Will the Open Calais module work after Aug 31, 2015?

I understand that there is a new Open Calais version that was introduced April, 2015. I also understand that the Open Calais legacy (pre-April) version will not be available after August 31, 2015. See http://new.opencalais.com/upgrade/ .

Will the Open Calais module even work once the Open Calais legacy version is not available? If so - is there anything we need to do to be able to use the Open Calais module?

Thanks!