The Series bikes did come with Ultegra on the Series 7.
http://www.waterfordbikes.com/site/c...ara_series.php
http://www.trfindley.com/flschwinn_1...92_Pmt_18.html
It could be an actual Waterford Paramount ... ask for the serial number.
http://www.waterfordbikes.com/site/c...ara_dating.php
The Series serial numbers would be 2Gxxxxx or G2xxxxx or a format like that.
Best of luck,
Bob