Balex Marine, Snowball crowdfunder participant, sunk by high costs, slow sales

Balex Marine, Snowball crowdfunder participant, sunk by high costs, slow sales
Paul McBeth
By Paul McBeth May 16 (BusinessDesk) - Balex Marine, the automatic boat loader maker, has been washed away after the high cost of manufacturing and slow sales saw the Tauranga-based company burn through the crowdfunded $330,000 it raised last October.  BDO's Kenneth Brown and Paul Manning were appointed liquidators of Balex and sister company Suelex on May 1 after events conspired to drain the companies coffers without an immediate lifeline. Balex raised $330,000 through 80 investments via equity crowdfunder Snowball Effect in October, ju...