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Safe Harbor does not apply to penny stocks.

Section 27A -- Application of Safe Harbor for Forward-Looking Statements

b. Exclusions. Except to the extent otherwise specifically provided by rule, regulation, or order of the Commission, this section shall not apply to a forward-looking statement--

1. that is made with respect to the business or operations of the issuer, if the issuer--

C. issues penny stock;

http://www.sec.gov/divisions/corpfin/33act/sect27a.htm

9/ The District Court rejected the first defense because the statutory SAFE HARBOR does not apply to Commission enforcement actions, or to penny stocks, ..., citing 15 U.S.C. §§ 77z-2(b)(1)(c), 77z-2(c), 78u-5(b)(1)(c), and 78u-5(c).

http://www.sec.gov/litigation/opinions/34-53122a.pdf