The activity of hi-tech company Qronus has been suspended, according to the financial statements of Tel Aviv-listed Inventech, which is owned by fund of funds Green, also traded on the Tel Aviv Stock Exchange.

Inventech, which holds 32.8% of Qronus, reported that the company had finally given up trying to find a new strategic investor. After the cash ran out and no new sources showed up, the Qronus board decided to put the company into suspended animation.

Inventech hence wrote down its Qronus investment NIS 2.8 million.

Qronus had been established in 1994 by Mercury Interactive Corporation (Nasdaq:MERQ). At its peak it had 50 employees, engaged in developing integrated software-hardware systems to automatically inspect interactive and computer systems in real time.

Its shareholders include Clal Industries, Ampal-American Israel Corporation (Nasdaq:AMPL) and Marathon all also listed on the TASE.

Inventech today reported losing a net NIS 5.9 million for the second quarter, compared with earning NIS 2.4 million in the parallel quarter of 2001, and losing NIS 20.8 million for the year 2001.