Company Highlights Turn-Around, Growth Prospects
IDT Corporation’s (NYSE: IDT, IDT.C) Chairman and CEO, Howard Jonas, and
the Chief Technology Officer of the Company’s American Shale Oil, LLC
joint venture subsidiary, Dr. Alan Burnham, will ring the opening bell
at the New York Stock Exchange (NYSE) on Monday, June 28, 2010 at 9:30
‘After executing a successful turn-around, IDT has regained compliance
with the New York Stock Exchange’s continued listing requirements and
achieved bottom line profitability,’ said Howard Jonas. ‘Looking ahead,
I am very optimistic about growth opportunities in our core telecom and
energy businesses, including our alternative energy ventures.’
IDT, which posted a net loss of $155.4 million in fiscal 2009, has
generated $12.8 million in net income through the first nine months of
its 2010 fiscal year while generating $47.5 million in net cash from
For the ringing of the opening bell, Mr. Jonas and Dr. Burnham will be
joined by several other noted scientists and executives involved in the
Company’s oil shale initiative in Colorado.
American Shale Oil, LLC (AMSO) is a joint venture between IDT and Total,
S.A., and is one of three companies holding leases granted by the
federal Bureau of Land Management to research, develop and
demonstrate in-situ shale oil extraction processes on federal lands in
Legendary Wall Street investor Michael Steinhardt, who recently invested
in IDT’s Genie Energy division, said, ‘The world’s unconventional fuel
resources – including oil shale – will become an increasingly important
source of global energy supply, and will create enormous opportunities
within the global energy market.’
A live webcast of The Opening Bell (beginning at 9:29 am ET) will be
available on the NYSE homepage of http://www.nyse.com.
IDT will also be highlighted on the NYSE website on June 28, 2010.
About IDT Corporation:
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.
American Shale Oil, LLC (AMSO), (www.amso.net)
is a joint venture between IDT and Total, S.A., and is one of three
companies holding leases granted by the federal Bureau of Land
Management to research, develop and demonstrate in-situ shale oil
extraction processes on federal lands in Western Colorado.
AMSO’s mission is to develop its proprietary technology into a
commercially viable and environmentally sound method of producing
commercial quantities of shale oil by using in-situ extraction processes.
Bill Ulrey, 973-438-3838