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@bq
Goggle tells me that Pannonia was a Hungarian motorcycle manufacturer. It is the latin name for Hungary. The only hits for "pannonia bicycle" that lead anywhere relevant are of hungarian bikes.
http://www.flickr.com/photos/20084214@N00/1055934913/
http://www.flickr.com/photos/chop_and_his_crazy_world/sets/72157605432430119/