Yesterday, general manager of Oleander Cycles, Mr. Jeffrey Gibbons, dismissed claims that his company had any interest in buying Ray's cycles.

"Nothing is confirmed,'' he said. "That's pure speculation.'' However Mr. Raymond Madeiros, owner of Ray's Cycles, said Oleander Cycles was planning to buy his business and that plans were close to being completed.

"A lot has happened,'' he said. "We are close to making a deal but we won't make statements until we have it completed in a week or two.''