The image is too small to see. The full size original can be found on the site it was copied from.
That site contains nothing but schematics taken from other websites: what's the point? I assume you have the permission from the authors. Design your own circuits or at least make improvements, to them. In this case could you please rewrite the poorly worded explanation.
It would be better if the NE555 were replaced with a CMOS oscillator such as the 74HC00 and the old TTL ICs with more modern HC equivalents. Of course the more economical solution would probably be to use a microcontroller: the no-thrills PIC16F54 would be perfect for this application.