SETTLEMENT AGREEMENT AND MUTUAL RELEASE

     This  Settlement  Agreement and Mutual Release  ("Agreement")  entered into
this 12th day of April,  2004 by and  between  GlobalNet  Corporation  (formerly
iDial Networks, Inc.), a Nevada corporation  ("GlobalNet"),  Callflow Limited, a
Bermuda company,  ("Callflow") and John Molnar ("Molnar"),  the sole shareholder
of Callflow.

                                    RECITALS

          WHEREAS,  Callflow claims it is owed money from GlobalNet for services
provided by Molnar (the "Debt"); and

          WHEREAS,  GlobalNet,  Molnar and Callflow desire to settle any and all
disputes  between  them,  known or  unknown,  regarding  any matter  whatsoever,
including, but not limited to the Debt; and

          WHEREAS,  GlobalNet, Molnar and Callflow desire to settle this dispute
without litigation, and to settle and discharge all matters and disputes between
the parties.

          NOW, THEREFORE,  for good and valuable consideration,  the receipt and
sufficiency of which is hereby acknowledged, the parties agree as follows:

     1.  Delivery  of  Convertible  Note.  GlobalNet  shall to issue to Callflow
167,516,250  shares (the "Shares") of GlobalNet  common stock,  par value $0.005
per share, as soon as practicable on or after April 21, 2004.  Simultaneous with
the  execution  and  delivery  of  this   Agreement,   GlobalNet  shall  deliver
irrevocable  instructions  to its  transfer  agent  to  issue a  certificate  to
Callflow evidencing the Shares.

     2. Covenant Not to Sue.

          (a) Each of Molnar and Callflow  covenants  for himself and itself and
     his and its legal representatives, assigns, and affiliates, to refrain from
     making  any  claim or  demand,  or to  commence,  cause,  or  permit  to be
     prosecuted,  any action in law or suit in equity  against  GlobalNet or its
     affiliates,  on account of any and all claims whether now known or unknown,
     which Molnar or Callflow or his or its  affiliates  now has, or at any time
     heretofore ever had,  against  GlobalNet or its  affiliates,  based upon or
     arising out of or in connection  with this dispute,  matters  referenced in
     the Recitals  hereof,  or any other matter,  cause or anything  whatsoever,
     from the beginning of the world to the date of this Agreement.

          (b) Each of Molnar and Callflow  covenants  for himself and itself and
     his and its legal representatives, assigns, and affiliates, to refrain from
     making  any  claim or  demand,  or to  commence,  cause,  or  permit  to be
     prosecuted,  any action in law or suit in equity  against  GlobalNet or its
     affiliates,  on account of any and all claims whether now known or unknown,
     which Molnar or Callflow or his or its  affiliates  now has, or at any time
     heretofore ever had,  against  GlobalNet or its  affiliates,  based upon or
     arising out of or in connection with this dispute, matters referenced in


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     the Recitals hereof, or any other matter, cause or anything whatsoever,
     from the beginning of the world to the date of this Agreement.

          (c) Notwithstanding the foregoing, each party is entitled to enforce
     this Agreement according to its terms.

          3. No Admission of Liability.  This  Agreement does not constitute any
     admission of liability on the part of any party,  and is expressly  entered
     into  for  the  purpose  of  eliminating   the  possibility  of  protracted
     litigation over the matters being settled by this Agreement.

     4. Mutual  Release.  Except  with  respect to the  obligations  created by,
acknowledged  or  arising  out of this  Agreement  and  the  Notes,  Molnar  and
Callflow,  on the one  hand,  and  GlobalNet,  on the  other  hand,  hereby  for
themselves and their  respective  legal  successors,  assigns,  and  affiliates,
release and  discharge  each other and their own  respective  legal  successors,
assigns,  and affiliates  release and discharge each other and their own and the
other's  agents,  employees  and attorneys  from any and all claims  whether now
known or  unknown,  which  either now has, or at any time  heretofore  ever had,
against  the  other,  based  upon or arising  out of or in  connection  with the
matters  referenced  in the  Recitals  hereof or any  other  matter,  cause,  or
anything  whatsoever,  from  the  beginning  of the  world  to the  date of this
Agreement (hereafter referred to as the "Released Matters").

     Furthermore, it is the intention of the parties in executing this Agreement
and in giving and receiving the consideration  called for by this Agreement that
this  Agreement  shall be effective as a full and final accord and  satisfaction
and mutual release of and from all Released Matters.

     Each of the  parties  acknowledges  that it is aware that it may  hereafter
discover  claims or facts in  addition to or  different  from those which it now
knows or believes to exist with respect to the subject matter of this Agreement,
but it is its intention hereby fully,  finally and forever to settle and release
all of the Released Matters,  disputes and differences known or unknown,  except
as otherwise  expressly  provided herein. In furtherance of this intention,  the
releases  herein  given  shall be and remain in effect and the  complete  mutual
releases  herein  given shall be and shall remain in effect as full and complete
mutual  releases  notwithstanding  discovery or existence of any  additional  or
different claims or facts.

     Each party  warrants  and  represents  to the other that it is the sole and
lawful owner of all right,  title and  interest in and to all of the  respective
Released Matters and that it has not heretofore voluntarily, by operation of law
or otherwise,  assigned or transferred or purported to assign or transfer to any
person whatsoever any Released Matter or any part or portion of a claim,  demand
or right  against the other.  Each party shall  indemnify  and hold harmless the
other from and against any claim (including  payment of attorneys' fees and cost
actually  incurred  whether  or not  litigation  be  commenced)  based  on or in
connection with or arising out of any  assignments or transferring  any Released
Matter or any part or portion thereof.

     5. Entire  Agreement.  This Agreement  constitutes the entire agreement and
understanding  between the parties and supersedes and replaces all  negotiations
and all  proposed  agreements  whether  oral or  written,  between  the  parties

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relating to the subject  matter of this  Agreement.  This  Agreement  may not be
altered or  amended  except by an  instrument  in  writing  executed  by all the
parties hereto.

     6.  Investment  Representations.  Callflow  is  acquiring  the  Shares  for
investment  and not  with a view  to the  resale  or  distribution  of any  part
thereof.  Callflow  understands  that the offer and sale of the Shares  have not
been registered under the Securities Act of 1933, as amended, (the "Act") on the
ground  that the sale and the  issuance of the Shares  hereunder  is exempt from
registration  under  the  Act  pursuant  to  Section  4(2)  thereof,   and  that
GlobalNet's   reliance  on  such   exemption   is   predicated   on   Callflow's
representations  set forth herein.  Callflow and Molnar  consent to the transfer
agent placing a restrictive  legend on the certificate  evidencing the Shares in
accordance with the foregoing.  Molnar represents that (i) he has such knowledge
and  experience  in  financial  and  business  matters  that  he is  capable  of
evaluating the merits and risks of the investment in the Shares,  and (ii) he is
an "accredited investor" as such term is defined under Rule 501 under the Act.

     7. Investigation.  Each party acknowledges that it had adequate opportunity
to make whatever  investigation or inquiry it may deem necessary or desirable in
connection  with the subject  matter of this  Agreement  prior to the  execution
hereof and the delivery and acceptance of the  consideration  specified  herein.
Each party hereto  further  represents  and warrants that it has carefully  read
this  Agreement  and knows  the  contents  hereof  and that it has  signed  this
Agreement freely and voluntarily.

     8. Authorization. Each party has the requisite power and authority to enter
into this Agreement. Each party hereto further represents and declares that each
of the  persons  executing  this  Agreement  on its  behalf  is and will be duly
empowered and authorized to do so.

     9. Notice.  All notices sent pursuant to this Agreement shall be in writing
and   shall   be   duly   given   if   personally   delivered   or   sent  by  a
nationally-recognized   overnight  courier  or  posted  by  U.S.  registered  or
certified mail, return, receipt requested,  postage prepaid and addressed to the
other party at the addresses set forth on the signature  page hereto.  Any party
may from time to time change the  address to which  notices to it are to be sent
by giving  notice of such  change to the other  parties  in the manner set forth
herein.  Notices shall be deemed given at the expiration of three (3) days after
the date of mailing, and, if sent by overnight courier, on the next business day
following  the day such notice is delivered to such  overnight  courier,  as the
case may be, in the manner described  above, and if delivered in person,  on the
date so delivered.  Any notice  period shall  commence on the day such notice is
deemed given. For the purposes of this Agreement,  the term "business day" shall
mean any day that is not a Saturday,  Sunday or legal holiday on which banks are
permitted to close in the State of New York.

     10.  Governing  Law. This  Agreement  shall be governed by and construed in
accordance with the laws of the State of New York. Each of the parties  consents
to the  jurisdiction  of the  United  States  District  Court  for the  Southern
District of New York or the state courts of the State of New York located in the
Borough of Manhattan  in the City of New York,  in  connection  with any dispute
arising under this Agreement and hereby waives,  to the maximum extent permitted
by law, any objection, including any objection based on forum non conveniens, to
the bringing of any such proceeding in such jurisdictions.

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     11.  Binding  Effect.  This Agreement will be binding upon and inure to the
benefit of the  parties  hereto  and their  respective  heirs,  representatives,
successors and assigns.

     12.  Severability.  If any covenant,  condition or other  provision  herein
contained  is held to be  invalid,  void or  illegal  by any court of  competent
jurisdiction,  such covenant, condition or provision will be deemed severed from
the remainder of this Agreement. Such severance will in no way affect, impair or
invalidate any other  covenant,  condition or other  provision  herein.  If such
condition,  covenant or other  provision  is deemed  invalid due to its scope or
breadth, such condition, covenant or other provision will be deemed valid to the
extent of the scope or breadth permitted by law.

     13. Counterparts;  Facsimile Signatures.  This Agreement may be executed in
counterparts  which,  when taken  together,  shall  constitute  one and the same
agreement and shall be effective as of the date first written  above.  Execution
and  delivery of this  Agreement  by exchange of  facsimile  copies  bearing the
facsimile  signature  of a party  hereto  shall  constitute  a valid and binding
execution and delivery of this Agreement by such party.  Such  facsimile  copies
shall constitute enforceable original documents.

     IN WITNESS  WHEREOF,  the parties  hereto,  intending  to be legally  bound
hereby,  have executed this Settlement  Agreement and Mutual Release on the date
written above.


GLOBALNET CORPORATION


____________________________________
GlobalNet Corporation
Attn: Chief Executive Officer
2204 Timberland Place, Suite 140
The Woodlands, TX 77380


CALLFLOW LIMITED


____________________________________
John Molnar
President
11 Rush Street
Port Jefferson, NY