IDT Europe - Corporate - Press Releases

NEWARK, N.J. - October 18, 2001 - IDT Corporation (NYSE: IDT, IDT.B), a leading multinational carrier and telephone company, is pleased to announce the appointment of Michael J. Levitt to its Board of Directors.

Mr. Levitt, 42, is a former partner at Hicks, Muse, Tate & Furst Incorporated, where he was involved in originating, structuring and monitoring the company's investments, primarily in the media and branded foods industries. Mr. Levitt was the partner principally responsible for dealing with investment and commercial banks worldwide. In addition, he managed the firm's New York office. He is currently chairman of Ilios Capital LLC, a private investment firm.

"It's a great pleasure to welcome Michael Levitt to the Board of Directors of IDT," said Howard Jonas, IDT's Chairman. "His vast business experience, particularly in the area of media, will help guide IDT's growth in the future."

Mr. Levitt previously served as a director of a number of other public companies, including Clear Channel Communications, Inc., Globix Corporation, RCN Corporation, Lin Television, and International Home Foods.

"We expect media ventures to become an increasingly important part of our business mix," said Jim Courter, Vice Chairman and CEO of IDT. "Michael Levitt's extensive involvement in that industry will be a valuable resource for IDT."

Paul Reichmann, Chairman of Canary Wharf Group Plc and Chief Executive of the Reichman Group of Companies; William F. Weld, former Governor of Massachusetts;Admiral William A. Owens (ret.), Vice Chairman of the Board and Co-CEO of Teledesic LLC, and former Vice Chairman of the Joint Chiefs of Staff; Saul K. Fenster, President of the New Jersey Institute of Technology; J. Warren Blaker, Professor of Physics and Director of the Center for Lightwave Science and Technology at Fairleigh Dickinson University, and Meyer A. Berman, founder of M.A. Berman Co.

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.