Exhibit 10.1
 
 
RELEASE AND WAIVER
 
THIS RELEASE AND WAIVER (this “Release”) dated April 14, 2008, is entered into
between MERIDIAN BAY LIMITED (“Meridian”), XALLES LIMITED (“Xalles”) and
INNOVATIVE SOFTWARE TECHNOLOGIES, INC. (“Innovative”) (hereinafter collectively,
“the Parties”).
 
WHEREAS, the Parties entered into a Share Purchase Agreement (the “Purchase
Agreement”) dated October 1, 2007, pursuant to which the Innovative intended to
purchase all of the issued and outstanding shares of the Company owned by
Seller; and
 
WHEREAS, pursuant to Sections 6.7 of the Purchase Agreement, Innovative has
determined it is not in the best interests of its shareholders to close on the
Purchase Agreement; and
 
WHEREAS, the Parties desire to release each other from all obligations under the
Purchase Agreement;
 
NOW, THEREFORE, in consideration of the foregoing and of the terms, conditions,
agreements and other consideration hereinafter set forth, the Parties agree as
follows:
 
1.  
RECITALS.  The above recitals are true and accurate and incorporated into this
Release.

 
2.  
RELEASE.  Each of the Parties hereby agrees that the Purchase Agreement is
terminated effective as of the date hereof.  Each of the Parties does hereby
(for itself, its successors and assigns), completely and irrevocably waive,
release, acquit, and forever discharge each of the other Parties (and the
directors, officers, agents and employees of each of the other Parties)
(collectively, the “Released Parties”) of and from any and all claims, demands,
proceedings, causes of action, orders, obligations, contracts, agreements, debts
and liabilities whatsoever arising out of any matter occurring at any time prior
to and including the date this Release was signed, whether known or unknown,
suspected or unsuspected, both at law and in equity, including, but without
limitation, any claim of contribution or other recourse against each of the
other Parties with respect to representations, warranties or covenants made in
the Purchase Agreement by the Parties.

 
3.  
SUCCESSORS AND ASSIGNS.  This Release shall inure to the benefit of and be
binding upon the parties hereto and their respective heirs, successors, legal
representatives, and assigns.

 
4.  
ENTIRE AGREEMENT, AMENDMENT.  This Release constitutes the entire agreement
among the Parties with respect to the subject matter hereof, and supersedes all
prior agreements and understandings, oral and written, among the Parties to this
Release with respect to the subject matter hereof.  The language of this Release
shall be construed as a whole, according to its fair meaning, and not strictly
for or against either party.  This Release may not be modified or otherwise
amended except by a written instrument that expressly refers to this Release and
executed by all of the Parties hereto.

 
5.  
REFORMATION.  If any provision of this Release is declared or determined by any
court of competent jurisdiction or arbitrator to be unenforceable or invalid for
any reason, in whole or in part, neither the validity of the remaining parts of
such provision nor the validity of any other provision of this Release shall in
any way be affected thereby.  In lieu of such invalid, illegal, or unenforceable
provision, there shall be added automatically as part of this Release a
provision as similar in terms to such invalid, illegal, or unenforceable
provision as may be possible to be valid, legal, and enforceable.

 
6.  
WAIVER OF JURY TRIAL. THE PARTIES AGREE SHOULD ANY LEGAL ACTIONS BE FILED, ONE
AGAINST THE OTHER, AT ANY TIME IN THE FUTURE, SELLER AND COMPANY EACH AGREE TO
WAIVE TRIAL BY JURY.

 
 
 
 
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THEREFORE, the Parties to this Release now voluntarily and knowingly execute
this Release.
 
MERIDIAN BAY LIMITED

By:            _________________________________________
  Name:
  Its:

XALLES LIMITED
 

 
By:            _________________________________________
  Name:
  Its:

INNOVATIVE SOFTWARE TECHNOLOGIES, INC.
 

 
By:            _________________________________________
  Name:
  Its:
 
 
 
 
 

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