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I cannot find any evidence of this bike ever existing.
I do have some possible reasons it didn't.
1). The sprocket is an exact copy of the Schwinn Mag 5 speed sprocket.
2). The sissybar suspension is an exact copy of the Schwinn Krate setup.
3). The rear wheel and derailleur sure look Schwinn Approved to me.
The drum wheel may not be as much of a problem if they used an S-2 style rim.
The Atom hub was not proprietary to Schwinn and others, like Grimeca made similar setups in the 1970s-70s.
Schwinn did not have the only Spring fork of that style. Note there are no strut rods.
Bars are Wald manufacture and not proprietary, so they would be possible.
Any take on this is welcome. I am not arguing a point here, just making an observation.
I would build the bike myself but too many projects already. Still, it is tempting me.