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OMERS Infrastructure Agrees to Purchase 19.4% Stake in Azure Power

Transaction expands Canadian pension plan’s direct investment holdings in India, while increasing its global exposure to renewables sector

SINGAPORE, July 30, 2021 (GLOBE NEWSWIRE) — OMERS Infrastructure today announced that it has signed a Stock Purchase Agreement to acquire from International Finance Corporation and IFC GIF Investment Company I an approximately 19.4% stake in Azure Power Global Limited (NYSE: AZRE), for a total consideration of approximately US$219m. Founded in 2008, Azure Power is a leading independent renewable power producer located in India, with an asset base of ~2 GW of operational capacity and ~5 GW of capacity under construction or awarded.

“This agreement to invest in Azure Power demonstrates OMERS strong global interest in high-quality renewable power and energy transition assets, as well as our interest in India as an investment destination and Asia-Pacific more broadly,” said Annesley Wallace, Executive Vice President and Global Head of OMERS Infrastructure. “This transaction directly supports our mission of building a strong portfolio of well-run assets that will help pay pensions to our members over the long term,” she added.

“Azure Power’s vision is to provide affordable, clean energy in an efficient, sustainable and socially-responsible manner. OMERS is proud to be working with the management and our fellow investors to help Azure Power achieve its goals,” said Prateek Maheshwari, Managing Director, Asia, OMERS Infrastructure. “The closing of this transaction would mark our second direct infrastructure investment in India, following our 2019 investment in the IndInfravit toll road platform. In support of our goal of prudently diversifying OMERS investments across global markets, we will continue to explore additional promising opportunities in India and throughout Asia-Pacific,” he added.

OMERS Infrastructure’s global renewable energy holdings include Leeward Renewable Energy, a growth-oriented renewable energy company that owns and operates a portfolio of 22 renewable energy facilities across nine U.S. states, totaling more than 2 GW of installed capacity. Leeward is headquartered in Dallas, Texas.

The transaction is expected to close in early August. Ambit Private Limited acted as financial advisor to OMERS Infrastructure.

Contact:
Neil Hrab
Manager, Media Relations
416-369-2418
[email protected]

About OMERS and OMERS Infrastructure:
 
OMERS Infrastructure manages investments globally in infrastructure on behalf of OMERS, the defined benefit pension plan for municipal employees in the Province of Ontario, Canada. Investments are aimed at steady returns to help deliver sustainable, affordable and meaningful pensions to OMERS members.

OMERS diversified portfolio of large-scale infrastructure assets exhibits stability and strong cash flows, in sectors including energy, digital services, transportation and government-regulated services. OMERS teams work in Toronto, London, New York, Amsterdam, Luxembourg, Singapore, Sydney and other major cities across North America and Europe – serving members and employers, and originating and managing a diversified portfolio of high-quality investments in public markets, private equity, infrastructure and real estate. OMERS is one of Canada’s largest defined benefit pension funds, with net assets of C$105 billion.

For more information, please visit: www.omersinfrastructure.com

RISULTATI DEL SECONDO TRIMESTRE 2021

The following is an extract from the “CNH Industrial 2021 second quarter results” press release. The complete press release can be accessed by visiting the media section of the CNH Industrial corporate website: https://www.cnhindustrial.com/en-us/media/press_releases/Pages/default.aspx or consulting the accompanying PDF:

CNH Industrial reports strong second quarter performance. Consolidated revenues of $8.9 billion (up 60% compared to Q2 2020), net income of $699 million, adjusted diluted EPS of $0.42, and adjusted EBIT of Industrial Activities of $699 million (up $757 million). $1.0 billion free cash flow of Industrial Activities.

Financial results presented under U.S. GAAP

Net sales of Industrial Activities of $8,490 million, up 65%, with solid performance from all segments, as a result of higher volumes driven by strong industry demand and price realization.

Adjusted EBIT of Industrial Activities of $699 million (loss of $58 million in Q2 2020), with all segments up year over year. Agriculture adjusted EBIT margin at 14.7%. Adjusted EBIT of $100 million for Commercial and Specialty Vehicles, $74 million for Powertrain and $24 million for Construction.

Adjusted net income of $583 million, with adjusted diluted earnings per share of $0.42 (adjusted net loss of $85 million in Q2 2020, with adjusted diluted loss per share of $0.07).

Reported income tax expense of $188 million, with adjusted effective tax rate (adjusted ETR) of 25%.

Free cash flow of Industrial Activities was positive $1.0 billion due to the strong operating performance. Total Debt of $24.5 billion at June 30, 2021 ($26.1 billion at December 31, 2020). Industrial Activities net cash position at $1.4 billion, an increase of $0.8 billion from March 31, 2021.

Available liquidity at $14.4 billion as of June 30, 2021. In May 2021, CNH Industrial paid €150 million (~$180 million) in dividends to shareholders. In the same month, CNH Industrial Capital LLC issued $600 million in aggregate principal amount of 1.450% notes due 2026.

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AKWEL: TURNOVER INCREASES 26% IN THE FIRST HALF OF 2021

        Thursday 29 July 2021

TURNOVER INCREASES 26% IN THE FIRST HALF OF 2021

AKWEL (FR0000053027, AKW, PEA-eligible), the automotive and HGV equipment and systems manufacturer specialising in fluid management and mechanisms, has posted consolidated turnover of €487.6m in the first half of 2021, up by 26.0% compared to the first half of the previous year. Activity remains down by -13.9% compared to the first half of 2019.

Consolidated turnover (1 January to 30 June 2021)

In € millions – unaudited 2021 2020 Variation Like-for-like variation(1)
1st quarter 273.3 273.5 -0.1% +6.3%
2nd quarter 214.3 113.5 +88.7% +99.7%
1st half-year 487.6 387.0 +26.0% +33.7%

(1)   Comparing like-for-like figures.

On first half, AKWEL saw its turnover increase by 88.7% when comparing published figures (99.7% when taking exchange rates and scope as constants). The group’s quarterly turnover is to be compared with a second quarter of 2020 in which worldwide vehicle production virtually ceased for two months and was down by -21.7% compared to 2019. Procurement difficulties for the main raw materials and electronic components are affecting the organisation of the entire supply chain, resulting in unplanned production stoppages among the manufacturers.

Breakdown of first half turnover by production zone:

  • France: €138.8m (+25.6%)
  • Europe (excluding France) and Africa: €153.4m (+29.9%)
  • North America: €121.8m (+25.1%)
  • Asia and the Middle East (including Turkey): €70.4m (+19.2%)
  • South America: €3.2m (+64.4%)

On a like-for-like basis, AKWEL continues to outperform its benchmark markets in its two main regions of operation, in Europe and North America.

On 30 June, the AKWEL group had a record positive net cash position, at €95.9m (excluding debts on lease obligations) after disbursement of the dividend.

In view of the tensions observed with raw materials and electronic components, visibility remains particularly poor for the whole international automotive industry in 2021. AKWEL confirms that it is expecting to see activity increasing over the year underway, in view of the favourable base effect for 2020, but remaining below that of the year 2019.

An independent, family-owned group listed on the Euronext Paris Stock Exchange, AKWEL is an automotive and HGV equipment and systems manufacturer specialising in fluid management and mechanisms, offering first-rate industrial and technological expertise in applying and processing materials (plastics, rubber, metal) and mechatronic integration.

Operating in 20 countries across every continent, AKWEL employs almost 10,500 people worldwide.

Euronext Paris – Compartment B – ISIN: FR0000053027 – Reuters: AKW.PA – Bloomberg: AKW:FP

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Junshi Biosciences Announces Acceptance by NMPA of Supplemental New Drug Application for Toripalimab Plus Chemotherapy as First-Line Treatment for Advanced or Metastatic Esophageal Squamous Cell Carcinoma

SHANGHAI, China, July 30, 2021 (GLOBE NEWSWIRE) — Junshi Biosciences (HKEX: 1877; SSE: 688180), a leading innovation-driven biopharmaceutical company dedicated to the discovery, development and commercialization of novel therapies, announced today that the National Medical Products Administration (NMPA) of China has accepted its supplemental New Drug Application (sNDA) for toripalimab in combination with platinum-containing chemotherapy as the first-line treatment for patients with locally advanced or metastatic esophageal squamous cell carcinoma (ESCC). It is the fifth NDA submitted for toripalimab in China.

The supplemental NDA is based on the JUPITER-06 study (Clinicaltrials.gov identifier: NCT03829969), which is a randomized, double-blind, placebo-controlled Phase III clinical study led by Professor Ruihua Xu from Sun Yat-sen University Cancer Center. A total of 514 patients were enrolled. The co-primary endpoints were progression-free survival (PFS) as assessed by the Blinded Independent Review Committee (BICR) and overall survival (OS). Secondary endpoints included the PFS assessed by investigator, objective response rate (ORR), disease control rate (DCR), duration of response (DOR), and safety. Based on the results of the interim analysis, the Independent Data Monitoring Committee (IDMC) determined that the co-primary endpoints of PFS and OS have crossed the prespecified efficacy boundaries and that toripalimab combined with standard chemotherapy as the first-line treatment significantly prolonged the PFS and OS of patients with advanced or metastatic ESCC, compared with placebo combined with standard chemotherapy. Data from the JUPITER-06 study will soon be presented at the 2021 ESMO Annual Meeting.

“As an innovation-driven biopharma company who follows the ‘In China, For Global’ strategy, Junshi Biosciences focuses on tumor types that are 1) highly prevalent in China; 2) responsive to immunotherapy; and 3) where there is urgent unmet need for better and safer treatments. China is one of the countries with the highest incidence and mortality of esophageal cancer in the world, and there is a clear and substantial unmet clinical need.” Dr. Patricia Keegan, Chief Medical Officer of Junshi Biosciences, said, “The results of JUPITER-06 study showed that compared with chemotherapy, toripalimab in combination with chemotherapy significantly improved both progression-free survival (PFS) and overall survival (OS) for patients with advanced or metastatic ESCC, regardless of their PD-L1 expression status. We will continue to work closely with the NMPA to make this exciting new treatment option available for patients with advanced or metastatic ESCC as soon as possible.”

About Esophageal Cancer
Esophageal cancer is a primary malignant tumor of the esophageal mucosa epithelium, which is one of the most common cancers in the world. According to data released by GLOBOCAN 2020, esophageal cancer was the seventh most common malignant tumor in the world and the sixth leading cause of cancer death in 2020. Approximately 320,000 new esophageal cancer cases and approximately 300,000 deaths due to esophageal cancer occurred in China, with the incidence and death rates ranking fifth and fourth among all malignant tumors, respectively. Esophageal squamous cell carcinoma and adenocarcinoma are the two main histological subtypes of esophageal cancer. Esophageal squamous cell carcinoma is the main subtype in China, accounting for 90% of all esophageal cancer. For patients with advanced or metastatic esophageal squamous cell carcinoma, the current standard first-line treatment is platinum-based chemotherapy, but the 5-year overall survival rate is less than 20%.

About Toripalimab
Toripalimab is the first domestic anti-PD-1 monoclonal antibody obtaining marketing approval in China. So far, more than thirty company sponsored clinical studies covering more than fifteen indications have been conducted globally, including in China and the United States. On 17 December 2018, toripalimab obtained a conditional approval from the National Medical Products Administration (the “NMPA”) for the second-line treatment of patients with unresectable or metastatic melanoma. In December 2020, toripalimab injection was successfully included in the updated National Reimbursement Drug List. In February 2021, the sNDA for toripalimab for the treatment of patients with recurrent or metastatic nasopharyngeal carcinoma after failure of at least two lines of prior systemic therapy has been granted a conditional approval by the NMPA. In the same month, the sNDA for toripalimab combined with cisplatin and gemcitabine as the first-line treatment for patients with locally recurrent or metastatic nasopharyngeal carcinoma was accepted for review by the NMPA. In March 2021, toripalimab received Breakthrough Therapy Designation for the first-line treatment of advanced mucosal melanoma by the NMPA. In April 2021, the sNDA for toripalimab for the treatment of patients with locally advanced or metastatic urothelial carcinoma who failed platinum-containing chemotherapy or progressed within 12 months of neoadjuvant or adjuvant platinum-containing chemotherapy has been granted a conditional approval by the NMPA. Toripalimab has also been included in the Guidelines of the Chinese Society of Clinical Oncology (CSCO) for the Diagnosis and Treatment of Melanoma, the Guidelines of CSCO for the Diagnosis and Treatment of Head and Neck Tumors, the Guidelines of CSCO for the Diagnosis and Treatment of Urothelial Carcinoma and other indications.

In March 2021, Junshi Biosciences started a rolling submission of a Biologics License Application for toripalimab for the second-line treatment of recurrent or metastatic nasopharyngeal carcinoma to the US Food and Drug Administration (“FDA”). Currently, toripalimab has been granted 1 Breakthrough Therapy, 1 Fast Track, and 3 Orphan Drug Designations by the FDA for the treatment of mucosal melanoma, nasopharyngeal carcinoma, and soft tissue sarcoma.

About Junshi Biosciences
Founded in December 2012, Junshi Biosciences is an innovation-driven biopharmaceutical company dedicated to the discovery, development and commercialization of innovative therapeutics. The company has established a diversified R & D pipeline comprising 28 innovative drug candidates and 2 biosimilars, with five therapeutic focus areas covering cancer, autoimmune, metabolic, neurological, and infectious diseases. Junshi Biosciences was the first Chinese pharmaceutical company that obtained marketing approval for anti-PD-1 monoclonal antibody in China. Its first-in-human anti-BTLA antibody for solid tumors was the first in the world to be approved for clinical trials by the FDA and NMPA and its anti-PCSK9 monoclonal antibody was the first in China to be approved for clinical trials by the NMPA. In early 2020, Junshi Biosciences joined forces with the Institute of Microbiology Chinese Academy of Science and Eli Lilly to co-develop JS016 (etesevimab), China’s first neutralizing fully human monoclonal antibody against SARS-CoV-2. JS016 administered with bamlanivimab has received Emergency Use Authorization (EUA) from the US FDA in February 2021 for the treatment of recently diagnosed, mild to moderate COVID-19 in patients who are at a high risk of progressing to severe COVID-19 and/or hospitalization. The JS016 program is a part of our continuous innovation for disease control and prevention of the global pandemic. Junshi Biosciences has over 2,000 employees in the United States (San Francisco and Maryland) and China (Shanghai, Suzhou, Beijing and Guangzhou). For more information, please visit: http://junshipharma.com.

Contact Information

IR Team:
Junshi Biosciences
[email protected]
+ 86 021-2250 0300

Solebury Trout
Bob Ai
[email protected]
+ 1 646-389-6658

PR Team:
Junshi Biosciences
Zhi Li
[email protected]
+ 86 021-6105 8800

Fortinet Reports Second Quarter 2021 Financial Results

Second Quarter 2021 Highlights

  • Total revenue of $801.1 million, up 30% year over year
  • Product revenue of $298.3 million, up 41% year over year
  • Service revenue of $502.8 million, up 24% year over year
  • Billings of $960.9 million, up 35% year over year1
  • Deferred revenue of $2.91 billion, up 27% year over year
  • GAAP operating margin of 18.4%
  • Non-GAAP operating margin of 25.4%1
  • GAAP diluted net income per share of $0.82
  • Non-GAAP diluted net income per share of $0.951
  • Cash flow from operations of $418.2 million
  • Free cash flow of $394.7 million, a Fortinet quarterly record1

SUNNYVALE, Calif., July 29, 2021 (GLOBE NEWSWIRE) — Fortinet® (Nasdaq: FTNT), a global leader in broad, integrated and automated cybersecurity solutions, today announced financial results for the second quarter ended June 30, 2021.

“We delivered our highest quarterly billings growth in over five years, led by the Americas and EMEA regions, while continuing to invest across our product portfolio,” said Ken Xie, Founder, Chairman, and Chief Executive Officer. “Fortinet’s customers are seeing the value in our holistic platform approach, which delivers integrated and automated security across a company’s on-premise network, endpoints, and cloud edges. We are pleased with our strong business momentum heading into the second half of the year and are delighted to once again raise full-year revenue and billings guidance.”

Financial Highlights for the Second Quarter of 2021

  • Revenue: Total revenue was $801.1 million for the second quarter of 2021, an increase of 29.7% compared to $617.6 million for the same quarter of 2020.
  • Product Revenue: Product revenue was $298.3 million for the second quarter of 2021, an increase of 40.8% compared to $211.9 million for the same quarter of 2020.
  • Service Revenue: Service revenue was $502.8 million for the second quarter of 2021, an increase of 23.9% compared to $405.7 million for the same quarter of 2020.
  • Billings1: Total billings were $960.9 million for the second quarter of 2021, an increase of 35.1% compared to $711.5 million for the same quarter of 2020.
  • Deferred Revenue: Total deferred revenue was $2.91 billion as of June 30, 2021, an increase of 26.7% compared to $2.29 billion as of June 30, 2020.
  • GAAP Operating Income and Margin: GAAP operating income was $147.5 million for the second quarter of 2021, representing a GAAP operating margin of 18.4%. GAAP operating income was $118.8 million for the same quarter of 2020, representing a GAAP operating margin of 19.2%.
  • Non-GAAP Operating Income and Margin1: Non-GAAP operating income was $203.3 million for the second quarter of 2021, representing a non-GAAP operating margin of 25.4%. Non-GAAP operating income was $170.3 million for the same quarter of 2020, representing a non-GAAP operating margin of 27.6%.
  • GAAP Net Income and Diluted Net Income Per Share: GAAP net income was $137.5 million for the second quarter of 2021, compared to GAAP net income of $113.8 million for the same quarter of 2020. GAAP diluted net income per share was $0.82 for the second quarter of 2021, based on 167.1 million diluted weighted-average shares outstanding, compared to GAAP diluted net income per share of $0.69 for the same quarter of 2020, based on 165.4 million diluted weighted-average shares outstanding.
  • Non-GAAP Net Income and Diluted Net Income Per Share1: Non-GAAP net income was $158.7 million for the second quarter of 2021, compared to non-GAAP net income of $136.6 million for the same quarter of 2020. Non-GAAP diluted net income per share was $0.95 for the second quarter of 2021, based on 167.1 million diluted weighted-average shares outstanding, compared to $0.83 for the same quarter of 2020, based on 165.4 million diluted weighted-average shares outstanding.
  • Cash Flow: Cash flow from operations was $418.2 million for the second quarter of 2021, compared to $247.0 million for the same quarter of 2020.
  • Free Cash Flow1: Free cash flow was $394.7 million for the second quarter of 2021, compared to $216.1 million for the same quarter of 2020.

Guidance

For the third quarter of 2021, Fortinet currently expects:

  • Revenue in the range of $800 million to $815 million
  • Billings in the range of $940 million to $960 million
  • Non-GAAP gross margin in the range of 77.5% to 78.5%
  • Non-GAAP operating margin in the range of 24.5% to 25.5%
  • Diluted non-GAAP net income per share in the range of $0.90 to $0.95, assuming a non-GAAP effective tax rate of 21%. This assumes a diluted share count of 169 million to 171 million.

For the fiscal year 2021, Fortinet currently expects:

  • Revenue in the range of $3.210 billion to $3.250 billion
  • Service revenue in the range of $2.045 billion to $2.075 billion
  • Billings in the range of $3.870 billion to $3.920 billion
  • Non-GAAP gross margin in the range of 77.0% to 79.0%
  • Non-GAAP operating margin in the range of 25.0% to 27.0%
  • Diluted non-GAAP net income per share in the range of $3.75 to $3.90, assuming a non-GAAP effective tax rate of 21%. This assumes a diluted share count of 168 million to 170 million.

These statements are forward looking and actual results may differ materially. Refer to the Forward-Looking Statements section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

Our guidance with respect to non-GAAP financial measures excludes stock-based compensation, amortization of acquired intangible assets and gain on intellectual property matter. We have not reconciled our guidance with respect to non-GAAP financial measures to the corresponding GAAP measures because certain items that impact these measures are uncertain or out of our control, or cannot be reasonably predicted. Accordingly, a reconciliation of these non-GAAP financial measures to the corresponding GAAP measures is not available without unreasonable effort.

1 A reconciliation of GAAP to non-GAAP measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures”.

Conference Call Details

Fortinet will host a conference call today at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss the earnings results. The call can be accessed by dialing (877) 303-6913 (domestic) or (224) 357-2188 (international) with conference ID # 7026909. A live webcast of the conference call and supplemental slides will be accessible from the Investor Relations page of Fortinet’s website at https://investor.fortinet.com and a replay will be archived and accessible at https://investor.fortinet.com/events-and-presentations. A replay of this conference call can also be accessed through August 5, 2021 by dialing (855) 859-2056 (domestic) or (404) 537-3406 (international) with conference ID # 7026909.

Third Quarter 2021 Virtual Conference Participation Schedule:

  • Oppenheimer’s 24th Annual Technology, Internet & Communications Conference
    August 10, 2021
  • KeyBanc Capital Markets’ Technology Leadership Forum
    August 11, 2021
  • 2021 Colliers Institutional Investor Conference (Investor Relations Only)
    September 9, 2021

Members of Fortinet’s management team are expected to present at these conferences and discuss the latest company strategies and initiatives. Fortinet’s conference presentations are expected to be available via webcast on the company’s web site. To access the most updated information and listen to the webcast of each event, please visit the Investor Relations page of Fortinet’s website at https://investor.fortinet.com. The schedule is subject to change.

About Fortinet (www.fortinet.com)

Fortinet (Nasdaq: FTNT) secures the largest enterprise, service provider, and government organizations around the world. Fortinet empowers its customers with complete visibility and control across the expanding attack surface and the power to take on ever-increasing performance requirements today and into the future. The Fortinet Security Fabric platform can address the most critical security challenges and protect data across the entire digital infrastructure, whether in networked, application, multi-cloud or edge environments. Both a technology company and a learning organization, the Fortinet Network Security Institute has one of the largest and broadest cybersecurity training programs in the industry. Learn more at https://www.fortinet.com, the Fortinet Blog or FortiGuard Labs.

Copyright © 2021 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and common law trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet’s trademarks include, but are not limited to, the following: Fortinet, the Fortinet logo, FortiGate, FortiOS, FortiGuard, FortiCare, FortiAnalyzer, FortiManager, FortiASIC, FortiClient, FortiCloud, FortiCore, FortiMail, FortiSandbox, FortiADC, FortiAI, FortiAP, FortiAppEngine, FortiAppMonitor, FortiAuthenticator, FortiBalancer, FortiBIOS, FortiBridge, FortiCache, FortiCall, FortiCam, FortiCamera, FortiCarrier, FortiCASB, FortiCenter, FortiCentral, FortiConnect, FortiController, FortiConverter, FortiCWP, FortiDB, FortiDDoS, FortiDeceptor, FortiDirector, FortiDNS, FortiEDR, FortiExplorer, FortiExtender, FortiFirewall, FortiFone, FortiGSLB, FortiHypervisor, FortiInsight, FortiIsolator, FortiLocator, FortiLog, FortiMeter, FortiMoM, FortiMonitor, FortiNAC, FortiPartner, FortiPenTest, FortiPhish, FortiPortal, FortiPresence , FortiProtect, FortiProxy, FortiRecorder, FortiReporter, FortiSASE, FortiScan, FortiSDNConnector, FortiSIEM, FortiSDWAN, FortiSMS, FortiSOAR, FortiSwitch, FortiTester, FortiToken, FortiTrust, FortiVoice, FortiVoIP, FortiWAN, FortiWeb, FortiWiFi, FortiWLC, FortiWLCOS and FortiWLM. Other trademarks belong to their respective owners. Fortinet has not independently verified statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, contract, binding specification or other binding commitment by Fortinet or any indication of intent related to a binding commitment, and performance and other specification information herein may be unique to certain environments.

FTNT-F

Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements include statements regarding demand for our products and services, guidance and expectations around future financial results, including guidance and expectations for the third quarter and full year 2021, statements regarding the momentum in our business and future growth expectations and objectives and statements regarding growth in market demand. Although we attempt to be accurate in making forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based such that actual results are materially different from our forward-looking statements in this release. Important factors that could cause results to differ materially from the statements herein include the following: general economic risks, including those caused by the COVID-19 pandemic; negative impacts from the COVID-19 pandemic on sales, billings, revenue, demand and buying patterns, component supply and ability to manufacture products to meet demand in a timely fashion, and costs such as possible increased costs for shipping and components; global economic conditions, country-specific economic conditions, and foreign currency risks; competitiveness in the security market; the dynamic nature of the security market and its products and services; specific economic risks worldwide and in different geographies, and among different customer segments; uncertainty regarding demand and increased business and renewals from existing customers; uncertainties around continued success in sales growth and market share gains; actual or perceived vulnerabilities in our supply chain, products or services, and any actual or perceived breach of our network or our customers’ networks; longer sales cycles, particularly for larger enterprise, service providers, government and other large organization customers; the effectiveness of our salesforce and failure to convert sales pipeline into final sales; risks associated with successful implementation of multiple integrated software products and other product functionality risks; risks associated with integrating acquisitions and changes in circumstances and plans associated therewith, including, among other risks, changes in plans related to product and services integrations, product and services plans and sales strategies; sales and marketing execution risks; execution risks around new product development and introductions and innovation; litigation and disputes and the potential cost, distraction and damage to sales and reputation caused thereby or by other factors; cybersecurity threats, breaches and other disruptions; market acceptance of new products and services; the ability to attract and retain personnel; changes in strategy; risks associated with management of growth; lengthy sales and implementation cycles, particularly in larger organizations; technological changes that make our products and services less competitive; risks associated with the adoption of, and demand for, our products and services in general and by specific customer segments, including those caused by the COVID-19 pandemic; competition and pricing pressure; product inventory shortages for any reason, including those caused by the COVID-19 pandemic; risks associated with business disruption caused by natural disasters and health emergencies such as earthquakes, fires, power outages, typhoons, floods, health epidemics and viruses such as the COVID-19 pandemic, and by manmade events such as civil unrest, labor disruption, international trade disputes, international conflicts, terrorism, wars, and critical infrastructure attacks; tariffs, trade disputes and other trade barriers, and negative impact on sales based on geo-political dynamics and disputes and protectionist policies; any political and government disruption around the world, including the impact of any future shutdowns of the U.S. government; and the other risk factors set forth from time to time in our most recent Annual Report on Form 10-K, our most recent Quarterly Report on Form 10-Q and our other filings with the Securities and Exchange Commission (SEC), copies of which are available free of charge at the SEC’s website at www.sec.gov or upon request from our investor relations department. All forward-looking statements herein reflect our opinions only as of the date of this release, and we undertake no obligation, and expressly disclaim any obligation, to update forward-looking statements herein in light of new information or future events.

COVID-19 Impact

While the broader implications of the COVID-19 pandemic on our employees and overall financial performance remain uncertain, we have seen certain impacts on our business and operations, results of operations, financial condition, cash flows, liquidity and capital and financial resources. Going forward, the situation is uncertain, rapidly changing and hard to predict, and the COVID-19 pandemic may have a material negative impact on our future periods, including our results for the three months ending September 30, 2021, our annual results for 2021, and beyond. To highlight the uncertainty remaining for the third quarter and full year 2021, it should be noted that, due to customer buying patterns and the efforts of our sales force and channel partners to meet or exceed quarterly quotas, we have historically received a substantial portion of each quarter’s sales orders and generated a substantial portion of each quarter’s billings and revenue during the last two weeks of the quarter. If we experience significant changes in our billings growth rates, it will impact product revenue in the current quarter and FortiGuard and FortiCare service revenues in subsequent quarters, as we sell annual and multi-year service contracts that are recognized ratably over the contractual service term. In addition, the broader implications of the pandemic on our business and operations and our financial results, including the extent to which the effects of the pandemic will impact future results and growth in the cybersecurity industry, remain uncertain. The duration and severity of the economic downturn from the pandemic may negatively impact our business and operations, results of operations, financial condition, cash flows, liquidity and capital and financial resources in a material way. As a result, the effects of the pandemic may not be fully reflected in our results of operations until future periods.

Non-GAAP Financial Measures

We have provided in this release financial information that has not been prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). These non-GAAP financial and liquidity measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies. We use these non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. We believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with peer companies, many of which present similar non-GAAP financial measures to investors.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures provided in the financial statement tables below.

Billings (non-GAAP). We define billings as revenue recognized in accordance with GAAP plus the change in deferred revenue from the beginning to the end of the period, less any deferred revenue balances acquired from business combination(s) during the period. We consider billings to be a useful metric for management and investors because billings drive current and future revenue, which is an important indicator of the health and viability of our business. There are a number of limitations related to the use of billings instead of GAAP revenue. First, billings include amounts that have not yet been recognized as revenue and are impacted by the term of security and support agreements. Second, we may calculate billings in a manner that is different from peer companies that report similar financial measures. Management accounts for these limitations by providing specific information regarding GAAP revenue and evaluating billings together with GAAP revenue.

Free cash flow (non-GAAP). We define free cash flow as net cash provided by operating activities minus purchases of property and equipment and excluding any significant non-recurring items, such as proceeds from intellectual property matter. We believe free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that, after capital expenditures and net of proceeds from intellectual property matter, can be used for strategic opportunities, including repurchasing outstanding common stock, investing in our business, making strategic acquisitions and strengthening the balance sheet. A limitation of using free cash flow rather than the GAAP measures of cash provided by or used in operating activities, investing activities, and financing activities is that free cash flow does not represent the total increase or decrease in the cash and cash equivalents balance for the period because it excludes cash flows from significant non-recurring items, such as proceeds from intellectual property matter, investing activities other than capital expenditures and cash flows from financing activities. Management accounts for this limitation by providing information about our capital expenditures and other investing and financing activities on the face of the cash flow statement and under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” in our most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K and by presenting cash flows from investing and financing activities in our reconciliation of free cash flow. In addition, it is important to note that other companies, including companies in our industry, may not use free cash flow, may calculate free cash flow in a different manner than we do or may use other financial measures to evaluate their performance, all of which could reduce the usefulness of free cash flow as a comparative measure.

Non-GAAP operating income and operating margin. We define non-GAAP operating income as operating income plus stock-based compensation, impairment and amortization of acquired intangible assets, less gain on intellectual property matter and, when applicable, other significant non-recurring items in a given quarter, such as non-recurring gains or losses on litigation-related matters. Non-GAAP operating margin is defined as non-GAAP operating income divided by GAAP revenue. We consider these non-GAAP financial measures to be useful metrics for management and investors because they exclude the items noted above so that our management and investors can compare our recurring core business operating results over multiple periods. There are a number of limitations related to the use of non-GAAP operating income instead of operating income calculated in accordance with GAAP. First, non-GAAP operating income excludes the items noted above. Second, the components of the costs that we exclude from our calculation of non-GAAP operating income may differ from the components that peer companies exclude when they report their non-GAAP results of operations. Management accounts for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP operating income and evaluating non-GAAP operating income together with operating income calculated in accordance with GAAP.

Non-GAAP net income and diluted net income per share. We define non-GAAP net income as net income or loss plus the items noted above under non-GAAP operating income and operating margin. In addition, we adjust non-GAAP net income and diluted net income per share for gains or losses on investments in privately held companies and a tax adjustment required for an effective tax rate on a non-GAAP basis, which differs from the GAAP effective tax rate. We define non-GAAP diluted net income per share as non-GAAP net income divided by the non-GAAP diluted weighted-average shares outstanding. We consider these non-GAAP financial measures to be useful metrics for management and investors for the same reasons that we use non-GAAP operating income and non-GAAP operating margin. However, in order to provide a more complete picture of our recurring core business operating results, we include in non-GAAP net income and non-GAAP diluted net income per share, the tax adjustment required resulting in an effective tax rate on a non-GAAP basis, which often differs from the GAAP tax rate. We believe the non-GAAP effective tax rates we use are reasonable estimates of normalized tax rates for our current and prior fiscal years under our global operating structure. The same limitations described above regarding our use of non-GAAP operating income and non-GAAP operating margin apply to our use of non-GAAP net income and non-GAAP diluted net income per share. We account for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP net income and non-GAAP diluted net income per share and evaluating non-GAAP net income and non-GAAP diluted net income per share together with net income or loss and diluted net income per share calculated in accordance with GAAP.

FORTINET, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in millions)

June 30,
2021
December 31,
2020
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 1,879.3 $ 1,061.8
Short-term investments 1,233.9 775.5
Accounts receivable—net 584.6 720.0
Inventory 149.8 139.8
Prepaid expenses and other current assets 60.6 43.3
Total current assets 3,908.2 2,740.4
LONG-TERM INVESTMENTS 246.6 118.3
PROPERTY AND EQUIPMENT—NET 506.5 448.0
DEFERRED CONTRACT COSTS 347.8 304.8
DEFERRED TAX ASSETS 271.2 245.2
GOODWILL AND OTHER INTANGIBLE ASSETS—NET 127.9 124.6
OTHER ASSETS 150.7 63.2
TOTAL ASSETS $ 5,558.9 $ 4,044.5
LIABILITIES AND STOCKHOLDERS EQUITY
CURRENT LIABILITIES:
Accounts payable $ 132.0 $ 141.6
Accrued liabilities 168.8 149.2
Accrued payroll and compensation 164.7 145.9
Deferred revenue 1,533.0 1,392.8
Total current liabilities 1,998.5 1,829.5
DEFERRED REVENUE 1,372.4 1,212.5
INCOME TAX LIABILITIES 95.2 90.3
LONG-TERM DEBT 987.5
OTHER LIABILITIES 55.1 56.2
Total liabilities 4,508.7 3,188.5
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Common stock 0.2 0.2
Additional paid-in capital 1,245.8 1,207.2
Accumulated other comprehensive income (loss) (0.1 ) 0.7
Accumulated deficit (195.7 ) (352.1 )
Total stockholders’ equity 1,050.2 856.0
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 5,558.9 $ 4,044.5
FORTINET, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited, in millions, except per share amounts)

Three Months Ended Six Months Ended
  June 30,
2021
June 30,
2020
June 30,
2021
June 30,
2020
REVENUE:
Product $ 298.3 $ 211.9 $ 539.0 $ 404.2
Service 502.8 405.7 972.4 791.1
Total revenue 801.1 617.6 1,511.4 1,195.3
COST OF REVENUE:
Product 115.6 84.4 206.9 160.7
Service 71.3 50.7 136.6 103.1
Total cost of revenue 186.9 135.1 343.5 263.8
GROSS PROFIT:
Product 182.7 127.5 332.1 243.5
Service 431.5 355.0 835.8 688.0
Total gross profit 614.2 482.5 1,167.9 931.5
OPERATING EXPENSES:
Research and development 106.6 82.1 203.8 162.4
Sales and marketing 326.9 253.8 630.9 513.8
General and administrative 34.4 28.9 66.4 57.7
Gain on intellectual property matter (1.2 ) (1.1 ) (2.3 ) (37.9 )
Total operating expenses 466.7 363.7 898.8 696.0
OPERATING INCOME 147.5 118.8 269.1 235.5
INTEREST INCOME 1.2 4.0 2.3 13.2
INTEREST EXPENSE (4.5 ) (5.8 )
OTHER INCOME (EXPENSE)—NET 0.8 0.9 (1.2 ) (7.1 )
INCOME BEFORE INCOME TAXES 145.0 123.7 264.4 241.6
PROVISION FOR INCOME TAXES 7.5 9.9 19.7 23.2
NET INCOME $ 137.5 $ 113.8 $ 244.7 $ 218.4
Net income per share:
Basic $ 0.84 $ 0.70 $ 1.50 $ 1.31
Diluted $ 0.82 $ 0.69 $ 1.47 $ 1.29
Weighted-average shares outstanding:
Basic 163.3 161.6 163.2 166.1
Diluted 167.1 165.4 166.7 169.8
FORTINET, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in millions)

Six Months Ended
  June 30,
2021
June 30,
2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 244.7 $ 218.4
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation 102.1 93.7
Amortization of deferred contract costs 81.8 64.5
Depreciation and amortization 36.2 35.4
Amortization of investment premium (discounts) 2.9 (0.4 )
Other 0.3 5.5
Changes in operating assets and liabilities:
Accounts receivable—net 135.6 44.5
Inventory (20.1 ) (17.9 )
Prepaid expenses and other current assets (16.4 ) (15.2 )
Deferred contract costs (124.8 ) (91.1 )
Deferred tax assets (25.8 ) 13.6
Other assets (11.8 ) 0.7
Accounts payable (9.5 ) 9.7
Accrued liabilities 21.3 6.5
Accrued payroll and compensation 18.7 8.9
Other liabilities (1.2 ) 5.6
Deferred revenue 300.1 184.0
    Net cash provided by operating activities 734.1 566.4
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of investments (1,262.5 ) (399.3 )
Sales of investments 71.4 130.0
Maturities of investments 600.3 548.1
Purchases of property and equipment (75.6 ) (58.5 )
Investment in privately held company (75.0 )
Payments made in connection with business combination, net of cash acquired (10.3 ) (3.1 )
Other (0.4 )
    Net cash provided by (used in) investing activities (751.7 ) 216.8
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term borrowings, net of discount and underwriting fees 989.4
Payments for debt issuance costs (2.4 )
Repurchase and retirement of common stock (91.6 ) (1,046.0 )
Proceeds from issuance of common stock 15.8 15.7
Taxes paid related to net share settlement of equity awards (76.0 ) (58.9 )
Other (0.1 ) (0.1 )
    Net cash provided by (used in) financing activities 835.1 (1,089.3 )
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 817.5 (306.1 )
CASH AND CASH EQUIVALENTS—Beginning of period 1,061.8 1,222.5
CASH AND CASH EQUIVALENTS—End of period $ 1,879.3 $ 916.4
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for income taxes—net $ 48.3 $ 18.3
Operating lease liabilities arising from obtaining right-of-use assets $ 21.1 $ 5.9

Reconciliations of non-GAAP results of operations measures to the nearest comparable GAAP measures
(Unaudited, in millions, except per share amounts)

Reconciliation of net cash provided by operating activities to free cash flow

Three Months Ended
June 30,
2021
June 30,
2020
Net cash provided by operating activities $ 418.2 $ 247.0
Less: Purchases of property and equipment (23.5 ) (30.9 )
Free cash flow $ 394.7 $ 216.1
Net cash provided by (used in) investing activities $ (278.2 ) $ 212.2
Net cash provided by (used in) financing activities $ (120.9 ) $ (168.9 )

Reconciliation of GAAP operating income to non-GAAP operating income, operating margin, net income and diluted net income per share

Three Months Ended June 30, 2021 Three Months Ended June 30, 2020
GAAP
Results
Adjustments Non-GAAP
Results
GAAP
Results
Adjustments Non-GAAP
Results
Operating income $ 147.5 $ 55.8 (a) $ 203.3 $ 118.8 $ 51.5 (b) $ 170.3
Operating margin 18.4 % 25.4 % 19.2 % 27.6 %
Adjustments:
Stock-based compensation 53.5 49.6
Amortization of acquired intangible assets 3.5 3.7
Gain on intellectual property matter (1.2 ) (1.1 )
Litigation-related matter (0.7 )
Tax adjustment (34.6 ) (c) (28.7 ) (c)
Net income $ 137.5 $ 21.2 $ 158.7 $ 113.8 $ 22.8 $ 136.6
Diluted net income per share $ 0.82 $ 0.95 $ 0.69 $ 0.83
Shares used in diluted net income per share calculations 167.1 167.1 165.4 165.4

(a) To exclude $53.5 million of stock-based compensation and $3.5 million of amortization of acquired intangible assets, offset by a $1.2 million gain on intellectual property matter, in the three months ended June 30, 2021.
(b) To exclude $49.6 million of stock-based compensation and $3.7 million of amortization of acquired intangible assets, offset by a $1.1 million gain on intellectual property matter and a $0.7 million adjustment for a litigation-related matter in the three months ended June 30, 2020.
(c) Non-GAAP financial information is adjusted to an effective tax rate of 21% and 22% in the three months ended June 30, 2021 and 2020, respectively, on a non-GAAP basis, which differs from the GAAP effective tax rate.

Reconciliation of total revenue to total billings

Three Months Ended
June 30,
2021
June 30,
2020
Total revenue $ 801.1 $ 617.6
Add: Change in deferred revenue 159.8 93.9
Total billings $ 960.9 $ 711.5
Investor Contact: Media Contact:
Peter Salkowski Sandra Wheatley
Fortinet, Inc. Fortinet, Inc.
408-331-4595 408-391-9408
[email protected] [email protected]

DARE-19 Phase III Collaboration between AstraZeneca, Saint Luke’s Mid America Heart Institute and George Clinical Shows Treatment’s Well-Established Safety Profile Was Consistent in Patients with COVID-19

OVERLAND PARK, KS, July 29, 2021 (GLOBE NEWSWIRE) — The findings of DARE-19, a double-blind, placebo-controlled Phase III trial examining Dapagliflozin in patients with cardiometabolic risk factors hospitalized with COVID-19, have been published in The Lancet Diabetes & Endocrinology.  The study was a collaboration of  George Clinical, a global scientifically-backed clinical research organization and Saint Luke’s Mid America Heart Institute and was funded by AstraZeneca.
Prior to the study, it was established that patients hospitalized with COVID-19 with cardiometabolic risk factors had an elevated risk of organ failure and death.  DARE-19 was the first large, randomized controlled study of hosptialized patients with COVID-19 to evaluate the safety and efficacy of SGLT2 inhibitors.  Detailed results from the primary analysis of the DARE-19 Phase III trial assessing the potential of Farxiga (dapagliflozin), a sodium-glucose cotransporter 2 (SGLT2) inhibitor, to treat patients hospitalized with COVID-19 who are at risk of developing serious complications, showed that the trial did not achieve statistical significance for the two primary endpoints. However, there were numerically fewer events of death or new or worsened organ dysfunction in the Farxiga group compared with placebo.
The primary endpoint of prevention was defined as new or worsened respiratory, cardiovascular or kidney organ dysfunction during hospitalization or death from any cause during the 30-day treatment period. Numerically fewer events were observed in the Farxiga group across all components of this composite endpoint. Cardiac, renal and metabolic comorbidities have been associated with poor outcomes and death in patients hospitalized with COVID-19  The second primary endpoint of recovery, which assessed change in clinical status (improvement or deterioration) compared to baseline, showed no overall difference between the treatment groups.
“The ability to rapidly start and execute this study during the midst of a major global pandemic is a credit to the entire cross-functional project team,” stated George Clinical Chief Business Officer, Sean Hart. “In a month we broke down barriers to go from concept to our first patient in the trial, and the team displayed extraordinary commitment needed to successfully manage this research during this pandemic personally and professionally.”
Mikhail N. Kosiborod, MD, a cardiologist at Saint Luke’s Mid America Heart Institute, Vice President of Research at Saint Luke’s Health System, and a member of George Clinical’s Scientific Leadership was the principal investigator of DARE-19.  The study was an international Phase III trial in 1,250 patients evaluating the efficacy and safety of Farxiga in addition to background local standard of care therapy in adults who are hospitalized with COVID-19 at the time of trial enrollment. Patients enrolled in DARE-19 also had a medical history of hypertension, type-2 diabetes (T2D), atherosclerotic cardiovascular disease, heart failure (HF) or chronic kidney disease (CKD) Stages 3-4 and received Farxiga or placebo for 30 days. The trial was conducted in collaboration with Saint Luke’s Mid America Heart Institute, the global sponsor, and George Clinical, a global contract research organization.
“DARE-19 is one of the few randomization controlled, double blind clinical trials for COVID-19 that has been completed during the pandemic. This accomplishment is due to the tireless work and commitment of our Investigators, site staff and the study team members across the sponsor, George Clinical, and our partners. Their dedication to the project during a time of significant personal stress is the key reason these results are available for the scientific community,” said Emily Akin, Project Director for George Clinical.

About George Clinical

George Clinical is a leading global clinical research organization founded in Asia-Pacific driven by scientific expertise and operational excellence. With more than 20 years of experience and more than 300 people managing 38 geographical locations throughout the USA, Asia-Pacific region and Europe, George Clinical provides the full range of clinical trial services to biopharmaceutical, medical device, and diagnostic customers, for all trial phases, registration and post-marketing trials.

Contact:          [email protected]

Website:         https://www.georgeclinical.com

LinkedIn:         https://www.linkedin.com/company/george-clinical-pty-ltd

Twitter:           https://twitter.com/george_clinical

Facebook:       https://www.facebook.com/georgeclinical

For more information of George Clinical, contact:

Donna McDonnell

M +1-901-229-5345

E [email protected]

W georgeclinical.com | georgeinstitute.org

Donna McDonnell
George Clinical
901-229-5345
[email protected]

FALANA & FALANA Issues the Following Statement: Detention of a Wrong Person Nullifies Detention

WASHINGTON, July 29, 2021 (GLOBE NEWSWIRE) — In its judgment of March 15, 2021 the Ecowas Court of Justice detailed the extensive violations of Cape Verdean law (along with international law) that occurred in the arrest and detention of Alex Saab. Consequently, the Court issued a binding unanimous decision in which it declared that Alex Saab’s detention and subsequent imprisonment were illegal and that, therefore, he should be released immediately, and that the extradition process should be closed. The epochal judgment was read by the Rapporteur of the Court, Justice Januária Tavares Silva Moreira Costa, a former Minister of Justice of Cape Verde.

The Attorney-General of Cape Verde, Mr. Jose Landim has said that the judgment of the Ecowas Court should be ignored on the ground that it is not binding on the Cape Verdean authorities. However, having admitted that the arrest warrant in the June 29, 2020 Extradition Request is not in the name of Alex Saab but in the name of another person, Mr. Landim has prayed the Constitutional Court to regard the grave error as a “trivial mistake” which he now seeks to amend.

Another point mentioned by the Attorney General is that the Red Alert which he claims was the basis for making Alex Saab’s initial arrest was not supported by an arrest warrant. It is on record that the United States did not provide a valid arrest warrant to either Interpol or Cape Verde and that there is no arrest warrant authorized by any court in Cape Verde that supported the detention of Alex Saab on June 12, 2020. Even though the Attorney-General has no answer to the incurable errors that have characterised the illegal arrest and detention of Alex Saab he has urged the Constitutional Court to overlook them.

We are convinced that the Constitutional Court will have no difficulty in rejecting the submissions of the Attorney-General as they are not grounded in law. More so, that it is trite law that a court is under a legal obligation to nullify the arrest or detention of any criminal suspect or political detainee carried out outside the ambit of the enabling law. In Singh v Delhi 16 Sup. Ct. Journal 326 it was held : “This Court has often reiterated before that those who feel called upon to deprive other persons of their personal liberty in the discharge of what they consider to be their duty, must strictly and scrupulously observe the forms of rules of the law.”

The learned author in Maxwell’s Interpretation of Statute, 12th Edition at Pages 251- 256 examined the principle to be observed on ‘Statutes Encroaching Rights and at Page 251 said:

“Statutes which encroach on the rights of the subject whether as regards person or property, are subject to a strict construction in the same way as Penal Acts. It is a recognised rule that they should be interpreted if possible so as to respect such rights and if there is any ambiguity the construction which is in favour of the freedom of the individual should be adopted.”

There are cases in jurisprudence of various countries (including of West Africa) when a clerical mistake or a spelling error of the defendant’s name served as a basis for the court to drop charges or for police to release a person. For instance:

  1. In Adegbenro Noah v Attorney-General of the Nigerian Federation (Suit No ID/33M/90). The detainee, Adegbenro Noah challenged his detention under the State Security (Detention of Persons) Decree No 2 of 1984 at the Lagos State High Court. In justifying the detention of the Applicant the military regime filed a detention order in the name of “Adegbenro Nuah”. The Court quashed the detention order and ordered the immediate release of the Applicant on the ground that Adegbenro Noah was not the same person as Adegbenro Nuah.
  2. In Maxwell Okudoh v. Commissioner of Police, Lagos State Police Command (Suit No:M/32/84) the Applicant was detained at Mushin Police Station in Lagos under Decree 2 of 1984. In his judgment delivered on 30/4/1984 the Judge held that “It is clear that under the above section 1(1) of Decree No. 2 of 1984 that the Chief of Staff Supreme Headquarters can only detain a person for four reasons. In this case, the Chief of Staff has detained for acts prejudicial to public order. Can he do so? I answer that question in the negative. In consequence of the above pronouncements, I hereby order that the applicant, Maxwell Okudoh shall be discharged and released forthwith by the Respondent or whosoever is holding him in custody and such persons shall for the avoidance of doubt include the Chief of Staff, Supreme Headquarters.”
  3. In Moses Emerson v Inspector-General of Police (Nigerian Law of Habeas Corpus In Moses Emerson v Inspector-General of Police (Nigerian Law of Habeas Corpus Page 266) the 1st respondent’s return to the writ indicates that the detainee in this case has been detained for acts prejudicial to “Public Order”. This is not in my opinion the same thing as “public security”. They are not synonymous. On the basis of the error on the face of the detention order the Court ordered the release of the Applicant from custody.
  4. In Commissioner of Police v Agbaje Nigeria Law of Habeas Corpus page 42. It was stated by the judge that it is unlawful to detain a person in a police station when the detention order states that he be detained in a civil prison.
  5. Hong Kong riot police descended upon a court on 4 November 2019 after the justice department was forced to drop charges against five defendants over a spelling error. The arrestees – aged between 19 and 24 – were charged with possessing explosive substances. However, on the consent to prosecute document, the name of a defendant Yau Kin-wai was wrongly written in English as “Yau Kai-fai.” The term “custody” was also missing from the official charge of “possession or custody or under his control” of the explosives. Barrister Douglas Kwok, who represented the defendants, challenged the legitimacy of the document and urged for his clients’ release. The five people’s charges were dropped after Principal Magistrate Bina Chainrai said the hearing could not continue even if the document were to be amended.

In view of the foregoing, the detention of Alex Saab cannot be justified under the Cape Verdean law and international law. The Attorney-General has admitted that the warrant of arrest is not in the name of Alex Saab but in the name of another person. The Constitutional Court cannot afford to be used by the Attorney-General to justify the illegality of the arrest and detention of Alex Saab. Furthermore, the prayer for the amendment of the incurable defect of the warrant ought to be rejected as the detaining authorities have failed to comply with the provisions of the Constitution and Criminal Code of Cape Verde with respect to arrest and detention of Alex Saab. Having regards to the facts and circumstances of this case the Constitutional Court should not hesitate to reject the illegal prayer of the Attorney-General and order the immediate release of Alex Saab from illegal custody.

FEMI FALANA, SAN, FCI Arb.

Media Contact:

22, Mediterranean Street, Imani Estate,
Off Shehu Shagari Way, Maitama District, ABUJA

Abuja, Nigeria
Tel: +2348033004903 Correo electrónico: [email protected]