Not supercavitating. Supercavitation is based on cavitation, not sucking down air from the surface. http://en.wikipedia.org/wiki/Supercavitation. And the amount of energy needed to create a supercavitation void around those hulls ... The Shkval is essentially an underwater rocket and it still uses exhaust gases to top up the bubble in which it flies (see the little holes near the nose) http://en.wikipedia.org/wiki/VA-111_Shkval.
Not a hydrofoil. No foils. It looks to be a SWATH hull (Small Waterplane Area Twin Hull) another great Canadian invention. http://en.wikipedia.org/wiki/Small-waterplane-area_twin_hull
Who did this guy know at Businessweek to get this sales pitched turned into an "article"?