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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 CKMLkMxJZ567w6nPSK5z3OxVEuxlUioScrOMYcgM7L0ufov+5d/fLZ0dgA5TY+yc
 75wfh2uk6R1tTlE+SitJzQ==

<SEC-DOCUMENT>0001005477-05-002258.txt : 20050622
<SEC-HEADER>0001005477-05-002258.hdr.sgml : 20050622
<ACCEPTANCE-DATETIME>20050622190348
ACCESSION NUMBER:		0001005477-05-002258
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050617
FILED AS OF DATE:		20050622
DATE AS OF CHANGE:		20050622

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MASSARO TERRY L
		CENTRAL INDEX KEY:			0001226225

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-30721
		FILM NUMBER:		05911174

	BUSINESS ADDRESS:	
		STREET 1:		2599 WILMINGTON RD
		CITY:			NEW CASTLE
		STATE:			PA
		ZIP:			16105
		BUSINESS PHONE:		724 658 1565

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IPEC HOLDINGS INC
		CENTRAL INDEX KEY:			0001114749
		STANDARD INDUSTRIAL CLASSIFICATION:	PLASTICS PRODUCTS, NEC [3089]
		IRS NUMBER:				870621339
		STATE OF INCORPORATION:			NV

	BUSINESS ADDRESS:	
		STREET 1:		P.O. BOX 5311
		STREET 2:		185 NORTHGATE CIRCLE
		CITY:			NEW CASTLE
		STATE:			PA
		ZIP:			16105
		BUSINESS PHONE:		8003774732

	MAIL ADDRESS:	
		STREET 1:		P. O. BOX 5311
		CITY:			NEW CASTLE
		STATE:			PA
		ZIP:			16105

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GOLDEN HOLE INC
		DATE OF NAME CHANGE:	20000515
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar123.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2005-06-17</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001114749</issuerCik>
        <issuerName>IPEC HOLDINGS INC</issuerName>
        <issuerTradingSymbol>IPEC</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001226225</rptOwnerCik>
            <rptOwnerName>MASSARO TERRY L</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2599 WILMINGTON ROAD</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW CASTLE</rptOwnerCity>
            <rptOwnerState>PA</rptOwnerState>
            <rptOwnerZipCode>16105</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Non-Qualified Stock Option (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>3.20</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2005-06-17</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2005-06-17</value>
            </exerciseDate>
            <expirationDate>
                <value>2015-06-17</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Not Applicable</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Shawn C. Fabry, by power of attorney</signatureName>
        <signatureDate>2005-06-17</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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