Effective February 21, 2013, Savoy Energy Corporation and ASL Energy Corp. mutually agreed to not renew a services agreement previously in place between the parties. ASL will remain a creditor and shareholder of the company moving forward. Also effective February 21, 2013, the Company and ASL entered into a Letter Agreement to document and confirm certain amounts owed by the Company to ASL in connection with fees previously due to ASL, amounts which ASL has paid and has agreed to pay on behalf of the Company, which the Company has agreed to reimburse to ASL, which
total fees and reimbursements total $37,500 owed under certain outstanding Convertible Promissory Notes (notwithstanding additional amounts outstanding to ASL under certain other convertible promissory notes), and to confirm and acknowledge certain other matters.