What type of bike does this text refer to?
There is at least some evidence findable via google that 'Wheel size' here is interpreted with the vernacular 'outer diameter of the tire' rather than the bead seat diameter.

e.g., a common 26" Mountain Bike from the era is described as having '66.4 cm wheels' not 57.1 or whatever they would have been.


  Model ATB-S is the Rebel 10 speed mountain bicycle. The frame size is
  48.26 centimeters (19 inches) and the wheels size is 66.4 x 5.397 centimeters (26 x 2.125 inches). This bicycle weighs 17.3 kilograms.


If we accept they mean the vernacular outer diameter "wheel size" then it's simply describing the Time Trial 'Funny Bike' that was popular 30-40 years ago.