NEW YORK (CNN/Money) - The makers of the Kryptonite bike lock suffered an embarrassment last week when it was revealed that many versions of the famous U-shaped lock could be picked with a Bic pen. Now, the company is offering to make good.

The company is offering a "sizable rebate" for customers who bought their locks more than two years ago.The rebate program is for locks with the tubular cylinder technology, and will be administered through Kryptonite dealers and distributors.

Kryptonite has also said that beginning Wednesday it will provide new cross bars featuring the company's new disc-style cylinder lock technology for free to consumers who have purchased Evolution and KryptoLok series products in the last two years. To qualify, customers will need to have either registered their key number, registered for the Kryptonite anti-theft protection offer or show proof of purchase.

In addition, the company will replace for free recently purchased Evolution Disc Locks on New York Chain and New York Noose with its "Molly Lock," a heavy duty solid steel padlock. Kryptonite also will upgrade recently purchased disc locks.

Beginning Wednesday, customers can visit the company's Web site for further details on the replacement program.

Several media outlets reported last week that the company's famous U-lock, which features a tubular cylinder technology used in a variety of things from vending machines to ignitions, could be picked by inserting the non-writing end of a Bic pen and twisting.

The news came to light after a Kryptonite lock owner posted a video of himself on the Internet picking the lock. The clip caused outrage among customers and sent the company scrambling to do damage control.