I'm new to Bike forums, and this is a bit of an old thread, but I thought I'd try a response anyway. I've collected pics of a LOT of Italvegas, and as everyone else has noted, this is definitely not one of them. It would be interesting if this was a prototype of sorts for early Univegas, using old Italvega badge stock as someone suggested, but I've also never seen any Univega that looks even remotely like this bike. My feeling is that this is an example of the most likely scenario ... that is ... that some other bike was rebadged when it was repainted. I'd love to hear some facts about a missing link bike, but I doubt this is one. Skip has been patiently after me for some time for my list of Italvega serial numbers, but I've still not collected them all together in any one form ... but Skip ... I promise I'll do it soon, and then email!
Ciao - Mark