If you’ve ever invested in penny stocks, you know what a mixed bag they can be. Some grow up big and strong and become major companies that are respected from coast to coast, while some simply blink out of existence. It is this game of chance that makes investing in penny stocks so attractive. The initial investment in penny stocks is seldom large but the payoff can be huge. While no penny stock is without risk, here are a few burgeoning companies that many feel are moments away from their big break.

There is no doubt that technology rules the future, and even in times of economic hardship, technology stocks can rise to the top if the common sense ideas behind those stocks resonate with the general public. One company, Zix Corporation (ZIXI NASDAQ), is about to unveil a new technology that allows doctors to write virtual prescriptions. This technology, and likely the future of the company, is hanging on approval from the government, but if lawmakers see wisdom in this expedited way to get prescriptions, expect Zix stock, currently trading at a shade over $1.50 a share, to hit the roof. Any list of penny stocks to invest in for 2009 should include Zix.

One of the oddest aspects of investing right now is seeing seasoned, once highly respected companies now listed as penny stocks. Groups like AIG and even General Motors are trading at well under $10 a share and so is bio-tech giant Novavax (NVAX NASDAQ). Their stock has lost a huge part of its value and is now trading around $2 a share, but the future looks bright for this once dominant vaccine maker. Word is that the company is closer than any other pharmaceutical company when it comes to formulating a vaccine for the infamous bird flu virus. Although doomsdayers who have been yelling from the mountaintop about an eventual pandemic have been proven wrong to this point, the fact that this company is closer than any other means that an investment in Novavax might just be a smart one, especially at such a low share price. If you have been searching for penny stocks to invest in for 2009, Novavax might just be a smart buy.

One of the biggest arguments currently happening over dinner tables all over the country right now is the question of if it is safe to invest in investment banks or is there more turmoil and collapse yet to come? Many investors believe that an investment bank like Radian Group (RDN NYSE) has reached rock bottom and has more than enough positives to warrant investment. With a current stock price of under $3, a few shares of this once mighty investment bank wont’ cost you an arm and a leg and, assuming the worst is over as far as the worldwide financial crisis is concerned, you could end up with a nice nest egg. Radian Group is positioning itself to be one of the top penny stocks of 2009.

Finally, arguments abound about the practicality of clean burning coal as the United States and the rest of the world attempts to wean itself off of petroleum. Some view switching from one fossil fuel to another treading water, but if clean burning coal technology gets the investment dollars the new administration in Washington has been promising on the campaign trail, coal stocks may be the steal of 2009. International Coal Group (NYSE: ICO) is one of the biggest miners in Appalachia and is expected to help lead the way as far as American development goes for this new technology. With a current share price of just over $4, it probably wouldn’t hurt to buy up a few shares of this top penny stocks performer.

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Tags: hot stocks, ICO, NVAX, Penny Stock News, penny stock picks, RDN, ZIXI