NEWARK, N.J. – March 28, 2001 – IDT Corporation (NYSE: IDT) is pleased to announce the appointment of Former United States Senator Frank R. Lautenberg (D-NJ) to the Board of Directors of IDT Telecom, encompassing the Company’s core telecom business. IDT is a leading facilities-based multinational telecommunications carrier.
“We are very honored to be welcoming Frank Lautenberg to the Board of IDT Telecom,” said Howard Jonas, IDT’s Chairman and CEO. “Senator Lautenberg’s considerable experience and visionary leadership in both business and politics will be a great asset to IDT as it develops new products and technologies and seeks out promising new investment opportunities.”
Born in Paterson, New Jersey, Senator Lautenberg served in the U.S. Army and then attended Columbia University on the G.I. Bill, graduating with a degree in economics. Joining with two childhood friends, Frank Lautenberg helped found payroll services provider Automatic Data Processing and served as the company’s Chairman and CEO from 1975 to 1982. Under his bold entrepreneurial leadership, ADP grew into one of the largest independent computing services firms in the world.
Having established himself as a leading figure in the business world, Senator Lautenberg launched a new career in public service in the early 1980’s. Running for public office for the first time, he was elected to the United States Senate in 1982, a post he held for the next 18 years.
During his three terms in the Senate, Frank Lautenberg built a distinguished record of accomplishment in a variety of policy areas. A strong environmentalist, Lautenberg helped author the Superfund, Clean Air and Safe Drinking Water Acts. As ranking Democratic member of the Senate Budget Committee, he co-authored the Balanced Budget Agreement of 1997 that resulted in the first balanced Federal budget in over three decades. And as a staunch supporter in investing in our nation’s infrastructure, he helped craft the landmark $218 billion transportation bill that was the largest such investment in our country’s history. Senator Lautenberg wrote laws to ban smoking in airplanes, take guns away from spousal abusers and increase the minimum drinking age to 21, enabling our country to save thousands of lives over the past dozen years.
“I am thrilled to have the opportunity to work with such an exciting, innovative pioneering company,” Senator Lautenberg remarked. “The telecommunications industry is transforming the way we work, live and communicate, and IDT is at the vanguard of this revolution. When I think about IDT, I’m reminded of the early days at ADP as we sought to establish our presence in the world of newly emerging opportunities. I am looking forward to a very productive and challenging experience working with IDT Telecom.”
Frank Lautenberg is the second former United States Senator to join an IDT Board within the past several months. On December 15th, 2000, IDT announced the appointment of former U.S. Senator Paul Laxalt (R-NV) to the Board of Directors of IDT Ventures, a new subsidiary of IDT overseeing the Company’s various telecom and Internet-related development projects.
In October 2000, IDT announced a major corporate restructuring plan. 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.
“Senator Lautenberg has achieved the highest distinction as both a businessman and a member of the U.S. Senate,” said Jim Courter, President of IDT and a former six-term Congressman from New Jersey. “Frank has a keen understanding of the challenges and potential of technology. IDT Telecom will benefit greatly from his wealth of experience, sharp insight and knowledge of public policy.”
IDT is a leading facilities-based, multinational carrier that combines its position as an international telecommunications operator with its experience as an Internet service provider to provide a broad range of telecommunications services to its wholesale and retail customers worldwide.
Through its own national telecommunications backbone and fiber optic network infrastructure, IDT provides its customers with integrated and competitively priced international and domestic long distance telephony, prepaid calling cards, Internet access and digital subscriber line (DSL) service. The Company’s Ventures division is developing several innovative telecom and Internet related businesses. Through its IDT Investments subsidiary, IDT has equity interests in several telecom and Internet-related companies.
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 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 10K for the period ended July 31, 2001 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.