If your competitors are really watching then I'm sure they'll find out regardless of an email from you.
... but you are completely within your rights to remove them. I don't see an ethical issue with that (I mean I do see the ethical issue, but after thinking about it I do not believe removing them is unethical).
By removing you might by a little (or no) time before they find out.
Is it worth it?
Is what you have to say going to be a huge tip off?
At the end of the day, this is your startup, your job, your company and livelihood and completely your call to make.
my2c