Computer Modelling Group Ltd.
TSX : CMG

Computer Modelling Group Ltd.

February 27, 2009 12:06 ET

Computer Modelling Group Ltd. Receives Acceptance for Normal Course Issuer Bid

CALGARY, ALBERTA--(Marketwire - Feb. 27, 2009) - Computer Modelling Group Ltd. ("CMG") (TSX:CMG) today announced that it has received acceptance from the TSX of its Notice of Intention to purchase its Common Shares from time to time in accordance with the normal course issuer bid procedures under Canadian securities laws.

As at February 26, 2009 CMG's issued and outstanding shares were 14,378,872 Common Shares and 2,895,946 Non-Voting Shares and the public float was computed to be 11,147,906 Common Shares. Pursuant to the issuer bid, CMG may purchase for cancellation up to 1,114,791 of its Common Shares, representing 10% of the public float of the Corporation, during the 12-month period commencing March 3, 2009 and ending March 2, 2010. The price which CMG will pay for any shares under the normal course issuer bid will be the market price at the time of purchase. The purchases will be made through the facilities of TSX. CMG's average daily trading volume for the six months prior to February 26, 2009 was 14,671 Common Shares allowing CMG to purchase 7,336 Common Shares per day or 50% of the average daily trading volume ("ADTV") until March 31, 2009 and 3,668 Common Shares per day or 25% of the ADTV thereafter.

The Corporation believes that the purchase of its shares at recent market prices is a worthwhile investment since recent market prices of its shares do not properly reflect the underlying value of its assets and business. To the extent that the Corporation purchases for cancellation such shares in accordance with the Normal Course Issuer Bid, the holdings of remaining shareholders would represent an increased proportion of the shares outstanding and, all other things remaining equal, are expected to result in an increased net asset value per share.

Under its most recent Normal Course Issuer Bid, CMG purchased 75,120 Common Shares at an average price of $7.97 between February 28, 2008 and February 27, 2009. These Common Shares were acquired through the facilities of the Toronto Stock Exchange.

Computer Modelling Group Ltd. is a computer software technology and consulting company serving the oil and gas industry. Clients apply CMG's computer software technology to increase recovery from existing and future reserves. The Company, 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 centres in over 40 countries. CMG's common shares are listed on the TSX and trade under the symbol CMG. For more information, please visit CMG's web site at www.cmgl.ca.

Forward Looking Statements: The reader should be aware that historical results are not necessarily indicative of future performance. Certain statements in this press release may constitute forward-looking statements, which can generally be identified as such because of the context of the statements including words such as the Company believes, anticipates, expects, plans, estimates or words of a similar nature. The forward-looking statements are based on current expectations and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results.

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