Another once-promising biotech, Protein Polymer Technologies, sells for 2 cents. And you can get another biotech, Akesis Pharmaceuticals, for 1.5 cents. Nascent Wine Company, which distributes food and beverages to Mexico, sells for 2 cents. Com-Guard, whose software supposedly protects computers, sells for less than a penny.
Then there is Rim Semiconductor. It was named New Visual when it was in San Diego. Its stock did quite well after a purported brokerage house issued a report saying that the company’s technology was a winner. In a footnote, the brokerage admitted that it had been retained by New Visual to provide public relations and stockholder services. New Visual went into the semiconductor business, changed its name, and in 2003 moved to Portland. Last year, the company was locked out of its office for nonpayment of rent, according to the Portland Business Journal. To stay alive, Rim kept issuing shares; finally it issued 4 billion of them — almost as many as Exxon has outstanding. Rim’s stock was recently selling for one-hundredth of a cent a share, but now there is no quote available. I left a message at the company, which appears to be located in a Portland-area home, but got no response. I was not intending to buy Rim stock; I just wanted information — like how morale was holding up.