Direct from Pelican, by email:
"Currently we are Part 61 but intend to be Part 141 in January. We currently conduct our syllabus for training to Part 141 standards, hour requirements are still Part 61. We can offer M1 visas for training right now but not J1 visas."
Apparently hour requirements DO meet part 61 standards. I guess their website is just unclear. Cheers. 