Back to press releasesNewark, N.J., December 2, 2003 – IDT Entertainment today announced that it has completed its acquisition of a controlling interest in Mainframe Entertainment, Inc., a creator of computer generated image (CGI) animation for feature films, TV and direct-to-video/DVD products. IDT Entertainment is a subsidiary of IDT Corporation (NYSE: IDT, IDT.C), a multinational carrier, telephone and technology company.
Mainframe Entertainment, Inc. is one of the world’s most prolific producers of CGI animation for television and direct-to-video/DVD products, and is expanding into long-form CGI for feature films, commercials and interactive entertainment. In addition to its production of the award-winning “Barbie as Rapunzel” direct-to-video/DVD feature and the new Spider-Man animated series, the company created the animation, logo, and branding for the 2003 MTV Movie Awards. The company is best known as the pioneer of CGI animated television programming for the groundbreaking series “ReBoot.” Mainframe has produced over 240 half-hours of CGI animation since its inception in 1993. The company employs approximately 150 artists, animators, technicians and production personnel, and has won many prestigious awards for its creative technical innovations, including a Laureate of the 1998 Computerworld Smithsonian Awards.
In March 2003, Digital Production Solutions (DPS), now a unit of IDT Entertainment, acquired rights to Starpoint Academy and Char, both Gene Roddenberry creations. Starpoint Academy is presently in production. In May 2003, IDT Entertainment acquired a controlling interest in Film Roman, Inc., the animation company well known for its production work on The Simpsons, King of the Hill, and other popular broadcast television programs. In July 2003, IDT Entertainment acquired a minority equity interest in Vanguard Animation, LLC. Under the terms of the Vanguard Animation investment, IDT Entertainment was granted a first look right to provide production services on future Vanguard Animation projects. IDT and Vanguard Animation also entered into a joint venture agreement to jointly develop, produce, finance and arrange distribution of CG animation entertainment.
IDT Corporation, through its IDT Telecom, Inc. 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. Liberty Media Corporation also owns 5.6% stakes in IDT Media and IDT Entertainment. IDT Media, Inc. is the IDT subsidiary principally responsible for the Company’s initiatives in radio broadcasting, new video technologies and print media. IDT Entertainment, Inc. is the IDT subsidiary focused on developing, acquiring, producing and distributing computer-generated and traditionally animated productions and other productions for the film, broadcast and direct-to-consumer markets. Winstar Holdings, LLC, which provides service under the IDT Solutions brand, is the IDT subsidiary through which we provide broadband and telephony services to commercial and governmental customers through a fixed-wireless and fiber infrastructure. Net2Phone, Inc., a subsidiary of IDT Corporation, is a leading provider of high-quality global retail Voice over IP services, either directly or via a partner.
IDT Corporation common shares trade on the New York Stock Exchange under the ticker symbols IDT and IDT.C.
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.
