Not entirely correct.Both are generational variants of the same gun, designed by the same company, manufactured by the same company, and originally built for the Army.
1st gen Colt designed and built by Colt's patent firearms manufacturing co. for the army.
3rd gen Colt is designed and built by Colt's manufacturing LLC and no army in the world uses a 3rd gen Colt.
A Uberti SAA uses the original design patents like a 1st gen colt.