Global Energy Megatrend Limited entered into a definitive agreement to acquire stake in Magnolia LNG Project from Liquefied Natural Gas Limited (ASX:LNG) for $2.25 million on May 12, 2020. The sale includes interest in subsidiary entities that own the proposed liquefied natural gas terminal development in Lake Charles, Louisiana, USA (Magnolia LNG Project), including Pecan Inc. (and its subsidiaries), LNG Management Services, LLC and LNG Technology, LLC. By disposing of the Magnolia LNG Project entities, liabilities associated with the Magnolia LNG Project (including liabilities relating to 16 employees) will pass to the Acquirer. The transaction was expected to close on or before May 15, 2020. While the Company’s patented optimized single mixed refrigerant (OSMR®) liquefaction process technology will be sold as part of the Transaction.