Yes, according to that email, you'd need to update by that date. We hadn't been aware of that date, specifically, until you posted that email. It's been 'coming' for a long time now.
As for upgrading, it's extremely simple. You should just have to install the extension like it's brand new. The installation will upgrade your JFBConnect configuration automatically. All your old settings, users, app configuration, etc should remain the same. You should check your settings as plenty of new features have been added in the last few releases, but all features you were using should continue just like normal. You may just want to play with some of the new stuff.
For our 'upgrade guide', see the linke below. There's more information above though
www.sourcecoast.com/jfbconnect/docs/upgrade-guide
Of course, if you run into any issues along the way, we'll gladly help out how we can.
Thanks,
Alex