IDT Corporation Begins Spin-Off of VoIP Related Patent Business to Shareholders

IDT Corporation (NYSE: IDT; IDT.C) said today that it will spin-off a portfolio of patents related primarily to communications over computer networks, including Voice over Internet Protocol (VoIP), and the licensing business related to those patents to its shareholders.

IDT shareholders will receive one share in Innovative Communications Technologies, Inc. (ICTI) which will consist of the patents and the related licensing business, for every five shares of IDT. The record date and share distribution dates have not yet been determined. Upon completion of the spin-off, ICTI is expected to trade on the over-the-counter market.

“It is likely that many companies are currently using the technologies covered by these patents,” said Howard Jonas, IDT’s Chairman, Chief Executive Officer and the founder of Net2Phone, a pioneer in VoIP telecommunications that is now a wholly owned subsidiary of IDT.

“As an independent publicly traded company, ICTI will be optimally positioned to license these patents and enforce its intellectual property rights. This spin-off maximizes the potential to create substantial value for our shareholders from this IP over the long term,” Mr. Jonas added.

Completion of the spinoff is subject to final approval by IDT’s board of directors, confirmation of the tax-free nature of the transaction, as well as effectiveness of a Form 10 registration statement filed with the SEC.

ICTI’s Form 10 was filed yesterday with the SEC and includes detailed information about ICTI, the spinoff and related matters. ICTI’s Form 10 is available through the SEC website www.sec.gov. ICTI has been assigned Central Index Key (CIK) 1515646.

ICTI will distribute an information statement to stockholders following completion of the SEC’s review of the Form 10. IDT’s board of directors reserves the right to amend, modify or abandon the spin-off and the related transactions at any time prior to the distribution date.

About IDT Corporation:

IDT Corporation (www.idt.net) is a consumer services company with operations primarily in the telecommunications and energy industries. 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.

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