Small institutional firms hold positions in pink sheets as do accredited investors (individuals with net worths of over a million dollars and annual incomes of at least $200k).
I would venture to guess the CEO is being truthful. Most pink sheet companies resort to falsely blaming the "evil naked shorters" for drops in the share price.
Looking at his success as an inventor I put a lot. I'm hoping that is caring over onto the business side. Check out the stuff he has patented over the years.
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