NEWARK, N.J. - August 18th, 2000 -- IDT Corporation (NASDAQ: IDTC) today announced that it has been named the fastest growing company in New Jersey in the 2000 New Jersey Fast 50 list. The New Jersey Technology Fast 50 program is sponsored by Deloitte & Touche, First Union Bank, the Nasdaq Stock Market, the New Jersey Technology Council, the Regional Business Partnership and University Heights Science Park. IDT is a leading multinational telecommunications carrier, telephone company and Internet service provider. Deloitte & Touche LLP, the lead sponsor, is one of the nation's leading professional services firms, provides assurance and advisory, tax and management consulting services in the U.S.

According to this year's ranking by Deloitte & Touche, IDT captured the number one spot with an impressive 5-year revenue growth rate of 6,177 %. All calculations of revenue growth rate and rankings were computed by Deloitte & Touche. This year's announcement marks the third consecutive year that Newark, New Jersey-based IDT has been ranked among the 50 fastest growing firms in the State. In 1999, IDT was the second fastest growing company in New Jersey, and the third fastest growing in 1998.

"We are extremely pleased to be recognized by Deloitte & Touche as the fastest-growing high-tech firm in New Jersey," said Howard Jonas, Chairman and CEO of IDT. "From its inception 10 years ago, IDT had a clear vision of its role in the communications industry - to develop and invest in the types of cutting edge technologies that have enabled us to bring the most advanced and meaningful communications products and services to our customers. Our rapid growth over the past several years is solid evidence of IDT's success in implementing this vision."

IDT was also named among the top 25 fastest growing companies in the 1999 Deloitte & Touche Technology Fast 500 rankings, which measures the growth rate of technology firms across the country.

"IDT is distinguishing itself as a truly integrated communications company," said Jim Courter, President of IDT. "Our recent expansion into high-growth areas such as wireless communications and broadband applications, as well as the continued expansion of our traditional telecom and Internet products and services, points to strong long-term growth for the Company and increasing value for our shareholders."

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 telecommunications backbone and network infrastructure IDT provides its customers with integrated and competitively priced international and domestic long distance, pre-paid calling cards, Internet access and Digital Subscriber Line (DSL) service. The Company's Ventures division is developing several innovative telecom and Internet related businesses.

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