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IDT Energy, a subsidiary of IDT Corporation (NYSE: IDT; IDT.C), today
said that it has selected BP Energy as its preferred supplier of
electricity and natural gas in New York State.
“We are very pleased to forge this strategic relationship with BP
Energy,” said IDT Energy’s CEO Geoff Rochwarger. “This agreement
enhances our ability to provide our customers with competitive rates and
outstanding service throughout our New York service areas.”
Under the terms of the multi-year agreement, BP Energy will be the
supplier of choice for IDT Energy – the largest residential energy
supply company in New York state serving approximately 414,000 electric
and gas meters.
“If this arrangement develops as we expect, it will enhance IDT’s
liquidity by materially reducing the capital required to support our
ESCO business,” said Bill Pereira, CFO of IDT Corporation. “That will
give us greater flexibility to support some of our other business
initiatives.”
IDT Energy’s ability to purchase electricity and natural gas under the
agreement is subject to satisfaction of certain conditions.
About IDT Energy:
IDT Energy (www.idtenergy.com)
is an energy supply company (ESCO) providing electricity and natural gas
primarily to residential and small business customers throughout New
York State. IDT Energy’s headquarters are in Newark, New Jersey. It is a
subsidiary of IDT Corporation (NYSE: IDT; IDT.C).
About IDT Corporation:
IDT
Corporation (www.idt.net)
is a consumer focused company operating 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.
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 headings “Risk Factors” and “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.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.
IDT Corporation
Bill Ulrey, 973-438-3838
