WhackJob!
As Willie has answered, TYB has secured distribution for several territories. And no, you don't only go to Sundance (or any festival, for that matter) to find distributors. Most smaller films premiere at festivals because that's where they can generate the most effective amount of buzz, as these places are teeming with industry professionals - 'La La Land' at Toronto is just one example off the top of my head.
TYB has actually been entered into competition at Sundance, so I would image that Warner Bros. are the opposite of dissatisfied with the film.
As for why it wasn't released this past year... There could be several factors at play: war films looked set to dominate awards season early on (this hasn't ended up being the case thanks to Billy Lynn's demise), perhaps the film wasn't finished, perhaps Cinelou wasn't prepared to release Mr Church, The Comedian AND The Yellow Birds in such a short amount of time. However, the fact that they've held onto the film instead of dumping it for a quick VOD release, suggests they have high expectations for it and have taken a risk by holding out for this years festival circuit.
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