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IDT Corporation Announces Management Changes

IDT Corporation (NYSE: IDT) today announced changes to the positions of
certain members of management.

Liore Alroy, currently CEO of IDT Telecom, will move from that post to
serve as Deputy Chairman of both IDT Corporation and IDT’s soon to be
spun-off subsidiary, Genie Energy Ltd., acting as a non-executive
strategic advisor to both entities. Bill Pereira, currently IDT’s CFO,
will take over as CEO of IDT Telecom. In addition, Marcelo Fischer, CFO
of IDT Telecom will also become Senior Vice-President of Finance of IDT
Corporation, responsible for financial operations, reporting and
compliance, and serving as its certifying Principal Financial Officer.

As previously disclosed, upon the spin-off, Jim Courter, who has served
as Vice Chairman of IDT’s Board of Directors, and Wes Perry, will leave
the IDT Board to serve Genie in those capacities. Bill Pereira will be
nominated to the IDT Board following the spin-off.

Howard Jonas, IDT’s Chairman of the Board and Chief Executive Officer
and Chairman of the Board of Genie, commented, “The IDT management team
we had in place has done a terrific job and we believe that this new
structure will best maximize the contributions of our management team at
both IDT and Genie.”

The moves are being made in conjunction with the pending spin-off of
Genie to IDT’s stockholders, which is expected to take place on October
31, 2011.

Forward-Looking Statements

In this press release, all statements that are not purely about
historical facts, including, but not limited to, those in which we use
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.
While these forward-looking statements
represent our current judgment of what may happen in the future, actual
results may differ materially from the results expressed or implied by
these statements due to numerous important factors, including, but not
limited to, those described in our most recent report on SEC Form 10-K
(under the headings “Risk Factors” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations”), which may
be revised or supplemented in subsequent reports on SEC Forms 10-Q and
We are under no obligation, and expressly disclaim any
obligation, to update the forward-looking statements in this press
release, whether as a result of new information, future events or

About IDT Corporation:

is a consumer services company with operations primarily in the
telecommunications and energy industries. IDT Corporation’s Class B
Common Stock trades on the New York Stock Exchange under the ticker
symbol IDT.

IDT Corporation
Bill Ulrey, 973-438-3838
Investor Relations