Exhibit 10.1

       DESCRIPTION OF GIORGOS KALLIDES VERBAL AGREEMENT WITH BETAFOX CORP.

GIORGOS KALLIDES, the sole officer and director of BETAFOX CORP. (the "Company")
has  verbally  agreed  to loan the  Company  funds  necessary  to  complete  the
registration  process  on Form  S-1.  The  loan is  unsecured  and does not bear
interest  nor have a maturity  date or a repayment  provision or other terms and
conditions.


/s/ Giorgos Kallides
------------------------------
Giorgos Kallides