Common use of INVENTORY AND WORK-IN-PROGRESS Clause in Contracts

INVENTORY AND WORK-IN-PROGRESS. The value of inventory and work-in-progress reflected in the financial statements of Anawa and the Subsidiaries has been established in accordance with Swiss GAAP and there has been no material change in the period subsequent to December 31, 1997, other than in the ordinary and usual courses of business.

INVENTORY AND WORK-IN-PROGRESS. The value of inventory and work-in-progress reflected in the financial statements of Anawa MKL and the Subsidiaries has been established in accordance with Swiss German GAAP and there has been no material change in the period subsequent to December 31, 1997, other than in the ordinary and usual courses of business.