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IANAL but this seems to suggest otherwise
Three. The Treaties shall cease to apply to the State in question from the date of entry into force of the withdrawal agreement or, failing that, two years after the notification referred to in paragraph 2, unless the European Council, in agreement with the Member State concerned, unanimously decides to extend this period.
http://openeurope.org.uk/today/blog/the-mechanics-of-leaving-the-eu-explaining-article-50/
Will read more and see if I find anything definitive
(also not being confrontational, just wanting to edumacate myself)
Also, this is entirely false, is it not? My understanding was that once article 50 is triggered, you leave in 2 years. There are no take baksies allowed