Uncanny Books - A Caution

Duotrope posted up a new small press publisher called Uncanny Books.  They will be opening for novel submissions on July 15 in the sci-fi and horror genres.  Pay is 5cents a word.  The catch?  They are calling this work for hire and any character or world you create becomes their intellectual property.  What does that mean?  They own your work and can resell or hire other writers to work in your world without paying you beyond the original 5cents a word.  One thing I'll say for them, they're very upfront about this and haven't hidden it in the contract.  Be careful out there my friends.