Voss Capital Acquires 10.5% of Thunderbird Entertainment

HOUSTON, Sept. 9, 2021 /CNW/ - Voss Capital, LLC ("Voss Capital") announced today that it has acquired approximately 10.5% of the outstanding shares of Thunderbird Entertainment Group Inc. (TSXV: TBRD) (OTCQX: THBRF) ("Thunderbird").

Taylor Henderson of Voss Capital stated, "The rapidly growing content budgets of the top streamers and studios provides a strong tailwind for high quality content creators in the media industry, and this remains one of Voss's high conviction investment themes. We believe Thunderbird is perfectly positioned to continue to benefit from this secular growth in content spend as the company has proven itself to be a trusted partner to the largest media companies in the world.

In our opinion, the company's animation studio, Atomic Cartoons, has tremendous growth opportunities ahead as they have demonstrated the ability to acquire IP in a low-risk manner and successfully develop hit shows. Independent studios comparable to Thunderbird are currently garnering heightened interest from both strategic and private equity acquirers which we believe further highlights the company's attractive position in a booming industry."

Travis Cocke, CIO of Voss, added, "We believe Thunderbird stock represents an attractive long-term investment and continues to be underfollowed and undervalued in the public markets. Over the past year, we have been impressed in our conversations with the Thunderbird team at every level and we look forward to continuing our engagement with management and the board in order to support our mission of unlocking value for all shareholders in the coming years."

Voss Capital will be filing an early warning report on SEDAR (www.sedar.com) in connection with its acquisition of Thunderbird shares pursuant to the alternative monthly reporting system on or before October 10, 2021.

About Voss Capital

Voss Capital, LLC advises a long/short and a long-only strategy. The Voss Value Fund, LP and the Voss Value Offshore Fund, Ltd. are feeder funds to the Voss Value Master Fund, LP ("the Long/Short Fund"), which represents the long/short strategy. The long-only strategy is represented by the Voss Value-Oriented Special Situations Fund ("the Long-Only Fund"). The Long/Short Fund and the Long-Only Fund target underfollowed special situations and deep value opportunities.

SOURCE Voss Capital, LLC

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