IDT Europe - Corporate - Press Releases

NEWARK, N.J. - October 19, 2001 - IDT Corporation (NYSE: IDT, IDT.B), a leading multinational carrier and telephone company, is pleased to announce the appointments of YankeeNets Chairman Harvey Schiller, Professor Herb H. Tate, and Rabbi Irwin Katsof to the Board of Directors of IDT Ventures, Inc. IDT Ventures is the IDT subsidiary responsible for the Company's initiatives outside of its core telecom business.

"I'm delighted to welcome three outstanding individuals to the Board of Directors of IDT Ventures," said Howard Jonas, Chairman of IDT Corporation. "The incredibly wide and diverse range of experience they bring to the Board will be an invaluable asset as we expand beyond our core telecommunications business."

Harvey Schiller is Chairman and CEO of YankeeNets, LLC, a media company that owns the New York Yankees and New Jersey Nets and has an affiliation with the New Jersey Devils. He was previously associated with Turner Broadcasting.

Herb H. Tate is Professor of Energy Policy at the New Jersey Institute of Technology and former President of the New Jersey Board of Public Utilities. He has also served as Assistant Administrator for Enforcement of the U. S. Environmental Protection Agency, and Essex County Prosecutor.

Rabbi Irwin Katsof is Executive Director of the Jerusalem Fund of Aish HaTorah, an educational outreach program. He is also, along with CNN's Larry King, the best-selling author of "Powerful Prayers" and "How to Get Your Prayers Answered."

"We created IDT Ventures to identify promising, logical investment opportunities, especially in media-related fields," said Jim Courter, IDT's Vice Chairman and CEO. "Harvey Schiller, Herb Tate, and Irwin Katsof will offer a unique combination of insights as we actively pursue those opportunities."

Mr. Schiller, Mr. Tate, and Rabbi Katsof join three other distinguished Outside Directors on the Board of IDT Ventures: Paul Laxalt, former U. S. Senator and Governor of Nevada; Roberto Muller, President and CEO of The Muller Sports Group; and Vito J. Spitaleri, former Vice President and Treasurer of Mars, Inc.

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.