4 1 martini4-042403.txt MARTINI FORM 4 04-24-03 U.S. SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 4 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940 [X] Check box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). ________________________________________________________________________________ 1. Name and Address of Reporting Person* MARTINI GREGORY F. -------------------------------------------------------------------------------- (Last) (First) (Middle) 10826 OMAHA TRACE -------------------------------------------------------------------------------- (Street) UNION KY 41091 -------------------------------------------------------------------------------- (City) (State) (Zip) ________________________________________________________________________________ 2. Issuer Name and Ticker or Trading Symbol IPEC HOLDINGS, INC. (IPEC) ________________________________________________________________________________ 3. IRS Identification Number of Reporting Person, if an Entity (Voluntary) ________________________________________________________________________________ 4. Statement for Month/Day/Year 4/24/03 ________________________________________________________________________________ 5. If Amendment, Date of Original (Month/Day/Year) ________________________________________________________________________________ 6. Relationship of Reporting Person to Issuer (Check all applicable) [ ] Director [X] 10% Owner [ ] Officer (give title below) [_] Other (specify below) PRESIDENT ________________________________________________________________________________ 7. Individual or Joint/Group Filing (Check applicable line) [X] Form filed by one Reporting Person [ ] Form filed by more than one Reporting Person ________________________________________________________________________________ ================================================================================ Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned ================================================================================

~~UNITED~~5. ~~STATES~~Amount ~~SECURITIES~~of ~~AND~~6. ~~EXCHANGE COMMISSION FORM~~ 4. ~~Washington,~~Securities DOwner- 2. C2A. ~~20549~~Securities ~~STATEMENT~~Acquired OF(A) ~~CHANGES~~or INBeneficially ~~BENEFICIAL~~ship ~~OWNERSHIP~~Trans- ~~Filed~~Deemed ~~pursuant~~3. toDisposed ~~Section~~of 16(aD) ofOwned ~~the~~Form: ~~Securities~~7. ~~Exchange~~action ~~Act~~Execution ofTransaction ~~1934~~(Instr. 3, ~~Section~~4 ~~17(a~~and 5) ofFollowing ~~the~~Direct ~~Public~~Nature ~~Utility~~of ~~Holding~~Date ~~Company~~Date, ~~Act~~if ofany ~~1935~~Code or------------------------------- ~~Section~~Reported 30(fD) ofor ~~the~~Indirect ~~Investment~~1. ~~Company~~(Month/ ~~Act~~(Month/ of(Instr. ~~1940~~8) (A) Transaction(s) ~~Check~~Indirect ~~this~~Beneficial ~~box~~Title ifof noSecurity ~~longer~~Day/ ~~subject~~Day/ to------------ ~~Section~~Amount ~~16.~~or ~~Form~~Price 4(Instr. or3 ~~Form~~(I) 5Ownership ~~obligations~~(Instr. ~~may~~3) ~~continue.~~Year) ~~See~~Year) ~~Instruction~~Code 1V (bD). ~~(Print~~and or4) ~~Type~~(Instr.4) ~~Responses~~(Instr. 4) ------------------------------------------------------------------------------------------------------------------------------------ |COMMON |STOCK ~~| | |1.Name and Address of Reporting Person * |2.Issuer Name and Ticker~~4/~~Trading~~24/03 ~~Symbol|6.Relationship~~J of4,024,998 ~~Reporting~~D ~~| | | IPEC HOLDINGS INC.~~ (~~IPEC~~1) ~~| Person(s) to Issuer | | | (formerly Golden Hole~~238,268 ~~Inc.)~~I |By ~~(Check~~Plymouth ~~All~~Partners ~~Applicable) | |Giordano Joseph M~~L.P. |---------------------------------------|--------------------------------------------------------------------------------------------- (------------------------------------------------------------------------------------------------------------------------------------ X------------------------------------------------------------------------------------------------------------------------------------ ~~) Director ( ) 10% Owner| | (Last) (First) (Middle)|3.IRS Identifica~~-~~|4.Statement~~----------------------------------------------------------------------------------------------------------------------------------- ~~for | ( ) Officer ( ) Other | | | tion Number of | Month/Year | (Give Title below) (Specify below)| |12320 Chandler Drive | Reporting | | | | (Street 1) | Person, if | July, 2002 | | | | an entity |~~---------------------|------------------------------------|--------------------------------------------------------------------------- | | (Voluntary) | 5.If Amendment, |7.Individual or Joint/Group Filing | | (Street 2) | | Date of Original | (Check Applicable) | | | | (Month/Year) | Form filed by: | |Walton KY 41094 | | | (X) One Reporting Person | | (City) (State) (Zip) | | | ( ) More Than One Reporting Person| ------------------------------------------------------------------------------------------------------------------------------------ ==================================================================================================================================== Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. *If the Form is filed by more than one Reporting Person, see Instruction 4(b)(v). Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. SEC 1474 (9-02) Page 1 of 2

FORM 4 (continued) Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) ================================================================================

~~Table~~5. I7. -Number ~~Non-Derivative Securities Acquired, Disposed~~ of, ~~or Beneficially Owned ------------------------------------------------------------------------------------------------------------------------------------ |1~~ Title ofand ~~Security |2 Trans- |3 Trans- |4 Securities Acquired |5~~ Amount ofDerivative |6. ~~Ownership|7 Nature~~ of ~~Indirect~~Underlying |4. |Securities ~~(Instruction~~Date 3)Securities |2. ~~action~~3A. |Trans- ~~action~~Acquired | (A) orExercisable ~~Disposed~~and of (D)Instr. |3 ~~Securities~~and |4) ~~Form:~~Conver- |Deemed ~~Beneficial~~action ~~Ownership~~or |Disposed |Expiration | Date |---------------- ~~Code~~1. |sion ~~(Instructions~~or 3,. 4,Execution 5)Code ~~| Beneficially | Direct~~of(D) | (~~Instruction 4~~Month/Day/Year) |Amount |Title |of ~~(Month/~~Exercise |Trans- Date, Instr. (Instr. ~~8)|~~3, ---------------------~~---|~~ ~~Owned at |~~ or |Derivative |Price |of |action ~~Day)~~Date ~~|----------|~~if ~~Amount~~any ~~|(A~~8)| ~~Price~~4 |and ~~End of Month |Indirect(I~~5)| |Date |Expira- |Number ~~Year)~~Security |Derivative ~~Code | V | |~~(~~D)|~~Month |(~~Instrs~~Month/ ~~3, 4) | (Instr 4) | | |~~------ ------------~~--------------|---------|------|---|-----------|---|--------|--------------|-----------|------------------------|~~ ~~|Common Stock |07~~Exer-~~05-02~~ |tion Pof ~~| | 7,000 | A | 1~~(Instr.33 |3) |Security |Day/Year) |Day/Year) |Code |V |(A) |(D) |cisable |Date |Title |Shares ~~| | | |~~----------------------------------------------------------------------------------------------------------------------------------~~| | |07~~-17-02 ~~| P | | 7,000 | A | 1.50 | | | | | | | | | | | | | | | |~~----------------------------------------------------------------------------------------------------------------------------------~~| | |07~~-23-02 ~~| P | | 5,000 | A | 1.50 | 111,179 | D | | |~~----------------------------------------------------------------------------------------------------------------------------------|-- ~~| | | | | | | | | | | |~~----------------------------------------------------------------------------------------------------------------------------------|-- ~~| | | | | | | | | | | |~~----------------------------------------------------------------------------------------------------------------------------------|-- ~~Reminder:~~==================================================================================================================================== ~~Report~~[TABLE onCONTINUED ~~a separate line for each class of securities beneficially owned directly or indirectly. * If the form is filed by more than one reporting person, see Instruction 4(b)(v). SEC 1474 (7-97)~~BELOW]

[CONTINUATION OF TABLE FROM ABOVE]

FORM 4 (Continued) ------------------------------------------------------------------------------------------------------------------------------------ Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e9.g. puts, calls, warrants, options, convertible securities) ------------------------------------------------------------------------------------------------------------------------------------ | | | | | | | | | | | | |110.~~Title~~ ~~of |2.Con- |3.Trans-|4.Trans-|5.~~Number of ~~|6.Date~~Ownership ~~|7.Title and Amount|8.Price |9.Number|10.Own-|11.Nature| |~~ Derivative |Form ~~ver- | action | action | Derivative | Exercisable and |~~ of ~~Underlying | of |of Deri-|ership | of | | Security | sion | Date | Code |~~ Securities |Derivative ~~Expiration~~Beneficially ~~Date |~~ Securities |11. ~~Deri-~~8. ~~|vative~~Owned ~~|Form~~Beneficially ~~of|Indirect~~Nature |Price ~~| (Instr 3) | or | (Month/| (Instr | Acquired (A) or | (Month/Day/Year)|(Instructions 3,4)| vative |Secur- |~~of ~~Der-|Benefici-|~~Following |Owned ~~| Exer~~Follow- ~~| Day/ | 8) | Disposed~~ of ~~(D)~~Indirect ~~|-----------------|------------------|~~Derivative ~~Sec-~~Reported ~~|ties~~ing ~~|ivative|al~~Reported |Beneficial |Security ~~| cise | Year) | |~~Transaction(~~Instrs 3, 4, 5~~s) |Transactions ~~Date | Expir- | |Amount | urity |Owned at|Securi-|~~Ownership| ~~| | Price | |--------|-----------------| Exer- | ation | Title |or Num- |~~(Instr.5) ~~|End of |ties: |~~(Instr. 4)| ~~| | of | |Code| V |~~ (A)Instr. ~~| (D~~4) ~~| cisable| Date | |ber of | 5) |Month |Direct | | | | Deriva-| | | | | | | | |Shares | |~~(~~Instr4 |(D) or | | | | tive | | | | | | | | | | | |Indi- | | | | Securi-| | | | | | | | | | | |rect(I)| | | | ty | | | | | | | | | | | |(~~Instr. ~~| | | | | | | | | | | | | | | |~~ 4) ~~| | |~~------------|--------|--------|----|---|--------|--------|--------|--------|-~~-------|---------|--------|--------|-------|---------|~~ ~~| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |~~ --------------------------------------------------------------------~~----------------------------------------------------------------~~ ~~| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |~~ --------------------------------------------------------------------~~----------------------------------------------------------------~~ ~~| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |~~ --------------------------------------------------------------------~~---------------------------------------------------------------|~~ ~~| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |~~ --------------------------------------------------------------------~~----------------------------------------------------------------~~ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ------------------------------------------------------------------------------------------------------------------------------------ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | -----------------------------------------------------------------------------------------------------------------------------------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ------------------------------------------------------------------------------------------------------------------------------------ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ------------------------------------------------------------------------------------------------------------------------------------ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | -----------------------------------------------------------------------------------------------------------------------------------| Explanation of Responses: /S/JOSEPH M. GIORDANO August 2, 2002 ------------------------------------------------------------------- Date ** Signature of Reporting Person ** Intentional misstatements or ommissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a1). ~~Note:~~THESE ~~File~~SHARES ~~three~~HAVE ~~copies~~BEEN ofTRANSFERRED ~~this~~BY ~~Form,~~PLYMOUTH ~~one~~PARTNERS ~~of which must be manually signed~~LP. IfTO ~~space~~ONE isOF ~~insufficient,~~THE ~~SEE~~LIMITED ~~Instruction 6 for procedure~~PARTNERS. ~~Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a valid OMB Number.~~

/s/ GREGORY F. MARTINI APRIL 29, 2003 --------------------------------------------- ----------------------- Gregory F. Martini Date **Signature of Reporting Person ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). Note: File three copies of this Form, one of which must be manually signed. If space provided is insufficient, see Instruction 6 for procedure. Page 2 of 2

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