Newark, N.J. October 19, 2005 – IDT Corporation today announced the appointment of the Hon. Slade Gorton to its Corporate Board of Directors. Gorton is a former three-term Senator from Washington State who recently served on The National Commission on Terrorist Attacks Upon the United States, also known as the “9/11 Commission.” IDT Corporation (NYSE:IDT, IDT.C) is an international telecom, entertainment and technology company.
“Slade Gorton served with distinction during an 18 year Senate career. He was also among a select group of respected American leaders the nation turned to for guidance following 9/11,” said Jim Courter, IDT’s CEO. “I’m proud to welcome Slade to IDT’s Corporate Board. He joins a prestigious group of strong, independent IDT Directors who make up the majority of the board that govern IDT.”
Mr. Gorton will replace independent Board Director the Hon. William F. Weld, who has left the board to focus on potential political opportunities in New York State.
Slade Gorton served as a U.S. Senator from the State of Washington from 1981 to 1987 and from 1989 until 2001. While in the Senate, he served as the Chairman of the Interior Appropriations Subcommittee (1995-2001), the Commerce Subcommittees on Consumer Affairs (1995-99) and Aviation (1999-2000). In 2001, Mr. Gorton served on the National Commission on Federal Election Reform and from 2002 to 2004, on The National Commission on Terrorists Attacks Upon the United States.
“IDT made its mark in Telecom, established itself in entertainment and is now investing in new opportunities and diversifying into new industries to increase shareholder value,” said Howard Jonas, IDT’s Chairman. “Slade Gorton’s knowledge of industry trends, regulatory issues and his experience on the Commerce and Energy and Natural Resources congressional committees will be an invaluable resource to IDT.”
Slade Gorton began his political career in 1959 as a Washington State representative, rising to State House Majority Leader in 1967. In 1968, he was elected Attorney General of Washington State where he argued 14 cases before the Supreme Court. In June 1980, Mr. Gorton received the Wyman Award as “Outstanding Attorney General in the United States.”
Slade Gorton joins the other independent members of IDT’s Corporate Board of Directors, which includes: Dr. J. Warren Blaker, Professor of Physics at Fairleigh Dickinson University, the Hon. Rudy Boschwitz, former U.S Senator of Minnesota, Saul K. Fenster, President Emeritus of the New Jersey Institute of Technology, the Hon. James S. Gilmore III, former Governor of the Commonwealth of Virginia, Jack F. Kemp, former U.S. Congressman and former Secretary of HUD, Dr. Jeane J. Kirkpatrick, former U.S. Ambassador to the United Nations and a member of President Ronald Reagan’s Cabinet and National Security Council and Michael J. Levitt, Chairman and CEO of Stone Tower Capital LLC.
IDT Corporation, through its IDT Telecom subsidiary, is a facilities-based, multinational carrier that provides a broad range of telecommunications services to retail and wholesale customers worldwide. IDT Telecom, by means of its own international telecommunications backbone and fiber optic network infrastructure, provides its customers with integrated and competitively priced international and domestic long distance and domestic all-distance telephony and prepaid calling cards. IDT Entertainment is the IDT subsidiary focused on developing, acquiring, producing and distributing computer-generated and traditionally animated productions and other productions for the film, broadcast and direct-to-consumer markets. IDT Capital is the IDT division principally responsible for the Company’s initiatives in brochure distribution, retail energy and new technologies. Net2Phone, Inc., a subsidiary of IDT Corporation, is a provider of high-quality global retail Voice over IP services and offers a fully outsourced cable telephony service to cable operators allowing cable operators to provide residential phone service to their subscribers.
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 heading “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 8-K. These factors include, but are not limited to, the following: potential declines in prices for our products and services; our ability to maintain and grow our retail telecommunications services, particularly our prepaid calling card business; availability of termination capacity; financial stability of our customers; our ability to maintain carrier agreements with foreign carriers; effectiveness of our marketing and distribution efforts; increased competition, particularly from regional bell operating companies; our ability to manage our growth; competitiveness of our Winstar subsidiary; impact of government regulation; our ability to obtain telecommunications products or services required for our products and services; and general economic conditions, particularly in the telecommunications markets. 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 otherwise.