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 IDT Corp. Board of Directors Authorizes Increase in Stock Buyback Program

 

NEWARK, N.J. - July 6, 2000 - IDT Corporation (NASDAQ:IDTC - news) today announced that its Board of Directors has authorized an increase in the Company's ongoing share repurchase program, to ten million (10,000,000) shares from five million (5,000,000) shares.

Through July 5, 2000, the Company had repurchased 2,835,842 common shares under its existing stock repurchase program, which was initially announced on May 17, 2000.

Any future purchases will be made from time to time as market and business conditions warrant, in open market, negotiated or block transactions. All purchases are subject to the availability of shares at prices which are acceptable to IDT, and, accordingly, there is no guarantee as to the timing or number of shares to be repurchased.

IDT is a leading 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 network infrastructure IDT provides its customers with integrated and competitively priced international and domestic long distance, pre-paid calling cards, Internet access and Digital Subscriber Line (DSL) service.


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 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 Quarterly Report on Form 10Q for the period ended April 30, 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.

Norman Rosenberg
VP, Finance and Capital Markets
(201) 530-4001
For Investor Relations inquiries or to be added or taken off the fax list, please contact:

Mary Jennings
IDT Investor Relations
(201) 928-2975

 

 

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