MyT (Manage Your Team) is an extremely powerful project management tool, and it's easy to use for both administrators and end-users with a really intuitive structure.
It's a free open source task management and project management system, based on Yii Framework, easy to use and with a great perspective of growth for the future. You can create one or more Projects and manage several types of Tasks for each one. You can also create and manage Timesheet hours.
Myt can send email notifications based on some events, such as Task assignments and Project associations. All features are configurable from the Administration Panel.