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 appointment of Muni Figueres to the Board of Directors of IDT Telecom, the subsidiary in charge of the Company's core telecommunications business.

Ms. Figueres is the former External Relations Advisor of the Inter-American Bank, where she was responsible for identifying issues and constituencies of strategic importance to the understanding of the Bank's work and developing tools to deal with them. Previously she had been chief of the bank's Integration and Trade Development Division.

Before joining the Bank, Ms. Figueres held several high-level positions in the Government of Costa Rica, including Special Trade Representative to the United States, Minister for Foreign Trade, Minister in charge of Costa Rica's delegation to GATT (General Agreement on Tariffs and Trade), and Executive Director of the Costa Rica Export and Investment Promotion Center.

Ms. Figueres is currently writing articles on economics and politics and is a contributor to numerous public policy and international affairs publications.

"Muni Figueres's work in international trade brings a unique and valuable perspective to the Board of IDT Telecom," said Jim Courter, IDT's Vice Chairman and CEO. "She will be a tremendous asset to our Company as we continue to look for new ways to expand our telecommunications business worldwide."

"IDT was one of the first companies to recognize the importance of Spanish-speaking consumers and to agressively market to them," said Howard Jonas, IDT's Chairman. "That's how we've become one of the largest providers of telephone calling cards in Hispanic communities across the U. S. I look forward to Muni Figueres's input as a member of the Board of IDT Telecom."

Ms. Figueres joins the Board of IDT Telecom along with Jack Kemp, founder and Director of Empower America, the Washington DC based public policy think tank. Mr. Kemp has also served as Secretary of the U. S. Department of Housing and Urban Development and 18 years in the U. S. House of Representatives. He was the 1996 Republican candidate for Vice President. Mr. Kemp had previously served on the Board of Directors of IDT Ventures.

Ms. Figueres and Mr. Kemp join two other distinguished Outside Directors on the Board of IDT Telecom: William S. Cohen, former Secretary of Defense and U. S. Senator from Maine, and Frank R. Lautenberg, former U. S. Senator from New Jersey.

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.