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IDT Carmel Holdings Appoints Collections Industry Veterans

Announcement Solidifies Companys
Commitment to the Collections Industry

IDT Carmel Holdings, Inc., a subsidiary of IDT Corporation (NYSE: IDT;
IDT.C) today announced its new management team including leading debt
collection and portfolio executives.

The IDT Carmel management team will be headed by President and COO Mark
Meisenbacher. Mr. Meisenbacher is a twenty year industry veteran who
previously served as COO of Axiant. He also served as a senior executive
at Wolpoff & Abramson, a top collection law firm and debt buyer.

Consumer debt collection is a challenging
business that rewards superior customer research and analytics. We have
put together a world-class management team and are continuing to refine
our analytical platform and collections methodologies. In short order,
we will be fully prepared to find and capitalize on opportunities in the
rapidly evolving consumer debt collections market,
Mr. Meisenbacher said.

Andrea Gale also joined the company and will serve as VP, Marketing &
Portfolio Servicing leading the companys
portfolio acquisitions and sales as well portfolio/client services. She
brings over 10 years of experience within the financial services
industry including work for US Bank, Collect America, and PRS.

Other senior Executives including General Counsel & EVP, Menachem Ash
and EVP M&A / Corporate & Business Development, Jay Barsky, are
continuing in their existing roles with the company.

Steve Brown, who has been named Chairman of IDT Carmel, will direct the
management team. Mr. Brown was the Chairman and President of IDT
Entertainment, a subsidiary of IDT Corporation, until its sale to
Liberty Media for total consideration exceeding $450 million. We
are fortunate to have attracted some of the most highly regarded
executives in the industry to join the IDT Carmel team. They are
top-notch people who bring a wealth of experience and savvy to our
business. These appointments solidify our commitment to becoming a
leader in the ARM industry, Brown concluded.

About IDT Carmel:

Formed in 2005, IDT Carmel manages primarily consumer receivables
portfolios and collections operations.

About IDT Corporation:

( is a
multinational holding company with subsidiaries spanning several
industries including: IDT Telecom,
which provides telecommunications services to consumers and businesses,
including prepaid and rechargeable calling cards, local, long distance
and wireless phone services, wholesale carrier services, and a range of
voice over Internet protocol (VoIP) communications services; IDT
which operates an Energy Services Company (ESCO) in New York State; IDT
, which manages receivables portfolios and collections; Zedge
(, which provides a
web-based, worldwide destination for free, user-generated mobile content
distribution and sharing; American Shale
Oil Corporation (AMSO)
which manages IDT’s U.S. oil shale research and development initiative,
and IDT Capital, whose portfolio
of companies includes IDT Spectrum
(, CTM
Media Group
and IDW Publishing (
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
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
Bill Ulrey, 973-438-3838