This is the correct pronunciation and meaning (excluding entry 3 of course).

http://www.urbandictionary.com/define.php?term=pake

I live in Hawaii and would feel a little uncomfortable about riding a bike around that had this word pasted on it just as I might feel uncomfortable riding a bike on the mainland that was adorned with a racial slur commonly used over there. I think the bike company meant to stress the idea of frugality which is part of the meaning of this word.

http://www.pakebikes.com/aboutpake.html