I have wandered into the land of two different penny stocks, because they came with "very positive news" visiting the Intel board. I had similar observations for both companies. Both started out with great ideas and some real products. They legitimately went public. Over time, their ideas failed to pan out into real revenue, and the financials began to degrade. As a result the "pumpers" show up in an attempt to get their money back for a failed investment, and perhaps there were a few "true believers". I don't think you can tell the true believers from the pumpers, but it doesn't really matter. I see these companies as different than "scammers" who have companies that never even intended to have real products, but rather were formed solely with the idea of fleecing investors.
Alan
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