I thought Paramount Design Group was a marketing idea that Schwinn concocted when they started having their "Series" Paramounts made in Asia. It connoted that the frames were designed by the same people who designed the Waterford frames, even though they had "Made in Taiwan" stickers. The frame in the CL ad appears to be a "Series PDG" built of Tange OS, with a unicrown fork, so I'd suspect its a TIG-welded Asian frame, not a Waterford product.