How can you say the guy was wrong when you don't even know the operating voltage of the circuit? I think the LM555CM timer can take a supply voltage of 18v. You would need a transformer to supply the right voltage and current.
This circuit does not specify Vcc(source voltage).
If you even bothered reading the patent you would have been able to answer some of your questions.
"by dropping incomming voltage down between 16-24volts ac..... converted from AC to DC...........Part of the voltage is dropped down to 9 volts to run the 555 timing circuit......device accepts 120VAC or 240VAC."
I don't have enough background to really analyze this circuit though.