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Zedge Announces Completion of Its Spin-off from IDT

Zedge (NYSE MKT: ZDGE) today announced that its spin-off from IDT
Corporation (NYSE: IDT) has been successfully completed following the
distribution by IDT of ZDGE common stock to IDT stockholders. Zedge
Class B Common Stock will begin trading regular way today on the NYSE
MKT with the ticker symbol “ZDGE”.

Tom Arnoy, co-founder and CEO of Zedge, said, “Since our inception, we
have been focused on developing an exceptional service that enables
Zedgers to express their identity, feelings, tastes and interests on
their mobile phones with outstanding personalization content including
wallpapers, ringtones, app icons and notification sounds. As a result of
this focus, we have developed a huge following. We have tremendous
opportunities for continued growth before us, and we will continue to
execute on our growth strategy delighting customers and attracting new

Holders of IDT Class A and Class B common stock as of the record date,
May 26, 2016, were issued one share of ZDGE Class A and Class B common
stock, respectively, for every three shares of IDT stock they held.
524,775 shares of ZDGE Class A and 7,151,603 shares of Class B common
stock were distributed to IDT stockholders at 11:59 p.m. yesterday.
524,775 shares of ZDGE Class A and 8,786,759 shares of Class B common
stock are currently outstanding.

Jonathan Reich, CFO and COO of Zedge, said “We are grateful to IDT for
its support during the past years enabling us to get to this point, and
are excited by the prospect of continuing to grow as an independent
company in order to unlock value for our shareholders.”

All statements above that are not purely about historical facts,
including, but not limited to, those in which we use 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 our 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. Our filings with the SEC provide detailed information
on such statements and risks, and should be consulted along with this
release. To the extent permitted under applicable law, we assume no
obligation to update any forward-looking statements.

About Zedge:

Zedge (NYSE MKT: ZDGE) provides a highly popular app that centered on
self-expression, pairing both creators and brands looking to promote
their content with consumers who utilize the content – wallpapers,
ringtones, app icons and notification sounds – to personalize their
phones. The Zedge app has surpassed 200 million installs globally and is
available in both the Google Play and iTunes stores.

About IDT Corporation:

IDT Corporation (NYSE: IDT), through its IDT Telecom division, provides
retail telecommunications and payment services to help immigrants and
the under-banked communicate and share resources around the world. IDT
Telecom’s wholesale business is a leading global carrier of
international long distance calls. For more information on IDT, visit

Jonathan Reich