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 IDT Announces Hiring of Norman Klugman to Head Enterprise Solutions Division |
| New Division to Offer Turnkey Communications Solutions to Business Customers |
NEWARK, N.J. -March 28, 2001-- IDT Corporation (NYSE: IDT) announced today that it has hired Norman Klugman, who has 20 years of experience in the international telecommunications industry, as Chief Executive Officer (CEO) of its new IDT Enterprise Solutions business. Prior to joining IDT, Mr. Klugman was the President and COO of ATC Corp., as well as the COO of LDDS/WorldCom. He was also the Chairman and CEO of TresCom International, which was acquired by Primus Telecommunications in 1998. IDT Enterprise Solutions, which will function as a separate entity within IDT, will offer total communications solutions to business customers. IDT will offer a turnkey communications solution, offering customers an entire suite of communications services, including voice, data, Internet telephony, video and other broadband applications. In offering these services, IDT will provide end-to-end connectivity, leveraging its fiber capacity, as well as additional network assets. IDT continues to seek targeted acquisitions of bandwidth, taking advantage of the current, short-term buyer's market for bandwidth, and the financial difficulties being encountered by several major owners of both long-haul and local bandwidth. Backed by the financial strength of IDT Corporation, IDT Enterprise Solutions intends to accumulate a large portfolio of assets, without incurring debt. In addition, IDT Enterprise Solutions expects to be in a position to swap some of its existing fiber assets for other strategic fiber assets. "It's not every day that we have an opportunity to add someone with the broad telecom knowledge and experience of Norman Klugman," said Howard Jonas, IDT's Chairman and CEO. "We feel that he is the perfect person to be heading up our Enterprise Solutions efforts." "Given the strength of our balance sheet, we have a unique opportunity to acquire assets and technology which will form the platform upon which we will grow our Enterprise Solutions and Data businesses." IDT CORPORATIONIDT is a leading facilities-based, multinational carrier that combines its position as an international telecommunications operator with its experience as an Internet service provider to provide a broad range of telecommunications services to its wholesale and retail customers worldwide. Through its own national telecommunications backbone and fiber optic network infrastructure, IDT provides its customers with integrated and competitively priced international and domestic long distance telephony, prepaid calling cards, Internet access and digital subscriber line (DSL) service. The Company's Ventures division is developing several innovative telecom and Internet related businesses. Through its IDT Investments subsidiary, IDT has equity interests in several telecom and Internet-related companies. Except for historical information, all of the expectations and assumptions contained in the foregoing are forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and the Securities Exchange Act of 1934, involving risks and uncertainties. These statements refer to our plans to implement our growth strategy, improve our financial performance, expand our infrastructure, develop new products and services, expand our customer base and enter international markets. The forward looking statements also include our expectations concerning factors affecting the markets for our products, including the demand for long distance telecommunications, and Internet access services. These forward looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the results that we anticipate. These risks and uncertainties include, but are not limited to, those risks discussed in this release. In addition to the factors specifically noted in the forward looking statements, other important factors that could result in those differences include (a) general economic conditions in the telecommunications and Internet markets, including inflation, recession, interest rates, and other economic factors; (b) casualty to or other disruption of our facilities and operations; (c) those discussed in our Annual Report on Form 10K for the period ended July 31, 2000; and (d) other factors that generally affect the business of telecommunications, Internet and other communications companies. We assume no obligation to update these forward looking statements or to update the reasons actual results could differ materially from the results anticipated in the forward looking statements. Investors: |
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