ROTTERDAM, The Netherlands--(BUSINESS WIRE)--Today Management of Parx Plastics NV (Euronext: MLPRX) (“Parx” or the “Company”) made the decision to change its relationship for its distribution to mainland China. Although Ningbo BMQ Technology Development, Co., Ltd (“BMQ”) has been our sole distributor and a valued and reliable business partner of Parx so far, recent delays in BMQ payments to Parx have prompted us to secure all of Parx´s shipped and stocked materials at BMQ and to initiate collection procedures against BMQ.
The total amount of outstanding invoices affected is €164,218.81, which represents a significant percentage of our turnover written until today this year (FY 2018: € 338,838). Failure to collect all or a substantial part of this amount would have a significant effect on PARX’s liquidity position.
Parx will do its utmost best to collect the outstanding invoices and to take possession of the shipped and stocked materials at BMQ. Parx will also explore opportunities to strengthen its liquidity position.