Savoy Ventures Inc. announced it has entered into a non-binding letter of intent dated for reference February 12, 2015 regarding a proposed transaction with Tier1 Capital Inc. to acquire 100% of the issued and outstanding securities of Tier1. At the close of the Transaction, the management and board of directors of Savoy will resign and a new board of directors comprising of three nominees of Tier1 and one nominee of Savoy will be appointed to the Savoy. Savoy Ventures Inc. appointed William W. Davis, Sr. as Director and Chairman, Muhammed Saeed as Director and Chief Executive Officer, George Abdalla as Director and Chief Financial Officer and Anne Chopra as Director.

William W. Davis, Sr. is currently the CEO of Palm Court Ventures. Mr. Saeed is a seasoned entrepreneur. Muhammed Saeed is a co-founder of Tier1.

Muhammed Saeed also founded Firefly Capital Incorporated in 1999 in Delaware. Mr. Abdalla is the CFO of Penson Technologies LLC (since August 2013). Ms. Chopra is a director of Caracara Silver Inc. In addition Ms. Chopra, since August 2008, holds the office of President, CEO, and CFO and is a director of Harvest One Capital Inc.