets to be transferred, sold, assigned, and conveyed by
Seller and Ballerini to Purchaser pursuant to the provisions of this Agreement.

      8.5 Escrow Agreement.  The Seller and Wolfgang  Grabher,  the former Chief
Executive Officer or the Purchaser,  shall have executed and delivered an Escrow
Agreement, in substantially the form of Exhibit C hereto.

9.    CONDITIONS OF SELLER'S OBLIGATIONS.

      The obligations of Seller  hereunder are subject to the fulfillment to the
reasonable  satisfaction  of Seller,  at the Closing,  of each of the  following
conditions:

                                       9
<PAGE>

      9.1 Governance. Purchaser shall deliver to Seller copies, certified by the
Secretary  of  Purchaser,  of the  unanimous  written  consent  of the  Board of
Directors of Purchaser  authorizing  this Agreement and the other agreements and
instruments to be delivered  pursuant thereto and the transactions  contemplated
hereby and thereby.

      9.2 Employment  Letter. The Purchaser shall have executed and delivered to
Ballerini an Employment Letter, in substantially the form of Exhibit A hereto.

      9.3 Covenant Not to Compete and Confidentiality  Agreement.  The Purchaser
shall have executed and delivered a Covenant Not to Compete and  Confidentiality
Agreement, in substantially the form of Exhibit B hereto.

10.   INDEMNIFICATION BY B TECH AND BALLERINI.

      10.1 Indemnification.

      (a)   B Tech and Ballerini  (collectively,  the "Selling  Parties") hereby
            agree jointly and severally to indemnify, defend, and hold Purchaser
            and each of its officers and directors (collectively with Purchaser,
            the  "Purchasing  Parties")  harmless from and against the amount of
            any actual  damage,  loss,  cost, or expense  (including  reasonable
            attorneys' fees and settlement costs) to Purchasing Parties ("Loss")
            occasioned or caused by, resulting from, or arising out of:

                  (i) Any failure by a Selling  Party to  perform,  abide by, or
            fulfill any of the agreements,  covenants,  or obligations set forth
            in or entered  into in this  Agreement  (with the  exclusion  of the
            Employment  Letter  attached hereto as Exhibit A) to be so performed
            or fulfilled by such Selling Party.

                  (ii)  Any  material  inaccuracy  in or  breach  of  any of the
            representations  or warranties set forth in this  Agreement,  or any
            certificate or Schedule or other writing furnished pursuant hereto.

                  (iii) Any failure on the part of  Purchaser  to withhold  from
            the  Purchase   Price  any  amount  due  by  either  Seller  to  any
            governmental  authority  or other  person that  results in a Loss to
            Purchaser.

      The  amount  of any Loss  shall be the  amount  of cash  reimbursement  or
set-off when received by the Purchasing  Party or Purchasing  Parties  incurring
such loss, shall place such Purchasing  Party or Purchasing  Parties in the same
financial  position it or they would have been in if such Loss has not occurred;
provided,   however,   except  as  otherwise   expressly   provided  herein,  no
indemnification  shall be payable by the  Selling  Parties  except to the extent
that the total of claims for  indemnification by Purchasing Parties shall exceed
ten thousand dollars ($10,000) (the "Threshold")  (such amount being a threshold
amount versus merely a deductible).  Notwithstanding the foregoing,  in no event
shall Selling Parties'  liability under this Section 10.1 exceed an amount equal
to the Purchase  Price,  provided,  however,  in the event that the value of the
Common Stock is less than the Purchase  Price,  the Selling  Parties'  liability
under this Section  10.1 shall be such  amount.  To the extent that a Loss under
this  Article  10 is as a  result  of a claim  by a  person  not a party to this
Agreement,  the Loss  will only be  reimbursed  to the  Purchasing  Party to the
extent that the Purchasing Party is the prevailing party.

                                       10
<PAGE>

      10.2 Notice of Claim.  Purchasing Parties shall give prompt written notice
to Selling  Parties of any claim (actual or  threatened)  or other event that in
the judgment of either  Purchasing  Party might result or has resulted in a Loss
by a Purchasing  Party  hereunder,  and Selling  Parties shall have the right to
assume the defense of such claim or any litigation resulting therefrom; provided
that  counsel for the  Selling  Parties,  who shall  conduct the defense of such
claim  (actual,  threatened,  or asserted) or  litigation,  shall be  reasonably
satisfactory to the Purchasing  Parties,  and Purchasing Parties may participate
in such defense at their expense,  and provided,  further,  that the omission by
Purchasing  Parties to give notice as provided  herein shall not relieve Selling
Parties of their  obligations  hereunder  except to the extent that the omission
results in a failure of actual notice to the Selling Parties and Selling Parties
are damaged solely as a result of the failure to give notice.  No Selling Party,
in the defense of any such claim or litigation,  shall,  except with the consent
of each  Purchasing  Party,  consent to the entry of any  judgment  or decree or
enter into any settlement that does not include as an unconditional term thereof
the giving by the claimant or plaintiff to Purchasing  Parties of a release from
all liability in respect to such claim or litigation, and no Selling Party shall
have  liability  with  respect  to any  payment  made by a  Purchasing  Party in
connection with the settlement,  satisfaction, or compromise of any claim unless
the Selling  Parties  shall have approved  thereof in advance in writing,  which
approval  shall not  unreasonably  be  withheld or  delayed.  If the  Purchasing
Parties shall not have received notice that the Selling Parties shall assume the
defense of such claim  within  twenty  (20) days after the notice is sent to the
Selling Parties of the existence of such claim, the Purchasing  Parties shall be
free to  proceed  with the  defense of such  claim.  Each such  notice  shall be
accompanied  (or  followed as promptly as is  reasonably  practicable  after the
amount  of such  Loss  becomes  determinable)  by a  certificate  signed  by the
President  of  Purchaser  or such  officer or  director  as the case may be, and
setting forth in reasonable detail the calculation of the amount of such Loss in
accordance with the provisions hereof, and accompanied by copies of all relevant
documents  and  records.  The  omission  to give  such  notice or  provide  such
certificate  by Purchasing  Parties shall not relieve  Selling  Parties of their
obligation under this Section 10.2 except to the extent such omission results in
a failure of actual  notice to the  Selling  Parties  and  Selling  Parties  are
damaged  solely by such failure to give notice.  No Loss shall be  considered to
have  occurred  with  respect to any payment made by any  Purchasing  Parties in
settlement,  satisfaction, or compromise of any claim unless the Selling Parties
shall  have  approved  thereof in advance  and in  writing.  Prior to filing any
action in law in any court,  the  Purchasing  Parties agree to submit a Claim to
nonbinding  mediation  in San Diego,  California  within three (3) months of the
date of the Claim;  provided,  however, that if the statute of limitations for a
Claim is about to  expire,  the  Purchasing  Parties  may file a lawsuit  if the
Selling  Parties  have  not  signed  a  tolling  agreement  of  the  statute  of
limitations.

                                       11
<PAGE>

      10.3 Set-Off or Reimbursement.  Purchasing Parties shall have the right to
set-off  against the  payment of the  Purchase  Price  payable by  Purchaser  as
provided  for herein (or, if such amounts have  theretofore  been paid,  then to
receive prompt  reimbursement from Selling Parties of an amount equal to, and in
the absence or prompt  reimbursement,  a reduction in the Common Stock of B Tech
and Ballerini in accordance with Section 10.4) the amount of all Losses incurred
by Purchasing  Parties.  Purchasing  Parties shall deliver to Selling  Parties a
written notice explaining the nature and amount of each such set-off or required
reimbursement as promptly as is reasonably  practicable after Purchasing Parties
shall have  determined  to make such set-off or to require  such  reimbursement.
Purchasing Parties may make such set-offs or require such  reimbursements in any
order they choose.

      10.4 Payment in Shares. The Purchaser, in its sole discretion, pursuant to
Section 10.3,  herein,  may reduce the shares of Common Stock of Selling Parties
in an amount equal to the Loss  divided by the price per share  (computed as the
average of the closing bid and asked  prices of the Common  Stock  quoted in the
Over-The-Counter  Market Summary for the five (5) trading days prior to date the
delivery of the written notice provided in accordance with Section 10.3). By way
of example, if the Loss is $100,000,  and the computation of the price per share
is $20,  the  Seller's  interest  in the Common  Stock would be reduced by 5,000
shares of the Common Stock ($100,000 / $20 = 5,000).  Selling Parties  authorize
the  Purchaser to make the  reduction on its books and records,  and the Selling
Parties agree to remit the shares of Common Stock upon written request.

11.   BROKERAGE FEE.

      B Tech and Ballerini and Purchaser  each represent that no broker has been
involved in this  transaction  and each party agrees to  indemnify  and hold the
others  harmless from payment of any brokerage fee,  finder's fee, or commission
claimed by any party who  claims to have been  involved  because of  association
with such party.

12.   AMENDMENTS; WAIVERS.

      This Agreement  constitutes the entire agreement of the parties related to
the  subject  matter of this  Agreement,  supersedes  all prior or  contemporary
agreements,  representations,  warranties,  covenants, and understandings of the
parties.  This  Agreement  may not be  amended,  nor shall any  waiver,  change,
modification,  consent,  or discharge be affected,  except by an  instrument  in
writing  executed by or on behalf of the party against whom  enforcement  of any
amendment, waiver, change, modification, consent, or discharge is sought.

      Any waiver of any term or condition of this Agreement, or of the breach of
any covenant, representation, or warranty contained herein, in any one instance,
shall not operate as or be deemed to be or construed as a further or  continuing
waiver  of such  term,  condition,  or breach of  covenant,  representation,  or
warranty,  nor shall any  failure  at any time or times to  enforce  or  require
performance  of any  provision  hereof  operate  as a waiver of or affect in any
manner such party's right at a later time to enforce or require  performance  of
such provision or of any other  provision  hereof;  and no such written  waiver,
unless it, by its own  terms,  explicitly  provides  to the  contrary,  shall be
construed to effect a  continuing  waiver of the  provision  being waived and no
such waiver in any instance  shall  constitute a waiver in any other instance or
for any other  purpose or impair the right of the party against whom such waiver
is claimed in all other  instances  or for all other  purposes  to require  full
compliance with such provision.

                                       12
<PAGE>

13.   ASSIGNMENT; SUCCESSORS AND ASSIGNS.

      This  Agreement  shall not be  assignable by any party without the written
consent of the others.  This Agreement  shall be binding upon and shall inure to
the benefit of the parties hereto and their respective  successors and permitted
assigns.

14.   SEVERABILITY.

      If any  provision or provisions  of this  Agreement  shall be, or shall be
found to be, invalid, inoperative, or unenforceable as applied to any particular
case in any  jurisdiction or  jurisdictions,  or in all  jurisdictions or in all
cases, because of the conflict of any provision with any constitution or statute
or rule of public policy or for any other reason,  such  circumstance  shall not
have the effect of rendering the  provision or  provisions in question  invalid,
inoperative,  or unenforceable in any other jurisdiction or in any other case or
circumstance or of rendering any other provision or provisions  herein contained
invalid,  inoperative, or unenforceable to the extent that such other provisions
are not themselves actually in conflict with such constitution, statute, or rule
of public policy, but this Agreement shall be reformed and construed in any such
jurisdiction or case as if such invalid, inoperative, or unenforceable provision
had never been contained herein and such provision  reformed so that it would be
valid,  operative,  and  enforceable  to the maximum  extent  permitted  in such
jurisdiction or in such case.

15.   COUNTERPARTS.

      This Agreement may be executed in two or more counterparts,  each of which
shall be deemed an original,  but all of which together shall constitute one and
the same instrument,  and in pleading or proving any provision of this Agreement
it shall not be necessary to produce more than one such counterpart. Delivery of
executed copies of this Agreement by facsimile will constitute  proper delivery,
provided  that  originally  executed  counterparts  are delivered to the parties
within a reasonable time thereafter.

16.   SECTION AND OTHER HEADINGS.

      The headings  contained in this Agreement are for reference  purposes only
and shall not in any way effect the meaning or interpretation of this Agreement.

17.   NOTICES.

      All notices,  requests,  demands, and other communications hereunder shall
be in  writing  and shall be deemed to have  been  duly  given if  delivered  or
mailed,  postage prepaid,  certified mail, return receipt requested,  emailed or
delivered by facsimile transmission:

                                       13
<PAGE>

                  (a)      TO SELLER OR BALLERINI: If to Seller or Ballerini:

                           3076 Sir Francis Drake Highway
                           PO BOX 3463 Road Town, Tortola
                           British Virgin Islands
                           Attn: Stefan Seuss
                           Phone:  (305) 858-8090
                           Facsimile:  (305) 858-4025

                           with a copy to:

                           Stefan Seuss
                           2333 Brickell Av.
                           Unit 1915
                           Miami,
                           Florida 33129
                           Phone:  (305) 858-8090
                           Facsimile:  (305) 858-4025

                  (b)      TO PURCHASER: If to Purchaser, to:

                           IPEX, Inc.
                           9255 Towne Centre Drive
                           Suite 235
                           San Diego, California 92121
                           Attn:  Milton "Todd" Alt, Chief Executive Officer
                           Phone:  (858) 720-8000
                           Facsimile:  (858) 259-8700

                           with a copy to:

                           Richard A. Weintraub, Esq.
                           Weintraub Law Group
                           10085 Carroll Canyon Road, Suite 210
                           San Diego, California 92131
                           Phone:  (858) 566-7010
                           Facsimile:  (858) 566-7015

                           and

                           Marc J. Ross, Esq.
                           Sichenzia Ross Friedman & Ference LLP
                           1065 Avenue of the Americas
                           New York, NY 10018
                           Phone:  (212) 930-9700
                           Facsimile:  (212) 930-9725

                                       14
<PAGE>

      and/or to such other  person(s) and address(es) as either party shall have
      specified in writing to the other.

18.   GENDER.

      Whenever used herein,  the singular  number shall include the plural,  the
plural shall include the  singular,  and the use of any gender shall include all
genders.

19.   LAW TO GOVERN.

      This  Agreement  shall  be  governed  by and  construed  and  enforced  in
accordance with the law (other than the law governing conflict of law questions)
of California.

20.   COURTS.

      Any action to  enforce,  arising out of, or relating in any way to, any of
the  provisions of this Agreement may be brought and prosecuted in such court or
courts  located in San Diego  County,  California as is provided by law; and the
parties consent to the  jurisdiction of the court or courts located in San Diego
County,  California and to service of process by registered mail, return receipt
requested, or in any other manner provided by law.

21.   CONFIDENTIALITY.

      Notwithstanding  any provision herein to the contrary,  the parties hereto
agree that the existence and terms of this Agreement are  confidential  and that
if this  Agreement is terminated  pursuant to the preceding  section the parties
agree to return to one another any and all  financial,  technical  and  business
documents  delivered  to the  other  party or  parties  in  connection  with the
negotiation  and  execution of this  Agreement  and shall keep the terms of this
Agreement  and all  information  and documents  received from  Purchaser and the
contents  thereof  confidential  and not  utilize  nor reveal or  release  same;
provided,  however,  that  Purchaser  will be  required  to issue news  releases
regarding the execution and  consummation  of this  Agreement and file a Current
Report on Form 8-K with the  Securities and Exchange  Commission  respecting the
proposed  Merger  contemplated  hereby together with such other documents as are
required to maintain the currency of Purchaser's filings with the Securities and
Exchange Commission.

22.   POST-CLOSING MATTERS.

      Forthwith  after the Closing,  Seller and the  Purchaser  agree to use all
their best efforts to issue a news release reporting the Closing.

                            [Signature page follows.]

                                       15
<PAGE>

      IN WITNESS WHEREOF,  Seller and Purchaser have caused this Agreement to be
executed as of the date first above written.

                                   PURCHASER
                                   IPEX, Inc.

                                   By:  /s/ Milton Ault
                                        ----------------------------------------
                                   Name: Milton "Todd" Alt
                                   Title: Chief Executive Officer

                                   SELLER
                                   B Tech Ltd.

                                   By:  /s/ Massimo Ballerini
                                        ----------------------------------------
                                   Name:  Massimo Ballerini
                                          --------------------------------------
                                   Title:  Director
                                           -------------------------------------

                                   BALLERINI

                                       /s/ Massimo Ballerini
                                       -----------------------------------------
                                       Massimo Ballerini

                                   BONI

                                   /s/ Emanuele Boni
                                       -----------------------------------------
                                       Emanuele Boni

                                       1
<PAGE>

                                    EXHIBIT A
                                EMPLOYMENT LETTER

                                       2
<PAGE>

                                    EXHIBIT B
              COVENANT NOT TO COMPETE AND CONFIDENTIALITY AGREEMENT

                                       3
<PAGE>

                                    EXHIBIT C
                                ESCROW AGREEMENT

                                       4
<PAGE>

                                  SCHEDULE 5.1
                             SELLER'S JURISDICTIONS

                                     [None]

                                       5
<PAGE>

                                  SCHEDULE 5.4
                               MATERIAL CONTRACTS

Material  Contracts  include  a  contract  with  Emanuele  Boni in which the RGB
Channel has agreed to pay him five percent (5%) of any consideration received in
the  transaction  contemplated  by this  Agreement and an additional one percent
(1%) from The Ballerini Trust.

                                       6
<PAGE>

                                  SCHEDULE 5.5
                                   LITIGATION

                                     [None]

                                       7
<PAGE>

                                  SCHEDULE 5.6
                         SELLER'S INTELLECTUAL PROPERTY

A.)      Presentation of work in html format
B.)      Comparison of compressor with JPEG
C.)      Visual demo of compression ratio 100:1
D.)      Demo geometric white point
E.)      Demo quadratic circular filter colors
F.)      Demo dark geometric point
G.)      Demo zipex compression
H.)      Demo jpeg dark compression
I.)      Demo one pixel color comparison
J.)      Demo dark motion
K.)      Demo music executable
L.)      Demo 41 colors simulation
M.)      Demo 61 colors simulation
N.)      Demo 81 colors simulation
O.)      2004 notary deposit index
P.)      2005 notary deposit index
Q.)      Quadratic formula description
R.)      Circular formula description
S.)      Demo of flow pixel (transformation of video into one image)
T.)      Demo of dark film compressor  with image size of 1.8 KB
U.)      Source code and  explanation  of 100:1   compressor
V.)      The trademark "Luminaxys"
W.)      The domain name "rgbchannelart.com"

                                       8ESCROW AGREEMENT

      THIS ESCROW  AGREEMENT (this  "Agreement") is made as of June 7, 2005, by,
between,  and among IPEX,  Inc. a corporation  organized and existing  under the
laws of the State of Nevada ("Purchaser");  B Tech Ltd., a corporation organized
and existing under the laws of the British  Virgin  Islands ("B Tech");  Massimo
Ballerini  ("Ballerini");  Emanuele  Boni ("Boni" and  together  with B Tech and
Ballerini,  the "Sellers");  Wolfgang  Grabher  ("Grabher");  and Sichenzia Ross
Friedman  Ference LLP, a limited  liability  partnership  organized and existing
under the laws of the State of New York (the "Escrow Agent");

                          W I T N E S S E T H T H A T:

      WHEREAS, the Purchaser and the Sellers have, as of this date, entered into
an agreement (the "Ballerini Purchase  Agreement"),  which, among other matters,
provides for the purchase by the  Purchaser of certain  specified  assets of the
Sellers;

      WHEREAS,  the Purchaser,  RGB Channel SRL and Sellers (as the shareholders
of RGB Channel SRL) have, as of this date,  entered into an agreement  (the "RGB
Purchase Agreement"),  which, among other matters,  provides for the purchase by
the Purchaser of certain specified assets of RGB Channel SRL;

      WHEREAS,  the assets  acquired by the Purchaser  pursuant to the Ballerini
Purchase  Agreement and the RGB Purchase Agreement are herein referred to as the
"Assets";

      WHEREAS, this Agreement is entered into pursuant to and in connection with
the Ballerini Purchase Agreement; and

      WHEREAS,  Grabher has agreed to escrow  certain  shares of common stock of
Purchaser,  $.001 par value per share (the  "Common  Stock")  which are owned by
Grabher,  in favor of  Purchaser  until such time as the Assets  acquired by the
Purchaser  from RGB Channel SRL and Sellers have been  validated  in  accordance
with the terms hereof;

      NOW, THEREFORE,  in consideration of the premises and the mutual covenants
and agreements  herein  contained,  and in  consideration of the parties thereto
entering into the Ballerini Purchase Agreement,  the parties hereto covenant and
agree as follows:

I.    Deposit of Stock

      Concurrently  with the execution and delivery of this  Agreement,  Grabher
shall  deliver to the Escrow Agent such number of shares of Common Stock he owns
in the Purchaser  ("Escrowed Stock"),  together with a stock power separate from
the certificate ("Stock Power") in a form attached hereto as Exhibit A, executed
in blank and  medallion  guaranteed,  valued at six million two hundred  seventy
five thousand dollars ($6,275,000), at the price per share computed based on the
average of the closing bid and asked prices of the Common Stock as quoted on the
OTC  Bulletin  Board for the five (5) trading days prior to the Closing Date (as
defined in the Ballerini Purchase Agreement). On the date ninety (90) days after
the Closing Date (the "Valuation  Date"),  the Purchaser shall compute the price
per share based on the average of the closing bid and asked prices of the Common

                                       1
<PAGE>

Stock  quoted on the OTC  Bulletin  Board for the five (5) trading days prior to
the Valuation Date (the  "Valuation  Price Per Share").  The number of shares of
the Escrowed Stock shall be adjusted by dividing six million two hundred seventy
five thousand dollars ($6,275,000) by the Valuation Price Per Share. Immediately
after the Valuation  Date,  either (a) Grabher shall either  deposit  additional
shares of Common Stock,  or (b) the Purchaser shall instruct the Escrow Agent to
return a specified number of shares of the Escrowed Stock to Grabher, based upon
the adjustment of the number of shares of Escrowed Stock on the Valuation  Date.
The Escrow Agent shall hold and dispose of the Escrowed Stock in accordance with
the terms of this Agreement.

II.   Release of Escrowed Stock

      A. Release upon Satisfaction or Waiver of Conditions.  Upon receipt by the
Escrow Agent of a Notice of Satisfaction  of Conditions  signed by the Purchaser
(in the sole  discretion  of its  board of  directors)  stating  that all of the
conditions as set forth in Section II.B. of this  Agreement  have been satisfied
within one hundred eighty (180) days of the date of this  Agreement,  the Escrow
Agent shall release the Escrowed  Stock to Grabher,  after which this  Agreement
shall be deemed  terminated  and the Escrow  Agent shall be deemed  released and
discharged from further obligations hereunder. In the event that only one (1) of
the  conditions  set forth in  Section  II.B.  have been  satisfied  in such one
hundred  eighty (180) day period,  such period  shall be extended an  additional
ninety (90) days.

      B. Conditions.  The conditions (the  "Conditions")  for the release of the
Escrowed Stock subject to Section II.A. of this Agreement are as follows:

            1. The Purchaser shall have received two written  reports,  prepared
      by an independent  third party chosen in the sole  discretion of the Chief
      Executive  Officer  of  the  Purchaser,  the  first  such  written  report
      validating  the Assets (as  determined  by the board of  directors  of the
      Purchaser) as transferred  to the  Purchaser,  and the second such written
      report  validating  the Assets (as determined by the board of directors of
      the Purchaser) as thereafter enhanced by the Purchaser; and

            2. The Purchaser shall have received a written  report,  prepared by
      an intellectual  property attorney (Fish & Richardson,  LLP or a firm that
      is  equally  qualified  as  determined  by the board of  directors  of the
      Purchaser)  chosen by the board of directors of the Purchaser,  validating
      the  software  portion  of the  Assets  (as  determined  by the  board  of
      directors of the Purchaser) as transferred to the Purchaser.

Upon the  satisfaction of the above  Conditions,  the Purchaser shall forward to
the Escrow Agent a Notice of Satisfaction  of Conditions  instructing the Escrow
Agent to release the Escrowed  Stock to Grabher.  If the  Conditions are not met
during the periods set forth in Section II.A. above, the Purchaser shall forward
to Escrow  Agent a Notice of  Dissatisfaction  of  Conditions,  instructing  the
Escrow Agent to release the Escrowed  Stock to the Purchaser to be cancelled and
returned to the Purchaser's treasury stock as described in Section II.C.

                                       2
<PAGE>

      C. Release if  Conditions  Are Not  Satisfied.  If the  Conditions  to the
release of the Escrowed  Stock as set forth in Section II.B.  of this  Agreement
are not satisfied or waived  within either one hundred  eighty (180) days of the
date of this  Agreement,  or two hundred  seventy (270) days of the date of this
Agreement  (in the event the  escrow  period is  extended  pursuant  to  Section
II.A.),   as  the  case  may  be,  the  Purchaser  shall  deliver  a  Notice  of
Dissatisfaction  of  Conditions  signed by  Purchaser to the Escrow  Agent,  and
simultaneously deliver a copy of such Notice of Dissatisfaction of Conditions to
Grabher in accordance  with Section XII hereof,  instructing the Escrow Agent to
distribute  the Escrowed  Stock to the Purchaser  after which the Escrowed Stock
shall be cancelled on the books and records of the Purchaser.  Immediately  upon
receipt of the Notice of  Dissatisfaction of Conditions signed by the Purchaser,
the Escrow Agent forward a copy of the Notice of  Dissatisfaction  of Conditions
to Grabher in  accordance  with  Section  XII hereof.  Subject to Section  II.D.
hereof, ten (10) business days after receipt of the Notice of Dissatisfaction of
Conditions  signed by the  Purchaser,  the Escrow  Agent  shall  distribute  the
Escrowed  Stock,  in accordance  with  instructions  accompanying  the Notice of
Dissatisfaction of Conditions, to the Purchaser after which this Agreement shall
be deemed  terminated and the Escrow Agent shall be released and discharged from
all further obligations hereunder.

      D.  Release  of  Escrowed  Stock  if there is a  Dispute.  If a Notice  of
Dissatisfaction of Conditions is delivered on or before one hundred eighty (180)
days of the date of this  Agreement,  or two hundred  seventy  (270) days of the
date of this  Agreement (in the event the escrow period is extended  pursuant to
Section  II.A.),  as the case may be, and if Grabher  disputes  the findings set
forth in such Notice of  Dissatisfaction,  then Grabher  shall,  within ten (10)
business days thereafter deliver notice of such dispute ("Notice of Dispute") to
the Escrow Agent, and simultaneously deliver a copy of such Notice of Dispute to
the Purchaser in accordance  with Section XII hereof.  If a Notice of Dispute is
received or if no Notice of  Dissatisfaction  of Conditions is received pursuant
to Section II.C.  hereof,  the Escrow Agent shall retain custody of the Escrowed
Stock until the first to occur of the following:

      (1)   Receipt by the Escrow Agent of a notice  signed by the Purchaser and
            Grabher  containing  instructions  to  the  Escrow  Agent  as to the
            delivery of the Escrowed Stock, or

      (2)   Receipt by the Escrow Agent of a final order of a court of competent
            jurisdiction resolving the dispute from which no appeal is or can be
            taken,

after  which the Escrow  Agent shall  promptly  deliver  the  Escrowed  Stock in
accordance  with the notice from the  parties or  decision of the court,  as the
case may be.  Upon  delivery  thereof,  this  Agreement  shall be  deemed  to be
terminated,  and the Escrow  Agent shall be  released  and  discharged  from all
further obligations hereunder.

III.  Termination by the Parties

      If at any time the Escrow  Agent  shall  receive a notice  signed by or on
behalf of the Purchaser and Grabher that this Agreement has been  terminated and
instructing  the Escrow  Agent with respect to the  disposition  of the Escrowed
Stock,  the Escrow Agent shall release the Escrowed Stock in accordance with the
instructions  contained  in such notice,  and upon such  release this  Agreement
shall  be  deemed  terminated,  and the  Escrow  Agent  shall  be  released  and
discharged from all further obligations hereunder.

                                       3
<PAGE>

IV.   Nature of Duties; No Conflict; Liability

      It is understood and agreed that the duties of the Escrow Agent  hereunder
are purely ministerial in nature and do not represent a conflict of interest for
the Escrow  Agent to act,  or  continue to act, as counsel for any party to this
Agreement  with respect to any  litigation or other matters  arising out of this
Agreement  or  otherwise.  The Escrow Agent shall not be liable for any error of
judgment,  fact,  or law, or any act done or omitted to be done,  except for its
own willful  misconduct or gross negligence or that of its partners,  employees,
and agents. The Escrow Agent's determination as to whether an event or condition
has  occurred,  or been met or  satisfied,  or as to whether a provision of this
Agreement has been complied  with, or as to whether  sufficient  evidence of the
event or condition or compliance  with the  provision has been  furnished to it,
shall not  subject  the Escrow  Agent to any  claim,  liability,  or  obligation
whatsoever,  even if it shall be found that such  determination was improper and
incorrect;  provided  that the Escrow  Agent and its  partners,  employees,  and
agents shall not have been guilty of willful  misconduct or gross  negligence in
making such determination.

V.    Indemnification

      The  Purchaser and Grabher  jointly and  severally  agree to indemnify the
Escrow  Agent for,  and to hold it harmless  against,  any loss,  liability,  or
expense ("Cost") incurred without gross negligence or willful  misconduct on the
part of the Escrow Agent, arising out of or in connection with its entering into
this  Agreement  and  carrying  out its duties  hereunder,  including  costs and
expenses of  defending  itself  against  any claim of  liability  in  connection
herewith or therewith.  The right to indemnification  set forth in the preceding
sentence  shall  include  the right to be paid by the  Purchaser  and Grabher in
respect of Costs as they are incurred  (including  Costs  incurred in connection
with defending  itself  against any claim of liability in connection  herewith).
The Escrow  Agent  shall  repay any  amounts so paid if it shall  ultimately  be
determined by a final order of a court of competent  jurisdiction  from which no
appeal  is or can be  taken  that  the  Escrow  Agent  is not  entitled  to such
indemnification.

VI.   Documents and Instructions

      The  Escrow  Agent  may act in  reliance  upon  any  notice,  instruction,
certificate,  statement,  request,  consent,  confirmation,  agreement  or other
instrument  which it  believes to be genuine and to have been signed by a proper
person  or  persons,  and may  assume  that  any of the  officers  of  Purchaser
purporting  to act on behalf of  Purchaser  in giving  any such  notice or other
instrument in connection with the provisions  hereof has been duly authorized to
do so. The Escrow Agent acts  hereunder  as a  depository  only and shall not be
responsible or liable in any manner whatsoever for the genuineness, sufficiency,
correctness, or validity of any agreement, document, certificate, instrument, or
item  deposited  with  it  or  any  notice,  consent,  approval,  direction,  or
instruction  given to it, and the Escrow Agent shall be fully  protected,  under
Sections  IV and V above,  for all acts  taken in  accordance  with any  written
instruction or instrument given to it hereunder,  and reasonably believed by the
Escrow Agent to be genuine and what it purports to be.

                                       4
<PAGE>

VII.  Conflicting Notices, Claims, Demands, or Instructions

      If at any time the Escrow Agent shall receive conflicting notices, claims,
demands, or instructions with respect to the Escrowed Stock, or if for any other
reason  it shall in good  faith be  unable to  determine  the  party or  parties
entitled to receive the Escrowed  Stock,  or any part thereof,  the Escrow Agent
may refuse to make any distribution or payment and may retain the Escrowed Stock
in its possession until it shall have received instructions in writing concurred
in by all parties in interest, or until directed by a final order or judgment of
a court of  competent  jurisdiction  from  which no  appeal  is or can be taken,
whereupon the Escrow Agent shall make such  disposition in accordance  with such
instructions or such order.  The Escrow Agent shall also be entitled to commence
as  interpleader  action  in any  court  of  competent  jurisdiction  to seek an
adjudication of the rights of the Purchaser and Grabher.

VIII. Advice of Counsel

      The Escrow Agent may consult with,  and obtain advice from,  legal counsel
in the event of any  dispute or question  as to the  construction  of any of the
provisions hereof or its duties  hereunder,  and it shall incur no liability and
shall be fully  protected  and  indemnified  under  Section V above for all acts
taken, in the absence of gross negligence or willful  misconduct,  in accordance
with the advice and  instructions of such counsel.  In the event that the Escrow
Agent  retains  counsel  or  otherwise  incurs  any legal  fees by virtue of any
provision of this  Agreement,  the  reasonable  fees and  disbursements  of such
counsel  and any other  liability,  loss or expense  which the Escrow  Agent may
thereafter  suffer or incur in connection with this Agreement or the performance
or attempted performance in good faith of its duties hereunder shall be paid (or
reimbursed to it) by the Purchaser and Grabher,  jointly and  severally.  In the
event that the Escrow Agent shall become a party to any litigation in connection
with its  functions as Escrow  Agent  pursuant to this  Agreement,  whether such
litigation  shall  be  brought  by  or  against  it,  the  reasonable  fees  and
disbursements of counsel to the Escrow Agent including the amounts  attributable
to  services  rendered by partners  or  associates  of Escrow  Agent at the then
prevailing  hourly  rate  charged by them and  disbursements  incurred  by them,
together with any other liability,  loss or expense which it may suffer or incur
in connection  therewith,  shall be paid (or  reimbursed to it) by the Purchaser
and Grabher,  jointly and severally,  unless such loss,  liability or expense is
due to the willful breach by the Escrow Agent of its duties hereunder.

IX.   Compensation and Expenses

      The Escrow Agent agrees to serve  without  compensation  for its services.
All  expenses  of the Escrow  Agent  incurred in the  performance  of its duties
hereunder shall be paid by Purchaser.

X.    Resignation of Escrow Agent

      The  Escrow  Agent may resign at any time upon  giving  the other  parties
hereto  thirty (30) days'  notice to that  effect.  In that event the  successor
Escrow Agent shall be such person, firm, or corporation as Purchaser and Grabher
shall  mutually  select.  It is  understood  and agreed that the Escrow  Agent's
resignation  shall not be effective until a successor Escrow Agent agrees to act
hereunder;  provided,  however,  that in the event no successor  Escrow Agent is

                                       5
<PAGE>

appointed  and acting  hereunder  within  thirty (30) days of such  notice,  the
Escrow  Agent  may  deliver  the   Escrowed   Stock  to  a  court  of  competent
jurisdiction;  and  provided,  further,  that the  Escrow  Agent  may  appoint a
successor  escrow agent  hereunder at any time so long as such  successor  shall
accept  and agree to be bound by the terms of this  Agreement  (except  that any
such  successor  escrow agent shall be entitled to customary fees which shall be
payable by the  Purchaser)  and shall be a bank or trust company  insured by the
Federal Deposit Insurance Corporation.

XI.   Escrow Agent as Counsel to the Purchaser

      Grabher  hereby  acknowledges  that the  Escrow  Agent is  counsel  to the
Purchaser and agrees that he will not seek to  disqualify  the Escrow Agent from
acting  and  continuing  to act as counsel  to the  Purchaser  in the event of a
dispute  hereunder or in the course of the defense or  prosecution  of any claim
relating to the transactions  contemplated  hereby or by the Ballerini  Purchase
Agreement or RGB Purchaser Agreement.

XII.  Notices

      All notices, consents, approvals, directions, and instructions required or
permitted  under this  Agreement  shall be effective  when received and shall be
given in writing and  delivered  either by hand or by  registered  or  certified
mail, postage prepaid, or by telecopier, and addressed as follows:

         A.       If to the Purchaser, to it at the address and facsimile number
                  set forth in or furnished  pursuant to the  provisions  of the
                  Ballerini Purchase Agreement;

         B.       If to Grabher, to

                           ----------------------------------
                           ----------------------------------
                           Facsimile:
                                     ------------------------; and

         C.       If to the Escrow Agent, to it at:

                           Marc J. Ross, Esq.
                           Sichenzia Ross Friedman  Ference LLP
                           1065 Avenue of the Americas
                           New York, NY 10018
                           Facsimile: (212) 930-9725

or to such other persons or addresses as any party may have furnished in writing
to the other parties.  Copies of all  communications  hereunder shall be sent to
the Escrow Agent.

                                       6
<PAGE>

XIII. Entire Agreement, Etc.

         This  Agreement  contains the entire  agreement  among the parties with
respect  to the  subject  matter  hereof.  This  Agreement  may not be  amended,
supplemented,  or discharged, and no provision hereof may be modified or waived,
except by an  instrument  in writing  signed by all of the  parties  hereto.  No
waiver of any provision hereof by any party shall be deemed a continuing  waiver
of any matter by such  party.  If a conflict  between  the terms and  provisions
hereof  and of either  the  Ballerini  Purchase  Agreement  or the RGB  Purchase
Agreement  occurs,  the terms and  provisions  hereof  shall  govern the rights,
obligations, and liabilities of the Escrow Agent.

XIV.     Successors and Assigns

         This Agreement  shall be binding upon and shall inure to the benefit of
each of the parties hereto,  and their respective  heirs,  successors,  assigns,
distributees, and legal representatives.

XV.      Counterparts

         This Agreement may be executed in several  counterparts,  each of which
shall be deemed original,  but such  counterparts  together shall constitute one
and the same instrument.

XVI.     Governing Law

         This  Agreement  shall be governed  by and  construed  and  enforced in
accordance with the law (other than the law governing conflict of law questions)
of the State of New York. Any action to enforce,  arising out of, or relating in
any way to any of the provisions of this Agreement may be brought and prosecuted
in such court or courts located within New York County,  New York as is provided
by law;  and the  parties  hereto  consent to the  jurisdiction  of the court or
courts located within New York, New York and to service of process by registered
or certified mail, return receipt requested,  or by any other manner provided by
law.

XVII.    Additional Documents and Act

         The  Purchaser  and  Grabher  shall,  from time to time,  execute  such
documents  and perform such acts as Escrow Agent may  reasonably  request and as
may be  necessary  to enable  Escrow  Agent to perform its duties  hereunder  or
effectuate the transactions contemplated by thus Escrow Agreement.

                           [Signature page follows.]

                                       7
<PAGE>

      IN WITNESS  WHEREOF,  the  parties  hereto  have  executed  or caused this
Agreement  to be duly  executed  as a sealed  instrument  as of the day and year
first above written.

                                     IPEX, Inc

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

                                     B Tech, Ltd.

                                     By:  /s/ Massimo Ballerini
                                         ---------------------------------------
                                     Name:  Massimo Ballerini
                                           -------------------------------------
                                     Title:  Director
                                            ------------------------------------

                                      /s/ Massimo Ballerini
                                      ---------------------------------------
                                     Massimo Ballerini

                                      /s/ Emanuele Boni
                                      ------------------------------------------
                                     Emanuele Boni

                                      /s/ Wolfgang Grabher
                                      ------------------------------------------
                                     Wolfgang Grabher

                                     Sichenzia Ross Friedman Ference LLP

                                     By:  /s/ Marc J. Ross
                                         ---------------------------------------
                                     Name: Marc J. Ross, Esq.
                                     Title: Partner

                                       8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}]]