Complex sentence: The KREM New Year's Day Cycling Classic is a single day road cycling race held in Belize since 1992 on New Year's Day, January 1, and is thus the first race on Belize's cycling calendar.
Split into simpler sentences: The Krem New Year's Day Cycling Classic is a single day road cycling race held in Belize since 1992. As its name suggests, the race has been held on New Year's Day, January 1, and is thus the first race on Belize's cycling calendar.