27 pounds ain't bad at all!

It is stretched indeed, that is one looong wheelbase, pretty cool. It sortoff looks like a lowrider or chopper bike because of that long chain and such.

However it is the first of it's kind i have ever seen. Are you sure there is a lot about?
Maybe Sears sold them for only a year or two? Cool ride though, like nothing else, sometimes it reminds me a little of a Moulton.