You read right.
I'd heard the rumors and been informed by a friend, but just now found the proof. Anyone else miss the movie version airing? Well, here's your chance to see it.
http://www.4kids.tv/buzz/view/world-exclusive-tmnt-turtles-forever-directors-
To quote: The "Director's Cut" of the TMNT "Turtles Forever" full-length feature is being released EXCLUSIVELY online on the 4KidsTV.com video portal on Wednesday, December 16th. The "Director's Cut" has more than 12 minutes of additional TMNT footage!
This should be the version they showed at Comic-Con earliers this year. Here's to hoping we get a DVD release announcement soon too!