Yeah that's most likely the Japan made Cro-moly frame, practically no different than the Paramount, the same basic specs but not made in usa. Nor center cantilever brakes and a few other things.. But the cro-moly frame is why it's so light. Basically same as the voyager too cept a few other features and the lugs ain't chromed.
But gotta ask; right, You've panted the gold on the lugs and retouched black too? Ultimately at 50 bucks it's a little more than just an entry level road bike, and was nice priced when made too.