IDT.C Idt Corp. CL C

IDT Carmel Holdings, Inc., a subsidiary of IDT Corporation (NYSE: IDT; IDT.C) today announced its new management team including leading debt collection and portfolio executives. The IDT Carmel management team will be headed by President and COO Mark Meisenbacher. Mr. Meisenbacher is a twenty year industry veteran who previously served as COO of Axiant. He also served as a senior executive at Wolpoff & Abramson, a top collection law firm and debt buyer. �Consumer debt collection is a challenging business that rewards superior customer research and analytics. We have put together a world-class management team and are continuing to refine our analytical platform and collections methodologies. In short order, we will be fully prepared to find and capitalize on opportunities in the rapidly evolving consumer debt collections market,� Mr. Meisenbacher said. Andrea Gale also joined the company and will serve as VP, Marketing & Portfolio Servicing leading the company�s portfolio acquisitions and sales as well portfolio/client services. She brings over 10 years of experience within the financial services industry including work for US Bank, Collect America, and PRS. Other senior Executives including General Counsel & EVP, Menachem Ash and EVP M&A / Corporate & Business Development, Jay Barsky, are continuing in their existing roles with the company. Steve Brown, who has been named Chairman of IDT Carmel, will direct the management team. Mr. Brown was the Chairman and President of IDT Entertainment, a subsidiary of IDT Corporation, until its sale to Liberty Media for total consideration exceeding $450 million. �We are fortunate to have attracted some of the most highly regarded executives in the industry to join the IDT Carmel team. They are top-notch people who bring a wealth of experience and savvy to our business. These appointments solidify our commitment to becoming a leader in the ARM industry,� Brown concluded. About IDT Carmel: Formed in 2005, IDT Carmel manages primarily consumer receivables portfolios and collections operations. About IDT Corporation: IDT Corporation (www.idt.net) is a multinational holding company with subsidiaries spanning several industries including: IDT Telecom, which provides telecommunications services to consumers and businesses, including prepaid and rechargeable calling cards, local, long distance and wireless phone services, wholesale carrier services, and a range of voice over Internet protocol (VoIP) communications services; IDT Energy (www.idtenergy.com), which operates an Energy Services Company (ESCO) in New York State; IDT Carmel, which manages receivables portfolios and collections; Zedge (www.zedge.net), which provides a web-based, worldwide destination for free, user-generated mobile content distribution and sharing; American Shale Oil Corporation (AMSO) (www.amso.net), which manages IDT's U.S. oil shale research and development initiative, and IDT Capital, whose portfolio of companies includes IDT Spectrum (www.idtspectrum.com), CTM Media Group (www.ctmmediagroup.com), and IDW Publishing (www.idwpublishing.com). 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. 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.