As if you don’t have enough social networks to keep track of, another has rolled out, from none other than TeleNav, Inc. If the name sounds familiar it’s because TeleNav is one of the largest global wireless location based service providers with more than 17 million subscribers world wide. They also power AT&T navigation, and have announced the immediate availability of MyTies, a mobile-only, private social networking app for the iPhone.

MyTies allows users to leverage their iPhone address book to create private social networks by inviting contacts and form user groups. In essence it is just like a Twitter group, but information willscreen-shot-2010-11-07-at-122804-am only be displayed to the group it is intended for. For example, if you take a picture of the kids, and just want to share it with your family group you can do so without it being accessible by, say your work group or anyone else for that matter.

Unlike other social networks, MyTies gives users total control of their network, and will not sell nor share user’s personal information with advertisers or third party networks. Sal Dhanani, TeleNav co-founder states, “MyTies restores privacy and gives users full control of their personal network and the information they choose to share among the various groups of people that make up that network.”

TeleNav outlines some of the features of the MyTies Social Networking app in their official press release below:

Control Your Information — MyTies users can privately update their status, content or location without those outside of the specific group(s) they select seeing the information. When a user leaves a group all of their posted content is immediately deleted from the app and permanently deleted from TeleNav’s servers within seven days.

Share Content Without the Web — MyTies leverages the iPhone’s address book and users’ contacts to establish groups, and is not dependent on web-based user profiles.

Reduce the Clutter — MyTies only sends and receives information from your contacts and does not show postings from irrelevant users, game sites or corporate networks.

Easy Group Communication — Keep teams, groups and family members updated with in-app group messaging. For example, users can announce and map a meeting via MyTies.

Location-Based Updates* — MyTies allows users to tag postings on a map with an exact location for added context. Depending on the user’s preferences, MyTies can also show where your closest friends are on a map.

Get Turn-By-Turn Directions — MyTies provides static turn-by-turn directions to any group member’s location-tagged posting.

Privacy Protection — MyTies will not sell personal information to advertisers, enable internet-based searching or allow anyone outside of the user-created group to view information.

New users will be allotted 10 free invites with subsequent invites being purchased in app for 10 cents an invite. To help promote the app the first 5,000 users that redeem the code “PRIVACY” right in the application will receive an additional 20 invites for free.

Will you give MyTies a shot or is it just another social network that will get lost in the shuffle? As much as it seems to be overkill there is some appeal to being able to share data with multiple people without using cumbersome text messaging. Let me know your thoughts below.