Correct ;)
Not exactly, it wasn't a merger - David Hunt (who died quite recently) licensed the name and Team Lotus logo to Wiggins et al at Pacific in the hope that it would make raising sponsorship more easy with a famous name associated with the team. Turns out it was no easier for a back of the grid car with a Lotus sticker on it to raise sponsorship than it was for a proper Lotus to do the same the year before.