Computer Modelling Group Announces Reduced Quarterly Dividend

CALGARY, Alberta, May 27, 2020 (GLOBE NEWSWIRE) — The Board of Directors of Computer Modelling Group Ltd. (“CMG” or the “Company”) has approved a dividend of $0.05 per Common Share, payable on June 15, 2020 to shareholders of record at the close of business on June 5, 2020. This represents a decrease from the Company’s previous quarterly dividend of $0.10 per share. The cash retained from the dividend reduction will provide financial flexibility to the Company in the current volatile market environment brought about by the COVID-19 pandemic and deteriorated commodity pricing. We believe this is a prudent part of managing our liquidity, and supports our objectives of maintaining a strong balance sheet and delivering a sustainable dividend. We will continue to monitor the market conditions and adjust our strategies accordingly in order to preserve long-term value for our shareholders.

The Board of Directors will evaluate the dividend payments on a quarterly basis, based upon cash flow generation and prevailing market conditions.

Computer Modelling Group Ltd. is a computer software technology and consulting company serving the oil and gas industry. CMG, recognized by oil and gas companies worldwide as a leading developer of reservoir modelling software, has sales and technical support services based in Calgary, Houston, London, Dubai, Bogota, and Kuala Lumpur. CMG is the leading supplier of advanced processes reservoir modelling software in the world with a blue chip client base of international oil companies and technology centers in approximately 60 countries. The Company’s shares are listed on the Toronto Stock Exchange under the trading symbol “CMG.”

All dividends paid by Computer Modelling Group Ltd. to holders of Common Shares in the capital of Computer Modelling Group Ltd. will be treated as eligible dividends within the meaning of such term in section 89(1) of the Income Tax Act (Canada), unless otherwise indicated.

For further information, please contact:

Ryan N. Schneider
President & CEO
(403) 531-1300
[email protected]

Sandra Balic
Vice President, Finance & CFO
(403) 531-1300
[email protected]