A man in a blue shirt and tan shorts has his feet in the steps of an exercise bicycle and is working on the control panel of the machine.
The man is old
Nothing in the first sentence indicates anything about the relative age of the man it is describing, and therefore the man being old cannot be determined without the second sentence.
It cannot be implied that the man is old because he is using an exercise bicycle.
Being a man on an exercise bicycle doesn't imply being old.