Sometimes manufacturer can "lock" the ram if it had manufacturing problems. Perhaps what you have is a proccess prototpe for turning "bad" 6970s into good 1gb 6950s? If that is the case i suspect there may be other 6950s out there which are reflashed 6970s due to manufacturing flaw which prevents the sale of them as 6970.
Could be
But I never seen a 1GB 6950 with Red PCB and with Bios switch in Reference model. Atlease Google didn't showed me()