Sounds pretty accurate though I should add that their whitelist component has always seemed to me to be even more fundamental to their proprietary cybersecurity architecture than their blacklist. [1]
Also, I've always sided with Prevx on their assertion that professional testing protocols (as they currently exist) just do not work well with their AV approach. In fact, I'm surprised that you say that Prevx always performed very weakly in tests as, as I recall matters, unlike Webroot they resolutely refused to submit to any tests except for those by SE Labs [2]