Exhibit 99.1


NEWS RELEASE                                             Contact:  Tom Armstrong
For Immediate Release                                               203/749-7174

                            BANKRUPTCY COURT APPROVES

                            SALE OF CANNONDALE ASSETS

(BETHEL, CT - April 8, 2003) Cannondale (BIKEQ.PK) announces that on March 28,
2003 the U.S. Bankruptcy Court for the District of Connecticut (Bridgeport
Division) approved the Asset Purchase Agreement by and between Cannondale and
Pegasus Partners II, L.P. ("Pegasus"). Pursuant to the terms of the Asset
Purchase Agreement, substantially all of Cannondale's assets, including the
Company's bicycle and motorsports divisions are to be purchased by affiliates of
Pegasus. The sales of the assets of both divisions were conducted pursuant to an
auction under Section 363 of the United States Bankruptcy Code and will be sold
free and clear of all liens, claims, interests and encumbrances. The Company
anticipates closing the asset purchases prior to the end of April 2003.

Cannondale filed a voluntary petition for chapter 11 bankruptcy protection on
January 29, 2003. Cannondale's largest secured creditor, Pegasus had agreed in
late January to act as the "stalking horse" bidder in the sale. At that time,
Pegasus stated its commitment to working with current management and operating
the bicycle business as a going concern. Pegasus has indicated that it does not
intend to operate the motorsports division.

Based on the terms of the Asset Purchase Agreement, the Company believes that
there will be insufficient funds from the proceeds of the asset sale to fully
satisfy the claims of its creditors. Accordingly, Cannondale also believes that
its equity has no value and that its existing stockholders will not receive any
distributions on account of their shares of common stock in connection with the
resolution of the bankruptcy case.

Cannondale is the world's leading manufacturer of innovative, high-performance,
lightweight aluminum bicycles, successfully marketing its bicycles and cycling
accessories in more than 70 countries worldwide.

Pegasus Capital Advisors, L.P., based in Greenwich, Connecticut, is a private
equity investment firm with approximately $800 million under management.

This press release contains forward-looking statements, as defined by the
Private Securities Litigation Reform Act of 1995. Actual results may differ
materially from those anticipated as a result of various risks and
uncertainties, including, but not limited to, the following: the ability of the
Company to maintain sufficient debtor-in-possession financing to fund its
operations and the expenses of the Chapter 11 process; the ability of the
Company to close a definitive agreement with Pegasus Partners II, L.P.; the
Company's ability to obtain court approval with respect to motions in the
Chapter 11 proceeding prosecuted by it from time to time; the ability of the





Company to develop, prosecute, confirm and consummate a plan of reorganization
with respect to the Chapter 11 proceeding; the ability of the Company to obtain
and maintain normal terms with its vendors and dealers; the Company's ability to
maintain contracts that are critical to its operations; the potential adverse
impact of the Chapter 11 proceeding on the Company's liquidity or results of
operations; the ability of the Company to attract and retain customers; as well
as those risks and uncertainties discussed from time to time in the Company's
periodic reports filed with the Securities and Exchange Commission. Readers are
cautioned not to place undue reliance on these forward-looking statements which
speak only as of the date hereof. The Company undertakes no obligation to
publish revised forward-looking statements to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated events,
except as required by law.

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