Technically yes, but in practice no. They officially said that they were suspending their activity indefinately but recent interviews with Pata and Heath suggest that the project is very much in the past. They both said that they don't know what the future will hold but it looks very unlikely that they will reform.
I think that they fell apart when Jo:YA left the band and had to bring Shame on-board as vocalist. Heath and I.N.A weren't getting along very well either, so it kind of threw a spanner in the works for any future activity with such an unstable creative nucleus.