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Noted Investor and Money Manager Invests in Genie Energy
Genie Energy Corporation (Genie), a subsidiary of IDT Corporation (NYSE:
IDT, IDT.C), announced today that legendary Wall Street investor Michael
Steinhardt has agreed to serve as Chairman of the Board of Israel Energy
Initiatives Ltd (IEI), Genie’s Israel-based alternative energy affiliate.
IEI holds an exclusive Shale Oil Exploration and Production License
awarded in July 2008 by the Israeli Ministry of National Infrastructure,
covering approximately 238 square kilometers in the Shfela basin region
in Israel. Mr. Steinhardt has also agreed to purchase a minority
interest in Genie, which constitutes IDT’s energy businesses including
IEI, IDT Energy, its energy services company, and American Shale Oil,
IDT’s joint venture with Total SA.
After beginning his career as an analyst at Loeb, Rhodes & Co, Michael
Steinhardt founded an early and hugely successful hedge fund,
Steinhardt, Fine, Berkowitz & Co., in 1967. The fund delivered returns
nearly three times the S&P 500 average over thirty years.
“We are very excited to have an individual of the caliber and with the
experience of Michael Steinhardt join the IEI board,” said Wes Perry,
Chairman of the Board of Genie. “His input will be appreciated and
important as IEI pursues its business plan.”
“I am personally overjoyed and professionally proud to welcome Michael
Steinhardt to the IDT family,” said Howard Jonas, Chairman and Chief
Executive Officer of IDT Corporation. “Michael is a man of stature with
a track record as one of the most successful money managers in the
history of Wall Street. We share a vision of energy independence for the
US and Israel powered by the vast oil shale reserves in these two free
countries. Michael’s perspective and business judgment will be
invaluable to the development of IEI’s business.”
“I am pleased to be associated with Genie Energy and IEI,” said Michael
Steinhardt. “The talented teams that they have assembled and the
exciting prospects that they are developing particularly in oil shale
have inspired me to join and become actively involved.”
About IDT Corporation:
IDT
Corporation (www.idt.net)
is a consumer services company with operations 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.Genie
Energy is a subsidiary of IDT Corporation and is currently comprised of
IDT’s interests in IDT Energy, American Shale Oil, LLC (AMSO), and
Israel Energy Initiatives (IEI).
IDT Corporation
Bill Ulrey, 973-438-3838
Investor Relations
invest@idt.net
