> In the last couple of months, Jay & Mike have been responsible for the development of Jigoshop, an exciting new commerce plugin for WordPress, as part of their previous employment gig at Jigowatt. We have decided to continue the development work on a forked version (that’s the Wikipedia link if you’re unsure what forking means) of Jigoshop, which will now be known as WooCommerce.

So yes and yes. The comments actually clarify the situation a little bit beyond that (apparently this fork was their last resort):

http://www.woothemes.com/2011/08/the-good-stuff-new-team-mem...