Nice finding there are very few companies who are having good transceivers in the in this range, Semtech, Linx Technologies are a few in the list, but may be they would have developed their own SDR as well.
Just got more information about the Kickstarter Project, they mention "We currently use a spread spectrum radio technology on the physical layer. By using spread spectrum we minimize the interference that we cause to other unlicensed devices running on the 902-928MHz band. Additionally we are not as sensitive to narrowband interference that are caused by other devices such as garage door openers and toys that are also running on the band."
So you are right that it is not 102 to 128 Mhz band, and it is technically not possible to have this band for this kind of use.
But this is a very nice development, today is someone want to use similar kind of service one will have to pay minimum 13$ Monthly Fees, where as Kickstarter project is not claiming any kind of monthly charge. This will be really an affordable solution for parents and companies.
If this really works out things will never go missing!
As you said, given the device's size the 902 to 928 MHz is a likely place to put out their signal.
Check out the USA frequency allocation chart at http://www.ntia.doc.gov/files/ntia/publications/2003-allochrt.pdf to see that the 902 to 928 MHz segment is allocated to "RADIOLOCATION" as a primary use and "Amateur" as a secondary use (as of its printing in 2003).
It would be nice if the manufacturer or author clairify the frequency of their long range radio. It is an interesting device and KickStarter project.
Also, assuming this is REALLY using the 902-928 ISM band, there are a HUGE number of other consumer and industial devices using that band. To name a few: cordless telephones. alarm systems, remote controls, and most microwave ovens! I had a major conflict with my old "over-the-range" microwave oven (recently deceased after 15 years or so) messing up the "900 MHZ" cordless phone in the kitchen a few feet away. Too early to tell how badly the replacement leaks! In any case, the FCC rule for ANY device using shared unlicensed frequencies is you have to accept any interference.