Newark, N.J., April 7, 2005 – IDT Corporation (NYSE: IDT, IDT.C) today announced the appointment of John C. Petrillo, former Executive Vice President for Corporate Strategy & Business Development for AT&T, as Chief Executive Officer of IDT Spectrum Inc. IDT Spectrum is the recently formed division of IDT that operates and markets wireless spectrum products and solutions. IDT Corporation is an international telecom, entertainment and technology company.
“The increasing demand for wireless connectivity makes IDT’s spectrum assets a valuable commodity,” said Jim Courter, IDT’s CEO. “John Petrillo’s appointment as IDT Spectrum’s CEO places those assets under the management of a gifted executive who has played a key role in the development and implementation of many advanced and innovative telecommunications technologies.”
John C. Petrillo has played a leading role in the telecommunication industry for more than 30 years. As Executive Vice President at AT&T, Mr. Petrillo supervised the launch of new telecommunication products and services and was lead negotiator on many critical global and domestic telecom business relationships. He also held many significant operating positions and led strategic initiatives including the development of business strategies in the telephone services, cable and Internet industries. His educational credits include a Bachelor of Science degree in Electrical Engineering from Worcester Polytechnic Institute and a legal degree from Brooklyn Law School.
IDT Spectrum is the largest holder of commercial high frequency exclusively licensed, fixed wireless spectrum in the United States.
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 radio broadcasting, brochure distribution and new technologies. Net2Phone, Inc., a subsidiary of IDT Corporation, is a leading 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.
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.
Important Note: In this press release, all statements that are not purely about historical facts, including, but not limited to, those include 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 IDT’s 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 IDT’s 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 and other filings IDT may make with the SEC.