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IDT Corporation (NYSE: IDT; IDT.C), a diversified consumer services
company with operations focused on the telecommunications and energy
sectors, today said that it will move its headquarters in Newark, NJ.
Within ninety days, the Company will consolidate operations in newly
leased headquarters, leaving its current building at 520 Broad Street in
Newark and moving a block away to 550 Broad Street. The company will
remain at 550 Broad on an interim basis while evaluating other long term
relocation options.
“As part of our program to return to profitability, we have been working
hard to reduce our corporate overhead,” said IDT’s Chairman, Howard
Jonas. “We have fewer employees than we did several years ago, and, as a
result, we now use considerably less corporate office space.
Consequently, we have decided to consolidate our operations into a more
cost effective facility.”
About IDT Corporation:
IDT
Corporation (www.idt.net)
is a consumer-focused multinational holding company.
In this press release, all statements that are not purely about
historical facts, including, but not limited to, those with 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.All
forward-looking statements and risk factors included in this document
are made as of the date hereof, based on information available to IDT as
of the date thereof, and IDT assumes no obligation to update any
forward-looking statements or risk factors.
IDT Corporation External Affairs
Bill Ulrey, 973-438-3838
