OK that video tells you a lot.

Looks like they've taken the take-down (although they've replaced the button with a bolt) they ripped off from High Standard for the 22a and combined it with ripping off the integral Ruger barrel / receiver / with an internal bolt design.

Not a bad idea. The only thing is to swap the barrel, since it comes with the receiver, ....well that makes it an FFL item I think.