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IDT Corporation Announces Change in Auditors

IDT Corporation (NYSE: IDT, IDT.C) today announced that it had appointed

Grant Thornton LLP as its independent auditors for the remainder of the

current fiscal year. Grant Thornton replaces Ernst & Young LLP, and will

issue a report on IDTs financial statements

for fiscal 2008.

The change was approved by IDTs Audit

Committee as part of the Companys ongoing

effort to reduce corporate overhead. It was not the result of any

disagreement between the company and Ernst & Young LLP on any matter of

accounting principles or practices, financial statement disclosure, or

auditing scope or procedures.

Ernst & Young have been our auditors for some

time and we have had a very positive relationship with them,

said Steve Brown, IDTs CFO. We

are evaluating all significant corporate expenses and feel that Grant

Thornton offers our shareholders the best combination of cost and

quality. We look forward to working with the professionals at Grant


Changing auditors is not a decision we have

taken lightly, added Jim Courter, IDT CEO. Given

IDTs size, and the increasing portion of our

corporate budget represented by our audit fees, we felt that this move

was appropriate and consistent with our focus on maximizing shareholder


About IDT Corporation:


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 IDTs

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.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.