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Newark, N.J., December 18, 2006 – IDT Capital today announced the formation of the IDT Internet Mobile Group. Coinciding with its formation, the IDT Internet Mobile Group also announced the acquisition of Norway-based Zedge.net. IDT Capital is a subsidiary of IDT Corporation (NYSE: IDT, IDT.C) an international telecom and technology company.
The new division will be responsible for the acquisition, development and incubation of Internet and mobile content. According to market research firm “Research and Markets,” the worldwide mobile content market will grow from $16.7 billion in 2003 to $78 billion by 2007.
“The creation of the IDT Internet Mobile Group fits into IDT’s long-term growth strategy,” said Jim Courter, IDT’s CEO. “IDT built its success by providing consumers around the globe with communications services that meet their needs. We are now applying this experience and expertise to the Internet and mobile industries, the worldwide communications markets of the future.”
Zedge.net is a user-generated mobile content community with nearly 3.5 million members and nearly one half million pieces of user-generated mobile content.
“The purchase of Zedge.net allows the IDT Internet Mobile Group to enter the mobile content market with a running start,” says Morris Berger CEO of the IDT Internet Mobile Group. “Our intention is to become a worldwide destination for content and community on the Internet and in mobile devices.”
Morris Berger has been named CEO of the IDT Internet Mobile Group. Mr. Berger recently served as the Chief Executive Officer of IDT Entertainment, Inc. from December 2003 until August 2006 and as a director of IDT Entertainment, Inc. from June 2004 until August 2006.
About IDT Corporation
IDT Corporation is an innovative and opportunity seeking multinational company with operations that span various industries. Through its Telecom subsidiary, IDT provides telecommunications services worldwide to the retail and wholesale markets. 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 an Energy Services Company (ESCO) in New York State, ethnic food distribution, brochure distribution 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.
