Joint Venture Agreement Confirmation between VerifySmart Corp and Verified Transactions Corp (May 15, 2009)

Summary

This agreement confirms that VerifySmart Corp and Verified Transactions Corp have fulfilled their financial and operational obligations under their joint venture agreement dated March 25, 2009. As a result, VerifySmart Corp is now entitled to receive 70% of the joint venture's revenue starting from the date of this confirmation. Both parties acknowledge that the joint venture agreement remains in effect and in good standing.

EX-10.1 2 ex10-1.txt JOINT VENTURE AGREEMENT Exhibit 10.1 May 15, 2009 Verified Transactions Corp 150-4170 Still Creek; Burnaby, BC V5C 6C6 Att: Danny Scammell Verifysmart Corp (formerly Verified Capital Corp) 150-4170 Still Creek; Burnaby, BC V5C 6C6 Att: Casper de Beer Dear Sirs: Re: Joint Venture Agreement ("JV") made March 25, 2009 We are writing further to our discussions. We confirm that it is our mutual understanding and agreement that the JV has been satisfactorily performed by us, VerifySmart Corp. ("VSC") (Nevada), and that we have performed the required financial obligations of section 5.01 through both fund raising and joint venture cost sharing and accordingly VSC's obligations of section 5.01 are fully satisfied, the JV agreement is in full force and effect in good standing and VSC's revenue sharing right to 70% of the JV's revenue commences this date. Please execute below to signify your consent and approval to the above. Yours truly, VerifySmart Corp Per: /s/ Ralph Santos ------------------------------- Ralph Santos President The foregoing is hereby agreed effective the above date. Verified Transactions Corp. VerifySmart Corp (Verified Capital Corp) Per: /s/ Per: /s/ Authorized Signatory Authorized Signatory