Interesting bike. Perhaps someone replaced the original badge/sticker with a Paramount badge? If you haven't posted it in the Classic and Vintage forum, make a thread there. Some of those guys really know their stuff. I've seen them look at pics of a bare frame, identify the BB and dropouts, and identify who made the frame and approximately what year it's from. Obviously this should be a Schwinn frame, but you get my point. Someone there might be able to tell you about it, or maybe even rode an identical bike back in the day.