Yes.
It was announced during the Tour on Portuguese Eurosport (as Azevedo is now a commentator there for certain races) and it was said it would be a very different project from the ones we currently have, for portuguese young riders to be able to run more abroad.
Now they give us a team led by a 35 year-old rider with a dubious past and with 10 riders on board, which is very short to be able to ride the national calendar and a lot of races abroad. Honestly, it doesn't add much apart from the cosmetic package of being run by Azevedo. Even one of the DS is Américo Silva, a dinosaur with a lot of tactical nuances, not to speak about his history in teams who can be best speak of in another part of this forum.
Efapel went from fighting for the Volta to be able to fight for a top-5 at best. Guess they didn't want to invest as much as they were being doing for the past years.