Computer Modelling Group Ltd.

Computer Modelling Group Ltd.

June 03, 2013 17:45 ET

Computer Modelling Group Announces Successor for Departing Vice President, Finance and CFO

CALGARY, ALBERTA--(Marketwired - June 3, 2013) - Computer Modelling Group Ltd. ("CMG" or the "Company") (TSX:CMG) is pleased to announce the selection and appointment of Sandra Balic as CMG's new Vice President, Finance and Chief Financial Officer effective September 1, 2013.

This appointment is made as John Kalman, currently Vice President, Finance and Chief Financial Officer, had previously advised the Company in February, 2013 of his intention to retire effective August 31, 2013, following a transition of his current responsibilities.

Since joining CMG initially as Manager, Financial Reporting in March, 2009 and with her subsequent promotion to Controller in August 2010, Ms. Balic has successfully managed the Company's adoption of International Financial Reporting Standards while streamlining the Company's financial reporting and accounting processes. Ms. Balic has consistently demonstrated her technical abilities and leadership strengths since joining CMG. Ms. Balic is a Chartered Accountant and holds a Bachelor of Management with a Major in Advanced Accounting from the University of Lethbridge.

Mr. Kalman joined CMG's executive team in September, 2008 as Vice President, Finance and was appointed Vice President, Finance and Chief Financial Officer in December 2008. While with CMG, Mr. Kalman has helped manage the Company's significant growth over the last five years, including having built the Company's finance and administrative team to help facilitate future growth.

Ken Dedeluk, President and Chief Executive Officer, commented, "Once again, our succession planning and staff development program has allowed us to recognize another key member of our management team and reward Sandra's on-going contributions with a well-deserved promotion. We look forward to Sandra's continued and increased contributions to CMG's ongoing success. On behalf of our Board of Directors and management team, I congratulate Sandra on her appointment and thank John for his commitment and contributions to CMG over the last five years. I would also like to thank John for his agreement to continue on with CMG in the role of Special Advisor for the next year to help us transition various matters he has been working on behalf of the Company and transition him into his well-earned retirement."

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, Caracas and Dubai. 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 50 countries. The Company's shares are listed on the Toronto Stock Exchange under the trading symbol "CMG."

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