Newark, N.J., July 15, 2005 – IDT Corporation today announced it has signed a long-term wholesale services agreement with Verizon Communications, Inc. for local phone service. The new agreement takes effect on August 1, 2005. IDT Corporation (NYSE: IDT, IDT.C) is an international telecom, entertainment and technology company. Verizon Communications, Inc., is one of the world’s leading providers of communications services.
According to terms of the agreement, Verizon will provide IDT with dial tone services or access to its local networks for a period of up to five years. The new agreement essentially preserves the features, functionality and ordering processes previously available to IDT under Verizon’s Platform of Unbundled Elements (UNE-P) service offerings.
“This agreement between IDT and Verizon shows the competitive marketplace works free from federal regulation,” said Jim Courter, IDT’s CEO. “Telecom consumers get more choice and greater flexibility. For IDT, it means our flat rate, bundled calling plans will continue to provide customers with competitively priced local and long distance phone service.”
Within Verizon’s calling areas, “IDT America Unlimited,” is available in ten states, New York, New Jersey, Pennsylvania, Maryland, Delaware, Massachusetts, New Hampshire, West Virginia, Maine, and Rhode Island. The calling plan includes unlimited local, regional toll and domestic long distance calling with Caller ID, Speed Dial, Call Waiting and 3-way Calling, and the convenience of one monthly bill. In most areas, “IDT America Unlimited” is available for $39.95 a month. “IDT America Choice” provides unlimited local service with Caller ID and Call Waiting for $28.95 a month with IDT Long Distance included at just 5 cents a minute (available in most areas) with no additional fee. With either plan, IDT’s aggressive WorldSaver international rate plan can be added on for an additional $2 per month. To find out more, call 1-800 CALL IDT.
“Since ‘IDT America Unlimited’ and ‘IDT America Choice’ were launched in September 2003, consumers have responded favorably to our offer of bundled service and popular calling features at low rates,” said Norm Rosenberg, CFO of IDT Telecom and Managing Director of Consumer Phone Services. “We will continue to offer our customers a great combination of service and value.”
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.
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 in which 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 are used. 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.