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FORMER SCHWINN SUBSIDIARY ASSETS PURCHASED

 CHICAGO, March 1 /PRNewswire/ - On Feb. 26, 1993, Waterford Precision Cycles, Inc. (Waterford) announced the completion of its acquisition of assets of Paramount Design Group Inc. (PDG) from Schwinn Bicycle Company (Schwinn) through the United States Bankruptcy Court. PDG built high performance framesets at its Waterford, Wis. facility. Waterford's management team is composed of Richard Schwinn, former vice president of Schwinn Bicycle Company, PDG founder Marc Muller and George Garner, highly successful bicycle retailer.
 Waterford will produce Paramount brand framesets through September 1993. Waterford will also design, develop and manufacture an all-new line of high performance hand-built bicycle frames.
 According to Schwinn, the president of Waterford, "We consider it an honor to produce Schwinn's flagship Paramount frameset and we believe that our investment in both product design and manufacturing technology will uniquely position us to compete in the worldwide high-performance bicycle market. We have attracted some of the finest bicycle designers and craftsmen in the world. The company's efforts will be completely focused on designing and manufacturing high quality leading edge framesets."
 Waterford Precision Cycles, Inc. is located in Waterford, Wis.
 -0- 3/1/93
 /CONTACT: Richard Schwinn of Waterford Precision Cycles, Inc., 414-534-4190/


CO: Waterford Precision Cycles, Inc.; Schwinn Bicycle Company ST: Wisconsin, Illinois IN: LEI SU: TNM

KK -- CL005 -- 1206 03/01/93 08:28 EST
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Publication:PR Newswire
Date:Mar 1, 1993
Words:218
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