Newark, N.J., August 29, 2005 –– IDT Spectrum, Inc., a subsidiary of IDT Corporation (NYSE: IDT, IDT.C), today announced that it has filed a registration statement on Form S-1 with the Securities and Exchange Commission for a proposed initial public offering of its Class B common stock. The shares of Class B common will be issued and sold by IDT Spectrum for its own account. WR Hambrecht + Co., LLC, is acting as the lead manager of the offering.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State.
When available, a preliminary prospectus relating to the proposed offering may be obtained from WR Hambrecht + Co., LLC, 539 Bryant Street, San Francisco, CA 94107.
IDT Spectrum holds licenses for a large and broad collection of commercial fixed wireless spectrum in the United States, both in terms of geographic scope and total bandwidth. IDT Spectrum is developing a fixed wireless network platform that will integrate wireless spectrum with operational management capabilities and a flexible architecture to serve the specialized backhaul and telecommunications connectivity needs of a variety of customers, such as cellular phone network providers, commercial enterprises, government agencies and first-responders. With this integrated platform, IDT Spectrum intends to provide customers with reliable, high-bandwidth connectivity at cost-effective prices.
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.