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FCC Grants IDT Spectrum Key License Extensions

IDT Spectrum Inc., a subsidiary of IDT Corporation (NYSE: IDT), said
today that the FCC has extended its one thousand and thirty-four 39 GHz
band licenses until June 1, 2012. These licenses cover Economic Areas
(EAs) across all fifty states, including 175 markets with a population
of approximately 285 million people.

Howard Jonas, Chairman of IDT commented, The
FCCs decision to extend these licenses will
accelerate the adoption of mobile broadband across the country. It is a
win for the American public, for our economy, and for individuals
freedom to communicate.

In April, the FCC also extended the companys
sixteen 28 GHz Local Multipoint Distribution Service (LMDS)
band licenses until June 1, 2012. IDT Spectrums
LMDS licenses cover sixteen Basic Trading Areas (BTAs) across the

Jim Courter, CEO of IDT commented, These
extensions represent an important milestone for IDT and for our Spectrum
business. They would not have happened without a tremendous effort by
IDT Spectrums professional staff. They
effectively demonstrated that growth in the wireless and Wi-Max markets
has spurred demand for 39 GHz band spectrum.

IDT Spectrum is the largest holder of commercial high frequency,
exclusively licensed, fixed wireless spectrum in the United States. On
average, IDT holds more than 500 MHz of spectrum in the top two hundred
U.S. markets and approximately 940 MHz in the top fifty markets.

Michael Rapaport, CEO of IDT Spectrum, applauded the FCC’s action. The
FCC deserves credit for speeding the deployment of Wi-Max through the
auction of the 700 MHz spectrum and these 39 GHz license extensions.
Once again, the FCC has sided with consumers to increase competition and
lower costs. IDT Spectrum is ideally positioned to serve this market
with highly competitive backhaul solutions and Wi-Max build-outs.

IDT Spectrum leases spectrum and also designs, installs, maintains and
monitors point-to point, point-to-multipoint and Wi-Fi /Wi-Max links for
its customers throughout the United States.

About IDT Spectrum:

IDT Spectrum holds over 1,250 FCC licenses of fixed wireless spectrum.
These include 39 GHz licenses covering every USA City and 28 GHz
licenses covering selected USA cities. IDT Spectrum leases spectrum for
point-to-point links, point-to-multipoint paths and also leases big
geographic areas of spectrum. Please visit our website at
IDT Spectrum is a subsidiary of IDT Corporation (IDT, IDT.C) an
innovative and opportunity seeking multinational holding company with
operations that span the telecom, energy and other industries.

About IDT Corporation:

is an innovative and opportunity seeking multinational
holding company with operations that span several industries. Through
its Telecom subsidiary, IDT provides telecommunications services
worldwide to the retail and wholesale markets. IDT Energy operates an
Energy Services Company (ESCO) in New York State. IDT subsidiary
American Shale Oil Corporation (AMSO) manages IDT’s oil shale ventures.
IDT’s Capital division incubates newer businesses, and the Company’s
Spectrum subsidiary holds its spectrum license assets. IDT Telecom
provides retail and wholesale telecommunications services and products,
including pre-paid and rechargeable calling cards, consumer local, long
distance, and wireless phone services, and wholesale carrier services.
Under the Net2Phone brand name, the Company also provides a range of
voice over Internet protocol (VoIP) communications services. IDT
Capital’s operations include receivables portfolio management and
collection, brochure distribution, Internet Mobile Group, Net2Phone
Ventures and other initiatives. IDT Corporation’s Class B Common Stock
and Common Stock trade on the New York Stock Exchange under the ticker
symbols IDT and IDT.C, respectively.

In this press release, all statements that are not purely about
historical facts, including, but not limited to, those with the words believe,anticipate,expect,plan,intend,estimate,target
and similar expressions, are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
forward-looking statements and risk factors included in this document
are made as of the date hereof, based on information available to IDT as
of the date thereof, and IDT assumes no obligation to update any
forward-looking statements or risk factors.

Investor Relations:
IDT Corporation
Bill Ulrey, 973-438-3838