The revamped service, which is currently in private Beta, will allow users to join with their Facebook and Twitter accounts rather than register with another social network.
Tim Vanderhook told NBC news that the new service will continue to appeal to music fans in the way LinkedIn is aimed as business users, and will not attempt to go head-to-head with the existing behemoths.
He said: "No one wants to manage another social network. We think it is unique and distinct, it integrates with Facebook and Twitter to be able to pull over your social graph and pull over your identity of who you are.
"We think Facebook is the uber social network that is supposed to be there. We think we built a great social network for artists. Similar to how LinkedIn built one for business, we think there is a huge gap that we wanted to fulfill. There is no point to compete with Facebook and Twitter."
Vanderhook also clarified the status of users who're continuing to make use of the old MySpace site.
Initially they will be segregated from newcomers to the service until the company decides what to do with the old website.
Vanderhook added: "There will be a separate section for our consumer base using the classic MySpace. We are going to leave it up for quite awhile. We will make a decision at a later date if we will ever take down the old property."
The impending relaunch comes after Specific Media picked up the company from News Corp for a bargain basement $35m (£21.5m) back in June 2011.
Last month, the company released a preview video offering a taste of what we can expect from the new MySpace, which impressed most observers.
Those eager to jump back on the MySpace bandwagon can now sign up for an invite, but there'll be no "Steve Jobs style" hard launch according to the company.
"We know we are the underdog," said COO Chris Vanderhook, brother of Tim.
"For us it is a little too presumptuous to do a big huge, bang, Steve Jobs launch. That's not our brand and its not right for MySpace. We want to be able to prove everything that we want to do."
Via ABC News
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A technology journalist, writer and videographer of many magazines and websites including T3, Gadget Magazine and TechRadar.com. He specializes in applications for smartphones, tablets and handheld devices, with bylines also at The Guardian, WIRED, Trusted Reviews and Wareable. Chris is also the podcast host for The Liverpool Way. As well as tech and football, Chris is a pop-punk fan and enjoys the art of wrasslin'.