IDT Europe - Corporate - Press Releases

NEWARK, N.J., Feb. 15, 2001--IDT Corp. (NASDAQ: IDTC) today announced that it will transfer its listing to the New York Stock Exchange (NYSE). Trading is expected to commence on Monday, February 26, 2001, under the ticker symbol "IDT." Until that time, IDT's Common Stock will continue trading on the Nasdaq National Market under the ticker symbol "IDTC."

"By moving to the world's most prestigious stock exchange, we expect to improve our visibility in the worldwide investment community, giving us access to a broader investor base," said Howard Jonas, Chairman and CEO of IDT. "This move also confirms IDT's status as one of the industry's premier competitive international long distance providers, and testifies to our financial strength and staying power."

"The Exchange is proud and privileged to welcome IDT to our growing family of listed companies," said NYSE Chairman and CEO Richard A. Grasso. "As a global technology leader and provider of advanced telecommunication services, IDT and its shareholders are well positioned to benefit from its NYSE listing. We look forward to growing our partnership with IDT."

IDT has been listed on the Nasdaq National Market since its initial public offering on March 15, 1996. Since that time, IDT has exhibited remarkable growth, generating revenues of approximately $1.1 billion, billing over 4.2 billion telecom minutes of use and selling over 50 million calling cards in its most recently completed fiscal year, which ended on July 31, 2000. IDT's shareholders' equity has grown from approximately $27 million at the end of 1996 to over $1.3 billion as of October 31, 2000, representing a 50-fold increase.

"We believe that our listing on the New York Stock Exchange represents the latest step in the growth and maturation of IDT ," said Jim Courter, Vice Chairman and President of IDT. "While our growth in the past has certainly been impressive, we are looking forward to bringing IDT to even greater heights."

"We have had a fantastic partnership with the Nasdaq National Market since our initial public offering in 1996. We have always cherished this relationship, and we greatly appreciate their support over the past five years."

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 national telecommunications backbone and fiber optic network infrastructure, IDT provides its customers with integrated and competitively priced international and domestic long distance telephony, prepaid calling cards and digital subscriber line (DSL) service. The Company's Ventures division is developing several innovative telecom and Internet related businesses. Through its IDT Investments subsidiary, IDT has equity interests in several telecom and Internet-related companies.

Except for historical information, all of the expectations and assumptions contained in the foregoing are forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and the Securities Act of 1934, 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; (c) those discussed in our Annual Report on Form 10K for the period ended July 31, 2000; and (d) 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.

Investors: Norman Rosenberg, CFA VP, Finance & Capital Markets (973) 438-4001 Mary Jennings Manager, Investor Relations (973) 438-3124