Thunderbird Entertainment Group Inc. (TSXV:TBRD) (OTCQX:THBRF) (“Thunderbird” or the “Company”), a global award-winning, full-service multiplatform production, distribution and rights management company, today announced an update from its strategic review process.

Pursuant to the Cooperation Agreement between Thunderbird and Voss Capital, LLC (“Voss”), which is detailed in the Company’s January 19, 2023 news release, Thunderbird formed an advisory committee, composed of three directors (including two of the independent directors put forward by Voss) and a Voss-appointed non-voting observer (the “Strategic Advisory Committee”), to assess the Company’s capital allocation strategy and evaluate all opportunities to maximize value creation for ultimate recommendation to the Board. As disclosed in its May 15, 2023, news release, Thunderbird engaged ACF Investment Bank (“ACF”), among other things, to aid its ongoing strategic review process.

Findings from the Company’s strategic review confirm Thunderbird is a premium asset within the industry with a solid reputation and trusted relationships that generate ongoing, repeat, and new content production opportunities. With no debt and a healthy balance sheet, Thunderbird’s mix of service and intellectual property (“IP”) productions put the Company in a strong position, providing extensive opportunities in animation and unscripted genres. The Company’s newly launched scripted group, alongside its established consumer products and distribution teams, further support the Company’s continued growth.

To maximize shareholder value, the Company’s key focus is on several exciting IP and service productions on the horizon. Thunderbird is committed to enhancing shareholder value and is looking at a variety of opportunities, including potentially initiating a share buyback program. Thunderbird remains open to pursuing a liquidity event and the Company’s Board and Management team remain dedicated to capitalizing on opportunities for all stakeholders.

“Pursuing a liquidity event at the right time is an important consideration to be true to everyone who is invested in Thunderbird. Our Company has excellent financial projections, several exciting projects to announce, and, at year end, was working on 10 owned IP productions. We are well positioned for growth and look forward to all opportunities presented to us,” said Jennifer Twiner McCarron, Thunderbird CEO and Chair.

ABOUT THUNDERBIRD ENTERTAINMENT GROUP

Thunderbird Entertainment Group is a global award-winning, full-service multiplatform production, distribution and rights management company, headquartered in Vancouver, with additional offices in Los Angeles and Ottawa. Thunderbird creates award-winning scripted, unscripted, and animated programming for the world’s leading digital platforms, as well as Canadian and international broadcasters. The Company develops, produces, and distributes animated, factual, and scripted content through its various content arms, including Thunderbird Kids and Family (Atomic Cartoons), Thunderbird Unscripted (Great Pacific Media) and Thunderbird Scripted. Productions under the Thunderbird umbrella include The Last Kids on Earth, Molly of Denali, Highway Thru Hell, Kim’s Convenience, Reginald the Vampire and Boot Camp. Thunderbird Distribution and Thunderbird Brands manage global media and consumer products rights, respectively, for the Company and select third parties. Thunderbird is on Facebook, Twitter, and Instagram at @tbirdent. For more information, visit: www.thunderbird.tv.

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release, which has been prepared by management.

Cautionary Statement Regarding Forward-Looking Information

This news release may include “forward-looking statements” and “forward-looking information” as defined under applicable Canadian securities legislation. All such statements may not be based on historical facts that relate to the Company’s current expectations and views of future events and are made pursuant to the “safe harbour” provisions of applicable securities laws.

Forward-looking statements or information may be identified by words such as “anticipate”, “continue”, “estimate”, “expect”, “forecast”, “may”, “will”, “plan”, “project”, “should”, “believe”, “intend”, or similar expressions concerning matters that are not historical facts. Forward-looking statements in this document include, but are not limited to, statements with respect to Thunderbird being a premium asset within the industry with a solid reputation and trusted relationships that generate ongoing, repeat, and new content production opportunities, Thunderbird’s mix of service and intellectual property productions providing extensive opportunities in animation and unscripted genres, the Company’s newly launched scripted group, alongside its established consumer products and distribution teams, further supporting the Company’s continued growth, Thunderbird having several exciting IP and service productions on the horizon, Thunderbird looking at a variety of opportunities including potentially initiating a share buyback program, the Company having excellent financial projections and several exciting projects to announce, the Company being well positioned for growth. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; product capability and acceptance; international risk and currency exchange rates; and technology changes. An assessment of these risks that could cause actual results to materially differ from current expectations is contained in the “Risks and Uncertainty” section of its most recently filed management’s discussion and analysis. The foregoing is not an exhaustive list. Additional risks and uncertainties not presently known to Thunderbird or that management believes to be less significant may also adversely affect the Company.

The forward-looking statements or information contained in this news release represent our views as of the date hereof and as such information should not be relied upon as representing our views as of any date subsequent to the date of this document. The Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements or information.

For further information, please contact:

Investor Relations Contacts: Glen Akselrod, Bristol Capital Phone: + 1 905 326 1888 ext 1 Email: glen@bristolir.com

Media Relations Contact: Lana Castleman, Director, Marketing & Communications Phone: 416-219-3769 Email: lcastleman@thunderbird.tv

Corporate Communications Julia Smith, Finch Media Email: Julia@finchmedia.net

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