Back to press releasesCorporation (NYSE: IDT, IDT.C) today announced that its Net2Phone
Cable Telephony subsidiary has been awarded approximately €23 million,
plus interest from November 2005, in an arbitration proceeding against
Altice One S.A. and certain of its affiliates. The arbitration took
place in Belgium. Net2Phone was represented by Professor Bernard
Hanotiau of Hanotiau & van den Berg.
The arbitration proceedings related to Altice‘s
termination of cable telephony license agreements Net2Phone had entered
into in November 2004.
“We are pleased that the arbitration panel has
validated what we knew to be the proper reading of our agreements with
Altice,“ said Jim Courter, CEO of IDT. “Our
pursuit of the matter shows that, as IDT‘s
operations grow in geographic and operational scope, we remain committed
to protecting our legal and contractual rights.“
About IDT Corporation:
IDT Corporation is an innovative and opportunity seeking multinational
holding 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, Internet Mobile Group, Net2Phone Ventures 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.
