NEWARK, N.J. – December 15, 2000 – IDT Corporation (NASDAQ: IDTC) is pleased to announce the appointment of Former United States Senator Paul Laxalt (R-NV) to the Board of Directors of IDT Ventures and Investments. IDT is an emerging multinational telecommunications carrier, telephone company and Internet service provider.
“We are thrilled to be welcoming Senator Laxalt to the Board of IDT Ventures and Investments,” said Howard Jonas, IDT’s Chairman and CEO. “IDT has always prided itself on the outstanding individuals represented on its Board of Directors. Paul Laxalt’s knowledge, entrepreneurial vision and years of commitment to public service will be an invaluable asset to the Company.”
Paul Laxalt has had a long and distinguished career as a public servant, beginning in 1951 when he was elected District Attorney of Ormsby County, Nevada, a post he held until 1954. From 1963-1967, he served as Lieutenant Governor of Nevada, and then as Governor of Nevada from 1967-1971. He was elected to the United States Senate in 1974, a post he held for two terms until his retirement from public service in 1987.
During his twelve years in the Senate, Paul Laxalt gained wide recognition as a leading figure in the Republican Party and was a close personal advisor to President Ronald Reagan. Senator Laxalt served as the President’s “eyes and ears” on Capitol Hill. Mr. Laxalt holds Bachelor of Arts and Law degrees from Denver University.
Paul Laxalt is the first outside Director to be named to the Board of IDT Ventures and Investments, a new division of IDT overseeing the Company’s telecom and Internet-related ventures.
“I am extremely pleased to be working with such an exciting, growth-oriented company,” Senator Laxalt remarked. “IDT Ventures and Investments is committed to developing the innovative technologies of the future. I look forward to a long and rewarding relationship as a member of its Board.”
IDT announced a major corporate restructuring plan in its Fourth Quarter and Fiscal Year 2000 Results released on October 30th, 2000. The plan involves more clearly delineating the Company’s various business units and investments into two distinct divisions, IDT Telecom and IDT Ventures and Investments, which will initially be owned by IDT Corporation, a holding company.
IDT Ventures and Investments will include the Company’s various telecom and Internet-related development projects. The primary Ventures businesses currently under development are: IDT Wireless, Dial 1 Domestic Long Distance, IDT Fiber and TV.TV. IDT Ventures and Investments will also include IDT’s equity investments in other companies, including primarily the Company’s 10 million shares of Net2Phone and its shares of Terra Networks.
“I had the privilege of serving in the U.S. Congress during much of Paul Laxalt’s career in the U.S. Senate,” said Jim Courter, President of IDT and a former six-term Congressman from New Jersey. “I know first-hand his commitment and dedication to excellence. IDT Ventures and Investments will greatly benefit from his presence on its Board.”
IDT is an emerging facilities-based multinational carrier that offers a broad range of telecommunications services to wholesale and retail consumers 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 Broadband related businesses. IDT’s experience with new ventures includes the creation and initial public offering of the Internet Telephone Company, NET2PHONE (NASDAQ:NTOP – news). IDT Technology Ventures supports IDT in selecting and incubating new technology ventures.
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 4K 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.