Voss Capital Publishes Letter to Thunderbird Shareholders

Voss Capital, LLC, together with its affiliates (“Voss”, “we” or “our”), the largest shareholder of Thunderbird Entertainment Group Inc. (CVE: TBRD) (“Thunderbird” or the “Company”), today issued the below public letter to Thunderbird shareholders.

Dear Fellow Thunderbird Shareholders,

We are writing to update you regarding recent developments in our efforts to enhance the composition of Thunderbird’s board of directors (the “Board”) and put the Company on the right path towards significantly enhancing value for all stakeholders. On November 22, 2022, Voss delivered a proposal (the “Proposal”) to Thunderbird’s board of directors in a good faith attempt to work constructively with the Board to develop a new strategic direction for Thunderbird. The Proposal reflected the significant written support Voss has received from Thunderbird’s shareholders for its candidates for election at Thunderbird’s 2022 annual and special meeting (the “Meeting”) and the need to fundamentally realign the composition of the Board. In a good faith attempt to come to an agreement, the Proposal did not request a majority but rather offered the reasonable compromise of a partial reconstitution of the Board. While Voss has sought for over two weeks to meaningfully engage with the Board, to date, the Board has refused to acknowledge the desire for serious change voiced by Thunderbird’s shareholders or to agree to the realignment necessary to move Thunderbird into the future. As a result, discussions have broken down and Voss will continue to move forward with its proxy solicitation for the election of its nominees at the Meeting.

On November 30, 2022, Voss advised the Board that between its shareholdings in Thunderbird and written indications of support already received by Voss from Thunderbird’s shareholders, Voss believes its candidates currently have approximately 30 percent written support for their election at the Meeting. Voss has also received additional verbal support from approximately seven percent of Thunderbird’s shareholders. Given predictable shareholder participation at the Meeting, Voss believes these numbers will translate into significantly higher support for its candidates at the Meeting. Despite being made aware of the written support for Voss’s candidates on November 30, the Board has failed to recognize the views of Thunderbird’s shareholders and the need for fundamental change at the Board level and has instead chosen to continue its entrenchment strategy. Today's release from the Company demonstrates a continued embarrassing lack of judgment as it talks down the value of the stock with misinformed comments around M&A and brags about margin compression.