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Talk America Congratulates Mort Crim On His Induction Into The Michigan Broadcasting Hall of Fame

NEWARK, N.J. – July 29, 2002 – Talk America Radio Networks congratulates radio personality Mort Crim on his induction into the Michigan Association of Broadcasters (MAB) Broadcasting Hall of Fame. Talk America is part of IDT Media, a subsidiary of IDT Corporation (NYSE: IDT.B, IDT), a leading multinational carrier and telephone company.

The Michigan Hall of Fame recognizes broadcasters for their leadership, achievement and contributions to the broadcasting industry. Hall of Fame inductees are chosen based on their distinguished professional career in Michigan broadcasting.

With more than five decades of broadcasting experience, Mort has covered events from the Apollo moon landing to the fall of the Soviet Union. Today, Mort’s insights can be heard daily by more than 2 million listeners on over 1,200 stations on the Talk America Radio Network. His 90-second essays on his daily newscast “Second Thoughts” rely on humor and personal anecdotes focusing on the positive aspects of human nature. “News You Care About,” a daily five-minute drive time newscast, reflects his belief that human achievement and heroism should be given more airtime to balance the negative aspects of the news. Mort has received numerous awards throughout his extensive career in broadcasting including more than a dozen Emmys, two medals from the New York International Festivals and Northwestern University’s Distinguished Alumni Award.

IDT, through its IDT Telecom subsidiary, is a leading facilities-based, multinational carrier that provides a broad range of telecommunications services to its retail and wholesale customers worldwide. Through its own national telecommunications backbone and fiber optic network infrastructure, IDT Telecom provides its customers with integrated and competitively priced international and domestic long distance telephony and prepaid calling cards. IDT Media is the IDT subsidiary principally responsible for the Company’s initiatives in media, new video technologies and print media.

Through its various subsidiaries, IDT has interests in several telecom, Internet-related and media companies. IDT recently acquired Winstar Communications. IDT Corporation common shares trade on the New York Stock Exchange under the ticker symbols IDT.B and IDT. As of June 10, 2002, there were 53.4 million shares of Class B common stock (IDT.B) outstanding, and 24.9 million shares of common stock (IDT). Of these, 4.0 million shares of Class B common stock and 5.4 million shares of common stock were held by units of IDT Corporation.

Except for historical information, all of the expectations and Assumptions contained in the foregoing are forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and the Securities Exchange Act of 1934, involving risks and uncertainties. These statements refer to our plans to implement our growth strategy, improve our financial performance, expand our infrastructure, develop new products and services, expand our customer base and enter international markets. The forward looking statements also include our expectations concerning factors affecting the markets for our products, including the demand for long distance telecommunications, and Internet access services. These forward looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the results that we anticipate. These risks and uncertainties include, but are not limited to, those risks discussed in this release. In addition to the factors specifically noted in the forward looking statements, other important factors that could result in those differences include (a) general economic conditions in the telecommunications and Internet markets, including inflation, recession, interest rates, and other economic factors; (b) casualty to or other disruption of our facilities and operations; (c) those discussed in our Annual Report on Form 10K for the period ended July 31, 2001 and (d) other factors that generally affect the business of telecommunications, Internet and other communications companies. We assume no obligation to update these forward looking statements or to update the reasons actual results could differ materially from the results anticipated in the forward looking statements.