Newark, NJ, June 5, 2007 — IDT Telecom today announced that Mikhail Leibov has been appointed Chairman of IDT Telecom. IDT Telecom is a subsidiary of IDT Corporation (NYSE: IDT, IDT.C), a multinational corporation with operations in telecommunications and other industries.
Mr. Leibov had served as CEO of Corbina Telecom, IDT’s Russian telecom venture, until its sale in 2005. Under Mr. Leibov’s leadership, Corbina Telecom grew from a start-up telecom venture into a profitable company offering wired and wireless telecom services throughout the 24 largest industrial areas in the Russian market. Mr. Leibov has a Masters of Science degree from Moscow State University, and prior to his time with Corbina and IDT, held various positions at IBM, AT&T and Prodigy Corporation.
“Mikhail’s experience and proven track record in growing businesses and identifying opportunities makes him a valuable asset to our Telecom team,” said Yona Katz, IDT Telecom CEO. “I look forward to working with him to strengthen and grow IDT Telecom.”
IDT Telecom also announced that Marcelo Fischer has been named Chief Financial Officer of IDT Telecom. Mr. Fischer had been Chief Financial Officer of IDT Corporation. Mr. Fischer replaces Norman Rosenberg, who will be leaving IDT, after a brief transition period, to pursue opportunities outside of the Company.
IDT Corporation is an innovative and opportunity seeking multinational company with operations that span various industries. Through its Telecom subsidiary, IDT provides telecommunications services worldwide to the retail and wholesale markets. IDT’s Capital division incubates newer businesses, and the Company’s Spectrum subsidiary holds its spectrum license assets. IDT Telecom provides retail and wholesale telecommunications services and products, including pre-paid and rechargeable calling cards, consumer local, long distance, and wireless phone services, and wholesale carrier services. Under the Net2Phone brand name, the Company also provides a range of voice over Internet protocol (VoIP) communications services. IDT Capital’s operations include an Energy Services Company (ESCO) in New York State, receivables portfolio management and collection, ethnic food distribution, brochure distribution, and other initiatives. 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.
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. 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. These risks and uncertainties include, but are certainly not limited to the specific risks and uncertainties discussed in our reports filed with the SEC. 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.