That reads like bad news to me. Kel-Tec has alot to offer the shooting community. To be sure, the LCP and P3AT are very similar, save for the slide stop on the LCP. Kel-Tec makes some sweet small caliber "assault" style weapons and it would be a shame to lose some of their expertise and business philosophy under the management of Ruger (as good a company as Ruger is). I'm anxious to know if this rumor is true.
The LCP is a good little pistol but no fun to shoot if you practise a lot. I recently bought a Kahr P380 and it just blows the LCP away. It is much more comfortable to shoot, has better sights and is only slightly bigger. The LCP captured the CC community with it's size and is a step up from the KelTec, but the P380 is even a further step up.