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EXHIBIT 10.1 - SETTLEMENT AGREEMENT NATIONAL FINANCIAL COMMUNICATIONS

This Settlement Agreement ("Settlement"), is made and entered into this 1st day
of June, 2001 by and between Chequemate International, Inc., a Utah corporation,
("Chequemate"), and National Financial Communications Corp., a Massachusetts
corporation ("NFC") upon the following premises:

A.   On September 1, 1999, Chequemate and NFC entered into a Consulting
     Agreement (the "Agreement"), under the terms of which Chequemate was to
     engage NFC to render to Chequemate, public relations and other services for
     a monthly fee plus expenses. As of the current date, Chequemate owes NFC
     $71,259.52 in unpaid fees and expenses. This Settlement is being entered
     into for the purpose of settling all outstanding monies due NFC from
     Chequemate.

B.   The parties have agreed to enter into this Settlement and both NFC and
     Chequemate agree to waive and release any claim it may have against
     Chequemate upon receipt of payment in full.

NOW, THEREFORE, upon these premises and for good and valuable consideration, the
adequacy of which is hereby acknowledged, the parties agree that, in settlement
of this matter and to terminate any further actions by NFC, Chequemate shall pay
NFC the sum of $71,259.52, payable as follows:

1.   In consideration of the Settlement, Chequemate agrees to immediately issue
     to NFC 250,000 shares of Chequemate's restricted common stock (the
     "Shares"), under Rule 144, which all shares shall be Due as of the day of
     this Settlement Agreement. All shares shall be received by NFC no later
     than July 30, 2001.

     The shares shall be registered in a Registration Statement to be filed with
the SEC, which registration shall be no later than September 15, 2001. For a
period of thirty days after the effective date of the registration statement,
(the "Sale Period"), NFC will communicate to Chequemate the dollar amount
recovered during the Sale Period of the sale of the 250,000 shares. If NFC does
not recover the full $71,259.52 owed by Chequemate, additional free trading
shares will be issued to NFC. The calculation to determine the number of
additional shares to be issued to NFC will be: The dollar amount not recovered
by NFC from the sale of the initial 250,000 shares, divided by the previous five
day trade average from the date of the calculation, equaling the number of
shares issued to NFC. The date of the calculation shall begin at the conclusion
of the Sale Period. Prior to the sale, NFC shall attempt to secure an Opinion
Letter from its counsel, or Chequemate shall provide the same, stating that the
shares of common stock under Rule 144, are free trading, which Opinion Letter,
if valid, will be paid for by Chequemate. NFC will then sell the shares under
Rule 144.

2.   Chequemate shall have until September 15, 2001, to make an initial filing
     of a registration statement with the U.S. Securities and Exchange
     Commission ("SEC"), to include the shares in paragraph 1 above, for
     registration. Thereafter, Chequemate agrees to exercise its best efforts to
     prepare such amendments to the registration statement, and to diligently
     undertake such additional work as may be necessary to appropriately respond
     to the comments of the staff of the SEC, and to completely and accurately
     update the registration statement in all material respects, as of a recent
     practicable date, to attempt to obtain effectiveness of the registration
     statement as soon as reasonably practicable. NFC understands and
     acknowledges that Chequemate is unable to make any covenants or
     representations as to the effective date of the registration statement with
     the SEC.

3.   Chequemate shall have the right to pay all or a portion of this settlement
     with a cash payment in the form of certified funds prior to the effective
     date of the registration or subsequent to NFC selling any shares or balance
     of shares, by giving 3 day notice to NFC.

4.   In consideration of the undertaking set forth in paragraph 1 or 2 above,
     NFC agrees to waive and release any claim it may have against Chequemate
     for failure to fulfill its obligations and hereby release Chequemate from
     all penalties and obligations as set forth in the Agreement or any
     subsequent judgment which waiver and release shall not be effective until
     full payment is received.

5.   Chequemate and NFC each agree to provide each other with such information
     and documentation, as may be reasonably requested in connection with the
     registration statement(s) and other filings with the SEC, including without
     limitation, the Opinion Letter.

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6.   Regardless of whether the merger is approved, Chequemate shall file the S3
     Registration documents with the SEC on or before September 15, 2001 in
     order for NFC to sell the initial 250,000 shares as free trading stock, and
     issue additional free trading stock as needed to fully satisfy its
     obligation to NFC.

7.   In the event that Chequemate fails to make payment in full, NFC reserves
     the right to pursue collection of the balance.


     IN WITNESS WHEREOF, the parties to this Settlement have duly executed it as
     of the date and year first above written.


CHEQUEMATE INTERNATIONAL, INC.


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By: Chandos Mahon
Its: President / CEO



National Financial Communications Corp.


-------------------------------
By
Its:


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