BiON announced that it has signed a number of non-binding Memorandums of Understanding ("MOUs") with three parties, with complementary expertise and resources in the biogas industry in Malaysia, to work together to advance their joint interests. The parties will now seek to enter formal partnerships, which would enable a significant strengthening and expansion of the Company's biogas and broader waste-to-energy activities. Under the terms of the Company's agreement with Green Lagoon Technology Sdn Bhd, the parties will seek to formalise a partnership that is expected to involve the establishment of a special purpose vehicle ("SPV") (which would be 55% owned by BiON with a majority board control) that would own and operate the entire biogas assets of both companies, valued for the purposes of the transaction at MYR 53.9 million for BVSB and MYR 61.1 million for GLT ("Assigned Values"). BVSB shall be responsible for raising the funding to meet the requirements of the SPV and GLT shall be responsible for managing all biogas power plant projects, including current pipeline and future biogas power plant projects.