Back to press releases
IDT Corporation (NYSE: IDT) announced today that its Board of Directors
had instructed management to determine and pursue strategic alternatives
to unlock the value in its Zedge subsidiary, including a spinoff or IPO
of the Company. IDT intends to retain financial advisors to assist it in
analyzing and executing on the best path.
Zedge is the world’s premier discovery platform offering free, high
quality games, ringtones and wallpapers. Zedge’s app, available on
Google Play and iTunes, has been installed more than 70 million times
and has ranked in the “Top 15” in Google Play for three years running.
Zedge offers a fully non-incentivized, scalable, distribution platform
to advertisers, artists and developers seeking high quality customers.
IDT owns approximately 83% of Zedge.
“We remain committed to providing Zedgers with a great discovery service
that offers a personalized catalogue of free and relevant, quality games
and personalization content, and this dedication has resulted in
exceptional growth catapulting us to the top of the charts,” said Tom
Arnoy, Zedge’s CEO and Co-Founder. “With access to growth capital we
will be able to continue expanding our customer base, accelerating user
engagement and innovating new and exciting offerings. Our experienced
management team is excited by the prospect of getting the company to the
next level and I am happy to have Jonathan Reich, our COO, on board
considering his previous success in realizing value from IDT’s
incubations.”
“Zedge is one of the untapped gems in our portfolio and is on track to
become the de-facto standard for mobile content acquisition,” said
Howard Jonas, IDT’s Chairman and CEO. “Zedge has an incredibly talented
team, market leading position and outstanding technology. The
marketplace does not currently provide fair value for Zedge within the
IDT family, and we will find the right way to realize this worth for our
stockholders.”
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 Form 10 filing (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-K, 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.
About IDT Corporation:
IDT Corporation (NYSE: IDT) through its IDT Telecom division, provides
telecommunications and payment services. IDT Telecom’s retail products
allow people to communicate and share 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 Zedge
Zedge is the world’s leading destination for mobile phone consumers
looking for free and relevant, high quality games, apps and
personalization content – ringtones, wallpapers and alerts. Every month
mobile consumers come to Zedge to download millions of games, apps,
wallpapers, themes, ringtones and alerts to their feature phones, smart
phones and tablets. Zedge is known for its great user experience,
quality and diversity of content and supports virtually every device on
the market today.
Zedge is headquartered in New York City and Trondheim, Norway with
sales/business development and technology/product being driven from
these respective locations. Zedge’s investors include IDT Corporation
(NYSE: IDT) – www.idt.net
– and Shaman II.
For more information, please visit the Zedge web site at www.zedge.net,
or follow Zedge on Facebook at www.facebook.com/officialzedge
or on Twitter at www.twitter.com/zedge.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20130828006267/en/
IDT Corporation
Bill Ulrey, 973-438-3838
invest@idt.net
