Will be a Graduation Grant of 500 hours of training as SIC on a Twin-Engine Turboprop Cargo airplane (Shorts 360, Metroliner, BE-200, BE-1900 or BE-99), in "Real World Environment" with one of our contracted cargo airlines. This will be followed by preparation and achievement of the US Airline Transport Pilot License (FAA-ATPL) at which point the course will be considered ended.
LMAO, I believe what that means is that they will find you a job for 500 hrs in which you may not be paid.
Part 2 sounds like you might not get paid either.
In the end, sounds like you'll be working ("training") but not getting paid.
EDIT:
http://rainbowair.com/academy_ptip.htm if anyone wants to see the site.