Back to press releasesNEWARK, N.J., February 10, 2003 — IDT Corporation (NYSE: IDT.B, IDT), a multinational carrier, telephone and technology company, announced today that it will offer significant cost savings on voice and data telecommunications services to business customers switching to IDT from the other major US domestic carriers. IDT, through its IDT Solutions division, is issuing a guaranteed 10% across the board cut on monthly telecom bills for businesses that switch their service from AT&T, Sprint, WorldCom, Verizon, SBC, QWEST or Bell South, based on their current rates.
“Many will say that we’re firing the first shot in a new telecommunications price war,” said Howard Jonas, IDT Chairman. “But, I’d rather think of it as the beginning of a telecom revolution, where victory will belong to the leaner, more agile and technologically innovative companies like IDT.”
As part of the 10 % cut, IDT will offer eligible businesses low rates on its technologically advanced local, long distance, and high speed Internet services. IDT’s highly competitive international calling rates will provide additional cost savings.
“As I’ve pointed out in the past, the other major US telecommunications companies are carrying a combined debt load in the hundreds of billions. We believe this has helped inflate the cost of voice and data services,” said Jim Courter, IDT’s CEO. “IDT has proved that it can provide its customers with all their communications needs at extremely competitive prices.”
“Business customers don’t have to have a million dollar a month telecommunications bill to be able to get significant cost savings,” said Brian Finkelstein, IDT Solutions’ CEO. “Now with IDT, a firm spending $2,500 a month on voice and data services will be able to take advantage of discounts of the type normally reserved for the largest accounts at the other major US carriers.”
IDT Solutions’ use of Winstar’s superior fixed-wireless network delivers reliable local and long distance service, and provides redundancy for businesses seeking back-up services.
Executives interested in cutting their company’s telecommunications overhead and improving their bottom line can call an IDT account executive today at 1-800-CALL-IDT to find our more about IDT Solutions’ business services and the 10% savings guarantee. Services are provided by Winstar and IDT and are subject to service availability.
IDT Corporation, through its IDT Telecom subsidiary, is a facilities-based, multinational carrier that provides a broad range of telecommunications services to its retail and wholesale customers worldwide. IDT Telecom, by means of its own national telecommunications backbone and fiber optic network infrastructure, provides its customers with integrated and competitively priced international and domestic long distance telephony and prepaid calling cards. IDT and Liberty Media Corporation own 95% and 5 % of IDT Telecom, respectively. IDT Media is the IDT subsidiary principally responsible for the Company’s initiatives in media, new video technologies and print media.
On January 9, 2003, IDT announced that it is changing its New York Stock Exchange ticker symbols. Effective February 26, IDT’s common stock will trade under the symbol IDT.C. Effective March 19, IDT’s Class B common stock will trade under the symbol IDT.
Through its various subsidiaries, IDT has interests in several telecom, Internet-related and media companies. IDT acquired the assets of Winstar Communications in December 2001. IDT Corporation common shares trade on the New York Stock Exchange under the ticker symbols IDT.B and IDT. As of December 12, 2002, there were about 54.1 million shares of Class B common stock (IDT.B) outstanding, and about 25.0 million shares of common stock (IDT). Of these, approximately 4.0 million shares of Class B common stock and approximately 5.4 million shares of common stock were held by IDT Corporation.
In this press release, all statements 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, including, but not limited to, those described in our most recent report on SEC Form 10-K (under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations”), which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. These factors include, but are not limited to, the following: potential declines in prices for our products and services; our ability to maintain and grow our retail telecommunications services, particularly our prepaid calling card business; availability of termination capacity; financial stability of our customers; our ability to maintain carrier agreements with foreign carriers; effectiveness of our marketing and distribution efforts; increased competition, particularly from regional bell operating companies; our ability to manage our growth; competitiveness of our Winstar subsidiary; impact of government regulation; our ability to obtain telecommunications products or services required for our products and services; and general economic conditions, particularly in the telecommunications markets. We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.
