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IDT Corporation (IDT) (NYSE: IDT; IDT.C) said today that it has
organized its energy supply and oil shale interests into a new division,
to be called Genie Energy. Oil and gas entrepreneur Wes Perry will serve
as Genie’s Chairman of the Board.
Genie Energy will initially be comprised of IDT’s interests in IDT
Energy, American Shale Oil, LLC (AMSO), and Israel Energy Initiatives
(IEI). IDT Energy is the largest independent residential energy supply
company operating in New York State, and reported $227.7 million in
revenues during the first three quarters of IDT’s 2009 fiscal year while
generating $40.4 million in Income from Operations. American Shale Oil,
LLC is a 50/50 joint venture with multi-national energy company Total
(NYSE: TOT) to research, develop and demonstrate in-situ technologies
for potential commercial shale oil production in western Colorado on a
leasehold granted by the U.S. Bureau of Land Management. IEI has been
licensed by Israel’s Ministry of National Infrastructures to explore
certain public lands in Israel for the potential production of shale
oil. Genie will own approximately 89% of IEI.
Mr. Perry, who has over thirty years of oil and gas industry experience,
founded E.G.L. Oil Shale, LLC which IDT acquired in 2008 and renamed
American Shale Oil, LLC. He is also the owner of S.E.S. Investments,
which he founded in 1977 and which invests in oil and gas opportunities,
and is CEO of E.G.L. Resources, an energy exploration and development
company. In addition, Mr. Perry serves as the elected mayor of Midland,
Texas.
“Both America and Israel have significant shale oil reserves. It’s
difficult to overstate their potential to improve our respective
economies and national security,” said Mr. Perry. “Genie Energy is
developing the technologies America and Israel want to make rapid
progress toward energy independence, while IDT Energy is poised for
continued growth in the consumer market. I’m very excited to work with
their management team to help meet the energy needs of the U.S. and
Israel for decades to come.”
“Organizing our energy holdings under one managerial umbrella provides
us with added flexibility to respond to opportunities in those areas,”
said Howard Jonas, IDT Corporation’s Chairman. “As a visionary business
leader, public servant and humanitarian, I can think of no finer person
to lead this effort than Wes Perry, who has worked well with our team
since our acquisition of EGL Oil Shale.”
Geoffrey Rochwarger, currently Chairman and CEO of IDT Energy, will also
serve as Genie Energy’s President and Chief Executive Officer. Mr.
Rochwarger, who launched IDT Energy for IDT in 2004, has directed the
phenomenal growth of this business which today serves over 400,000
meters in New York State. Previously, he served as an Executive Vice
President of IDT Telecom, where he launched the Company’s wholesale
carrier arbitrage business while directing IDT Telecom’s global
expansion. Mr. Rochwarger earned his BA from Yeshiva University in New
York.
Claude Pupkin, AMSO’s President, will also serve as Genie Energy’s Chief
Financial Officer. Mr. Pupkin previously held several senior management
positions at IDT, including Executive Vice President of Corporate
Development. Prior to joining IDT in 2003, Mr. Pupkin’s career included
more than 17 years of finance and investment banking experience at
several firms including JP Morgan Chase, Morgan Stanley & Co. and
Citibank. Mr. Pupkin holds an MBA from The Wharton School of the
University of Pennsylvania, and an MA in International Studies from the
University of Pennsylvania.
About IDT Corporation:
IDT
Corporation (www.idt.net)
is a multinational holding company focused on the telecommunications and
energy industries. 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.All
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.
IDT Corporation External Affairs
Bill Ulrey, 973-438-3838
