So they're going to punish you for not signing the release? You make the choice not to sign, you're not going flying is my understanding.
I don't know that your company can force you to sign the release, because you have to certify your fitness to fly. Unfit = No Fly. The FAA agrees with that point, I believe. The company can not decide if you're fit to fly, and if the company thinks differently I think the Feds may have something to tell them, FDP not withstanding.
I hope it works out for the Air Whisky guys, it was only a matter of time before some regional management "team" decided that they'd push the limits of 117 in light of their staffing models and awesome pay rates.