IDT Europe - Corporate - Press Releases

NEWARK, N.J. - April 18, 2000 - IDT Corporation (NASDAQ: IDTC) today announced its partnership with Y2G.com, a leading Internet portal providing rich online multimedia content and services targeted toward the African-American community, one of the fastest growing trend-setting audiences on the Web. IDT is a leading multinational carrier, telephone company and Internet Service Provider.

IDT's investment will give it a 14 percent equity interest in Y2G.com, an affiliate of FUBU, the fast growing fashion house and one of the most popular brand names in American urban culture.

"We are extremely excited about our new partnership with Y2G.com," said Howard Jonas, IDT's Chairman and CEO. "FUBU has established a brand name and image that is synonymous with quality and success. Y2G.com should do for the Internet what FUBU has achieved in the fashion industry; filling a void in online content and services for a market that is a very significant and growing presence on the Web."

"We have enormous confidence that IDT's substantial telecommunications infrastructure and Internet capabilities will provide Y2G and our users with the most technologically advanced services now and in the future," said Daymond John, President of FUBU.

FUBU was recently named by Crain's Magazine as the second largest privately held minority-owned company in the New York area. By entering the online content and services arena, Y2G.com is targeting a market with great growth potential. According to a recent study from Forrester Research, minority groups, including African-Americans, are a growing presence on the Internet. Connectivity to the Internet from home increased by at least 11% for all ethnic groups in 1999, according to the Forrester study.

"Daymond John is a visionary who has tapped into a very under served market," continued Howard Jonas. "We are confident that Y2G.com can establish the same level of distinction and brand awareness that FUBU has achieved in its fashion business."

IDT is a leading facilities-based 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 telephony, prepaid calling cards, Internet access and Digital Subscriber Line (DSL) service. The Company's Ventures business is developing several innovative telecom and Internet related businesses.

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 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.