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IDT Corporation (NYSE: IDT, IDT.C) today extended the expiration date of
its previously announced exchange offer of its outstanding Common Stock
(NYSE: IDT.C) for shares of Class B Common Stock (NYSE: IDT).
The deadline for tendering shares of Common Stock in the exchange offer
has been extended from 5:00 p.m. EST, on Tuesday, January 4, 2011, to
5:00 p.m. EST, on Tuesday, January 18, 2011.
IDT is extending the offer to exchange for the following reasons: (i)
today it filed with the Securities and Exchange Commission a revised
Offer to Exchange revising its disclosure previously set forth in the
Offer to Exchange and mailed to stockholders in order to respond to
comments received from the SEC; (ii) there were logistic issues in
mailing the exchange offer materials to stockholders and IDT wants to
ensure that all holders have sufficient time to read the materials, make
their determinations and tender if they so desire; and (iii) IDT
recognizes that stockholders may be away during the upcoming holiday
season and therefore may be unable to tender their shares prior to the
original expiration date.
IDT Corporation has been advised that as of 5:00 p.m., EST, on December
20, 2010 approximately 696 shares of its Common Stock had been tendered
in the exchange offer. Tenders of shares of Common Stock must be made,
and may be withdrawn, at any time prior to the expiration of the
exchange offer.
The exchange offer is made upon the terms and conditions set forth in
the Offer to Exchange dated December 2, 2010 and revised as of December
20, 2010, and the related Letter of Transmittal, which have been filed
with the Securities and Exchange Commission.
Holders of our Common Stock should read the exchange offer documents as
revised because they contain important information. Stockholders can get
the exchange offer documents without charge from the website of the SEC
at www.sec.gov.
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
8-K.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.
Exchange Offer Statement
This press release is for informational purposes only and is neither
an offer to buy nor the solicitation of an offer to sell any shares. The
exchange offer will be made solely by a definitive Offer to Exchange,
related Letter of Transmittal and other related documents that IDT is
sending to its holders of Common Stock. Each holder of our Common Stock
is urged to consult their tax advisor as to the particular tax
consequences of the exchange offer to such stockholder. The materials
have been included as exhibits to IDT’s exchange offer statement on
Schedule TO/ Schedule 13E-3, which was filed with the Securities and
Exchange Commission. These exchange offer materials contain important
information that stockholders are urged to read carefully before making
any decision with respect to the offer. Investors may obtain copies of
these documents for free from the Securities and Exchange Commission at
its website (www.sec.gov).
About IDT Corporation:
IDT
Corporation (www.idt.net)
is a consumer services company with operations primarily in 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.
IDT Corporation
Investor Relations
Bill Ulrey, 973-438-3838
invest@idt.net
