That’s exactly what they are. The 4K remasters all got finished in 2012, because they’d anticipated the Phantom Menace 3D re-release to do way better than it did, and these remasters were basically done SPECIFICALLY to be 3D converted later to build on the success of TPM.
And then Phantom Menace disappointed (again) and that was basically it. Lucas sold the company a little over six months later.