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. It is intended that LIPP Engineering Sdn Bhd (LIPP) and SIRIM Tech Venture Sdn Bhd (SIRIM), shall enter into a definitive share subscription agreement, shareholders' agreement and other relevant agreements, which will be subject to the following: verification of the Assigned Value by an independent party to be appointed by GLT and BVSB; satisfactory legal due diligence on GLT and BVSB; satisfactory technical due diligence on GLT and BVSB; and in principle approval from the relevant authorities on the transaction structure. In addition, as this transaction would be considered a Fundamental Change of business under the AIM Rules, any such transaction would require the approval of the Company's shareholders via the convening of a general meeting. The Company will update the market as appropriate in due course. BiON will, in addition, work with each of LIPP and SIRIM, respectively, to explore potential waste-to-energy opportunities, including biogas, that would be of mutual benefit and which can leverage the resources of both parties. In particular, under the agreement with LIPP, the parties will seek to work together - with LIPP as a technology and/or development partner - to enhance BiON's current biogas business as well as seeking future opportunities across various biomass fields. The Company's partnership with SIRIM includes, amongst other objectives, the joint establishment of a bioenergy hub for the commercialisation of agricultural and industrial waste.