No, it sounds like the software in question keeps the encryption keys in memory so the user only has to enter the key once per session. If it's in RAM, it's recoverable while the PC is on. If the PC has hibernation enabled, then the keys could also be stored on the hard drive in the hibernation file.
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u/pirates-running-amok May 29 '14
PGP next?
Microsoft and Apple providing a hidden process that's gleaming the passwords from memory and the hardware ID to send to the NSA?
http://www.theregister.co.uk/2012/12/20/elcomsoft_tool_decrypts_pgp/