NEWARK, N.J. - February 29, 2000 - IDT Corporation (NASDAQ: IDTC), today announced the appointment of Charles Garner as President of its Brix Communications subsidiary. Brix provides diversified telecommunications, Internet services, and satellite TV to tenants of residential multifamily properties, utilizing advanced communications technologies. IDT, Brix's parent company, is a leading multinational carrier, phone company, and Internet Service Provider.
"Charles' skills and hands-on experience will be an invaluable asset to the company," said Howard Jonas, IDT Chairman and CEO. "Brix already had the wheels in motion, and now with Charles on board it can move full speed ahead to solidify its position as a market leader in this growing industry."
Mr. Garner comes to IDT from the Manhattan law firm of Simpson Thacher & Bartlett where he had been a Partner since 1996. His practice concentrated on Finance and general corporate matters and his clients included well-known names in banking and finance, such as Chase Manhattan Bank and Credit Suisse First Boston. Mr. Garner also worked on numerous projects for The Seagram Company Ltd. and its Universal Studios subsidiary, including the expansion of its theme park business. Mr. Garner received his B.A. from the University of Pennsylvania in 1984 and his Law degree from New York University Law School in 1987.
"I am thrilled to be joining Brix at this stage of its development," Mr. Garner said. "The expertise and resources committed by IDT, together with the proven performance of our sales and build-out team, leaves Brix positioned to expand at an extremely rapid pace."
Brix network and suite of next-generation services are supported by IDT's U.S. Internet backbone and fiber-optic voice network. This technologically advanced infrastructure enables Brix to provide tenants with dedicated, high-speed Internet access and telephone service at the most competitive rates in the country.
Mr. Garner's appointment rounds out the solid senior management team already in place. Other key personnel include Laurence Wiseman, Vice President and General Counsel for Brix. Mr. Wiseman holds an A.B from Harvard University and a J.D., M.A., and Ph.D. from the University of California at Berkeley. He was a practicing attorney for thirteen years in the areas of commercial, securities matters, and real estate before joining IDT; Marc Bodner, Vice President of Business Development, who received his J.D. from the Benjamin N. Cardozo School of Law and who was a practicing attorney in the areas of real estate and business representation; and David Brainson, Chief Financial Officer, who until recently served as IDT's Vice President of Finance and Capital Markets. Mr. Brainson led and participated in negotiating several business transactions and ventures on behalf of IDT in both the Internet and Telecom divisions.
Brix will also utilize the 13 hundred strong technology and support staff of IDT in providing superior customer service and support capabilities to its tenants and landlords nationwide. "Brix is at the forefront of a dynamic and exciting new area of telecommunications," said Jim Courter, President of IDT. "Charles is a key addition to the Brix management team who will contribute greatly to the expansion of the business moving forward."
IDT is a leading multinational carrier that combines its position as an international telecommunications operator with its experience as an Internet service provider to provide a broad range of telecommunications services to its wholesale and retail customers worldwide.
Through its own telecommunications backbone and network infrastructure IDT provides its customers with integrated and competitively priced international and domestic long distance, pre-paid calling cards, Internet access and Digital Subscriber Line (DSL) service.
For more information about partnership opportunities, or to learn more about the advanced products and service Brix offers, please contact Marc Bodner of Brix Communications at 888-577-BRIX.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Except for historical information, all of the expectations and assumptions contained in the foregoing are forward-looking statements involving risks and uncertainties. These statements refer to our plans to implement our growth strategy, improve our financial performance, expand our infrastructure, develop new products and services, expand our customer base and enter international markets. The forward looking statements also include our expectations concerning factors affecting the markets for our products, including the demand for long distance telecommunications, and Internet access services. These forward looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the results that we anticipate. These risks and uncertainties include, but are not limited to, those risks discussed in this release. In addition to the factors specifically noted in the forward looking statements, other important factors that could result in those differences include (a) general economic conditions in the telecommunications and Internet markets, including inflation, recession, interest rates, and other economic factors; (b) casualty to or other disruption of our facilities and operations; and (c) other factors that generally affect the business of telecommunications, Internet and other communications companies. We assume no obligation to update these forward looking statements or to update the reasons actual results could differ materially from the results anticipated in the forward looking statements.
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