IDT Europe - Corporate - Press Releases

NEWARK, N. J. - December 12, 2001 - IDT Ventures, Inc. today announced that it has formed a Broadcast Division to acquire and manage broadcast properties, and to oversee its recently acquired national radio syndication company, Talk America.

IDT Ventures, Inc. is a subsidiary of IDT Corporation (NYSE: IDT, IDT.B), a leading multinational carrier and telephone company.

"The American economy is going to come roaring back, bigger and stronger than ever," said Howard Jonas, IDT's Chairman. "And when it does, the media industry is likely to be one of the first to benefit. That's why we're aggressively moving today to acquire radio stations and other media properties."

"The current condition of the economy in general and media in particular offers numerous attractive investment opportunities all across the country," said Charles Garner, CEO of IDT Ventures, Inc. "With the formation of our Broadcast Division, we're ready to act quickly to take advantage of as many of those opportunities as possible."

Yube Levin, a former broadcast executive, has been named President of the Broadcast Division. The Division is looking into alliances, joint ventures, and outright purchases of AM and FM radio stations nationwide. In the future it expects to expand into broadcast and cable television properties.

"IDT is committed to grow beyond our core telecommunications businesses," said Jim Courter, IDT's CEO and Vice Chairman. "Acquiring and managing media properties is a natural way for us to take advantage of our proven expertise in providing high quality, affordable communications services to as many markets as possible."

IDT CORPORATION

IDT is a leading facilities-based, multinational carrier that provides 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 and prepaid calling cards. IDT Ventures is the IDT subsidiary responsible for the Company's initiatives outside of its core telecom business. 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 Exchange 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, 2001 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.