Yes, it's official, Color-Your-Own.com has been sold. All copyrights for the art and webdesign have been transferred to the new owner. If you have prior permission from me to use the line art then you still have that permission. You may be asked to show the email or written permission I've given you. Or I will vouch for you - I pretty well remember most folks who have asked, since we have often become friends.
If you've been stealing my line art now might be a real good time to take it down.
There shouldn't be any down time for the website.