Most penny stocks move primarily on news. If that’s the case, you’re going to be looking for companies that actively promote their products and services and regularly make public their progress using press releases. Another way a company can release news to the public is through various SEC filings. You can find SEC filings here: http://freeedgar.com
By their very nature, these SEC filings are usually more down to earth and leave out many of the “forward looking statements” you’ll see in company press releases. Forward looking statements deal with information found in press releases where the company explains their future plans by predicting or projecting results with great optimism.