Thunderbird Entertainment Announces Cooperation Agreement with Voss Capital

Thunderbird Entertainment Group Inc. (TSXV:TBRD, OTC – THBRF) (“Thunderbird” or the “Company”) announced today that it has entered into a cooperation agreement (the “Cooperation Agreement”) with Voss Capital LLC (“Voss”), which, together with its affiliates, owns approximately 13.3% of the outstanding common shares of Thunderbird and is its largest shareholder.

The Cooperation Agreement includes the appointment of two new independent directors put forward by Voss, Asha Daniere and Mark Trachuk (the “Appointees”) to the Board of Directors of Thunderbird (the “Board”) effective immediately, as well as the nomination of a third independent director to be identified by the Company from the nominees put forward by Voss for election to the Board (the “Additional Director”) at the Company’s upcoming 2022 annual general and special meeting of shareholders scheduled for March 6, 2023 (the “2022 Annual Meeting”).

Pursuant to the Cooperation Agreement, immediately following the 2022 Annual Meeting, the Board has agreed to form an advisory committee (the “Advisory Committee”) to assess the Company’s capital allocation strategy and evaluate all strategic opportunities to maximize value for ultimate recommendation to the Board. Thunderbird notes that there can be no assurance that a transaction will result from any process established by the Advisory Committee.

Jennifer Twiner McCarron, Thunderbird Chief Executive Officer said, “Thunderbird is committed to a collaborative relationship with our shareholders and to considering all investor perspectives on the Company’s existing strategy, as well as longer-term opportunities to create shareholder value as we continue progressing towards our goal of becoming the next major global studio. We look forward to working with Ms. Daniere and Mr. Trachuk for the benefit of all stakeholders.”

Travis Cocke, Voss Capital Chief Investment Officer, said, “In our view, Thunderbird is one of the top players in its industry and we have long been supporters of Jenn, the entire Thunderbird team, and their vision for the Company’s future. We are confident that with the addition of new, highly-qualified independent directors, Thunderbird is well positioned to continue doing what they do best—create high quality content. We look forward to the nomination of an additional new independent director at the 2022 Annual Meeting, as well as our continued dialogue with the Board and the Thunderbird management team to help the Company drive value for all stakeholders.”