You think a penny stock CEO is above trying to scam people out of their money while at the same time mentioning someone in a much more public position doing the same thing? Penny stock CEO's are the least responsible people in the market. Some like this company and ECD* go from shell to shell when they can't sell anymore shares under their current ticker. Am I saying that's the case here? Not 100% sure at the moment, but evidence points to it.
If the company was a multimillion dollar company then you'd think the market would've reacted positively rather than going to no bid.
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