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IDT Corporation (NYSE: IDT) announced today its intention to spin-off
its patent and licensing subsidiary, Innovative Communications
Technologies, Inc. (ICTI) to its shareholders. ICTI’s intellectual
property portfolio includes patents that principally relate to
communications over computer networks.
“During the past year, ICTI has pursued active enforcement of its IP
while evaluating the burgeoning IP marketplace in order to both realize
the value inherent in its extraordinary portfolio and to manage risk,”
said Howard Jonas, IDT’s Chairman and Chief Executive Officer.
“Having considered our options in light of current trends, we now
believe that a spin-off presents the path to the greatest value for our
shareholders,” he added.
“We have carefully compared the opportunities and limitations of
continuing the effort to monetize ICTI’s patent portfolio within the IDT
corporate structure versus alternative strategies,” said Jeff Ballabon,
Chief Executive Officer of ICTI. “After a year of due diligence and
market research, it has become evident that separating ICTI completely
from IDT is the optimal way to maximize the value in this portfolio.”
Completion of the spinoff is subject to various conditions and
contingencies, and is subject to changes in the marketplace and the
other assumptions underlying the decision.
ICTI will prepare an information statement regarding the proposed
spin-off and distribute it to IDT stockholders following completion of
review of the proposed spin-off by the Securities and Exchange
Commission.
About IDT Corporation:
IDT
Corporation (NYSE: IDT) through its IDT Telecom division, provides
telecommunications and financial services. IDT Telecom’s retail products
allow people to communicate and share financial resources around the
world while its carrier services business is a global leader in
wholesale voice termination. For more information, visit www.idt.net.
About ICTI:
ICTI is a communications technology company. ICTI’s intellectual
property solutions include some of the pioneering patents that relate to
communications over computer networks.
Investor Relations
IDT Corporation
Bill Ulrey, 973-438-3838
invest@idt.net
