IDT Europe - Corporate - Press Releases

NEWARK, N.J.-March 23, 2001--IDT Corporation (NYSE: IDT) announced today that it is adding Paul Reichmann, an internationally recognized entrepreneur and community leader to its Board of Directors. IDT is a leading facilities-based multinational telecommunications carrier.

Paul Reichmann brings a wealth of business experience to the IDT Board of Directors. Mr. Reichmann is currently the Chairman of Canary Wharf properties. Mr. Reichmann was the founder and chairman of Olympia and York and is unquestionably, one of the preeminent real estate developers in the entire world. Reichmann's impressive list of accomplishments includes, London's Canary Wharf, the World Financial Center in New York City, First Canadian Place in Toronto and other premier developments around the world.

"Paul Reichmann is the greatest builder in history and one of the truly great philanthropists of all time," said Howard Jonas, IDT Chairman and CEO. "Paul definitely would be on my list of the ten greatest people in history."

IDT CORPORATION

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, Internet access 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 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, 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