If it's the kit I think it is, it has a long, convoluted history - and I can't pretend to know all of it.
I believe it first appeared way back in the early or mid-fifties under the ITC label. (I'm a little hazy about that; Marx and ITC both issued a handful of sailing ship kits, and I get them mixed up. But I've seen the Sea Witch kit in an ITC box.) It vanished for a long time, after ITC got out of the plastic kit business.
Sometime in the late sixties, Aurora (then in the last few years of its existence) issued a small series of sailing ships. There were four of them: the Bonhomme Richard, the whaler Wanderer, the U.S.S. Hartford, and the Sea Witch. They were all about two feet long, and were packaged in glitzy, shiny white boxes with paintings by John Steel on the lids. Priced in the neighborhood of $5.00, they apparently were intended to fill a gap between the Revell, Airfix, and Pyro 18" series (originally $3.00; up to about $4.00 by then) and the big 3-foot Revell ones. The first three in the series were, so far as I know, original, newly-tooled Aurora products. They were characterized by reasonably accurate basic shapes, reasonable (though somewhat over-done) detail, some glaring errors (the Wanderer's whaleboats were distorted to the point of caricature), and horrible, injection-molded "sails" molded integrally with the yards.
The Sea Witch kit, on the other hand, was a modified version of the old ITC kit. (At least I'm fairly certain of that. I don't think I've ever seen the two kits side-by-side, but I've seen the ITC one in the box and I bought the Aurora one. Other modelers have said they were basically the same kits.) Aurora added a set of those dreadful injection-molded "sails" and some crew figures, which appeared to be pirated from those in some Revell kits.
A few years later, Aurora went belly-up and all four of those sailing ship kits became collector's items. (Frankly I personally wouldn't have much inclination to seek them out. Those "sails" were bad enough to turn me off thoroughly.) Some years after that, the kit showed up in hobby shops under the Lindberg label. I think it got a set of vac-formed sails and separately-molded yards at that point. (I'm fairly sure that was the arrangement it had in its original, ITC incarnation.) That's the kit that the newly-reorganized Lindberg is announcing now.
My recollection is that the kit was not, in fact, on 1/96 scale, but was somewhat smaller. (The figures Aurora put in it were, I believe, the same size as those in the Revell Bounty, which was on 1/110 scale. A couple of them found their way into my model of the Bounty. At least I think that's where they came from.)
I should emphasize that all the above is based on vague memories, rumors, and guesswork. I guess it's possible that we're talking about two, or even conceivably three, different kits here. But that's my understanding of the story.
A few weeks ago I took a look at Lindberg's new website. It contains some photos of an assembled Sea Witch. Making allowances for the usual weaknesses of built-up models in manufacturers' advertising, it certainly looks like decent kit - especially in view of its age. I suspect it could be turned into a serious scale model.
I don't imagine that helps much, but it's the best I can offer. Maybe some other member has either the Aurora or Lindberg kit and can comment more intelligently than I can.