WORLD'S FASTEST SELLING BIKE, THE SCHWINN STING-RAY,
NOW EVEN MORE ELECTRIFYING
MADISON, Wis. - April 2005 - How do you improve the fastest selling bicycle of all time? Schwinn's wildly popular 2004 Sting-Ray bicycle is getting a charge - literally - via an electric motor. In May 2005, Schwinn will launch the first electric version of the Sting-Ray.
"Sales to-date of our Schwinn Sting-Ray 'Street Series ' have been phenomenal," said Pacific Cycle Inc.'s Founder and CEO, Chris Hornung. Pacific Cycle owns the Schwinn Bicycles brand. "Consumers can't seem to get enough of this bike, and we've begun producing new models to complement the original, such as a three-speed version and various shapes, sizes and color schemes. This newest, electric model is one we're very excited about. We think it's going to be a huge success, and it opens the door of opportunity to new power assisted transportation, which we feel will be very popular in the near future."
The new Sting-Ray Electric will be available at various Schwinn retailers beginning in late May 2005 at an MSRP of $399. It shares the original design characteristics of the Street Series Sting-Ray, but adds an electric motor and a battery pack in the form of a motorcycle engine casing. The Sting-Ray Electric will reach speeds up to 14 mph and a fully charged battery will last up to two hours.
An unusual feature on the Sting-Ray Electric is the ability to choose the mode of power. The dual-drive system allows the rider to choose: pedal; electric; or both. Also unique to the Sting-Ray Electric design is the 24-Volt Ni-Cad rechargeable battery system with a "smart" on-board computer. The computer monitors motor heat, current output, battery condition, and battery discharge rate. It helps the bike act like a hybrid car, using less energy when the rider doesn't need it, resulting in superior battery life.
The throttle's LED indicator indicates battery condition, and feedback from the computer denotes real-time battery power.
Another handy feature on the Schwinn Sting-Ray Electric is the removable, rechargeable battery system, which can be charged on or off the bike. This allows use of the bike without the battery. By simply removing the battery and leaving it charging at home, the bike can be ridden using good old-fashioned pedal power.
The motor is located in the rear wheel's hub. This system eliminates potential broken drive chains or belts and has no exposed motor parts. It's safer and more efficient than traditional power assisted designs, and allows for the pedal system to operate normally.
"Electric bikes are very hot trend right now," said Hornung. "The Sting-Ray Electric is taking this trend to a higher level by marrying superior, power assist technology with the red-hot chopper design that Schwinn introduced to the market with the Sting-Ray."
Schwinn is supporting the Sting-Ray Electric and the other Sting-Ray models with an extensive print, TV and online advertising campaign. A new Sting-Ray TV spot will air in May, the second TV ad Schwinn has aired supporting the Sting-Ray platform. It will be only the second TV ad the company has produced since Captain Kangaroo was the company's spokesperson more than 30 years ago.
In February 2005, the 20" Street Series Sting-Ray was named the 2004 Outdoor Toy of the Year by the Toy Industry Association, Inc. That Sting-Ray had sold nearly 600,000 units in less than a year's time, making it what Schwinn believes to be the fastest selling bicycle in history.
The popular Schwinn Sting-Ray line has contributed significantly to Pacific Cycle's publicly traded parent company, Dorel Industries Inc. (NASDAQ: DIIB; TSX: DII.MV; DII.SV), whose 2004 fourth quarter revenues rose nearly 43% to $462 million.
"Schwinn's reborn Sting-Ray bicycle generated unprecedented sales for a single Dorel product and helped propel sales," said Martin Schwartz, Dorel's president and chief executive officer. "This new electric Sting-Ray is fast, powerful and fun - I think kids will love it."
When Schwinn Bicycles launched the new Schwinn Sting-Ray "Street Series" juvenile chopper bike in April 2004, the company knew it was on to something special. The first retailer to receive the bicycles sold what was thought to be a three-month allocation in one weekend. Soon, every retailer selling the new Schwinn Sting-Ray was asking for more Sting-Rays to meet unprecedented consumer demand.
The new Schwinn Sting-Ray bicycles are modern chopper versions of the classic banana seat bike of the '60s and '70s, and have become the must-have bicycle for kids. The new Sting-Ray line has created an entirely new category for the bike market, which has been traditionally comprised of BMX, mountain and traditional sidewalk bikes.
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