Thank you for the pointer. I went to the link and found some useful information. Still I want to get rid of the Snapshot since I found that it takes disk space and I have no intention to use it in the future (that state of the VM that I saved). So far I haven't been able to get rid of it. This is the quote from the link you gave me.
3.You can also delete a snapshot, which will not affect the state of the virtual machine, but only release the files on disk that VirtualBox used to store the snapshot data, thus freeing disk space. To delete a snapshot, right-click on it in the snapshots tree and select "Delete". As of VirtualBox 3.2, snapshots can be deleted even while a machine is running.
In the VB I have if I right click on the snapshot which is my sole VM now I can see only one option: Discard Saved State
. So, I clicked on it and nothing happened. I mean it took the VB a couple of minutes to process it but the qualifier (Snapshot 1) did not disappear. It stays there even after I rebooted VM.