Yes! Another start-up project of many going on at the moment! But with the big difference that airline has all the paper work done and its set to start a.s.a.p. in 2005, they got SCT/DGAC (Mex DOT/FAA) approval!
So far the only thing made public has been the name:
A Volar Aerolíneas
More about the airline (spa):
According to the article it says airline pretends to fly only in Mexico and they want to be considered as another real and good option for the travelers.
On another side note I asked a reliable contact if he knew something about this start-up he answered back telling me he previously heard something and United Airlines is kind of involved behind. They want to make A Volar Airlines a feeder airline for their flights in Mexico. Anyone in the States that could confirm or denied it?