From what I have heard MyTravelLite is essentially going to be a similar operation to what PPRUNe thought the new airline from Britannia was going to be, essentially not an airline with aircraft or crews, rather a re-working of existing MyTravel Airways aircraft.
MyTravelLite's existing four Airbus 320 aircraft will be going to be repsprayed back into MyTravel Airways colours and all flights will simply be operated as MyTravel Airways with MYT onboard service. However like Britannia Direct, it will simply be an advertising and a website brand "MyTravelLite" to look for the general public like a fully functioning low-cost, no-frills airline.