Newark, N.J. April 3, 2003 - IDT Corporation (NYSE: IDT, IDT.C), a multinational carrier, technology and telephone company, is pleased to announce that Jack Kemp, former Secretary of Housing and Urban Development, has been appointed to IDT's Board of Directors. For the past two years, Mr. Kemp has served on the Board of Directors of IDT Telecom, a subsidiary of IDT. With Mr. Kemp's appointment, the IDT Board has nine outside directors and seven inside directors.
"With the appointment of Jack Kemp to our Corporate Board, we add a strong outside voice with experience and insight. And at the same time we reaffirm our commitment to good corporate governance through a highly qualified independent board of directors," said Jim Courter, IDT's CEO. "It was a privilege working closely with Jack Kemp during our years together in Congress and during his tenure on IDT Telecom's Board. His wealth of governmental experience, knowledge of economics and ability to make reasoned business recommendations will be invaluable to IDT as it continues to grow."
Jack Kemp is currently co-director of Empower America, a Washington, D.C.-based public policy and advocacy organization he co-founded in 1993 with William Bennett and Ambassador Jeane Kirkpatrick. Mr. Kemp served four years as Secretary for Housing and Urban Development under President George H. Bush and authored the Enterprise Zones legislation to encourage entrepreneurship and job creation in urban America. In 1995, Mr. Kemp served as Chairman of the National Commission on Economic Growth and Tax Reform and in August 1996 received the Republican Party's nomination for Vice President.
"Jack Kemp is a visionary whose ideas have helped build American businesses and spark economic growth," said Howard Jonas, IDT's Founder and Chairman. "He's made significant and tangible contributions to our nation and is guided by principals that I share: expanding personal freedoms, spreading democracy and encouraging entrepreneurship. He will be a welcome voice on IDT's Board."
Prior to serving in President Bush's cabinet, Jack Kemp was a member of the U.S. House of Representatives from 1971 to 1989, representing the Buffalo area and Western New York. Jack is a native of Los Angeles, where he attended LA public schools. He graduated from Occidental College. Jack Kemp played for 13 years as a professional football quarterback. Kemp was captain of the San Diego Chargers from 1960-1962 and captain of the Buffalo Bills, the team he quarterbacked to the American Football League Championships in 1964 and 1965.
Jack Kemp joins a very distinguished Board. IDT's outside Directors include former CEO of University Optical Products, Inc, J. Warren Blaker, former U.S. Senator from Minnesota, Rudy Boschwitz, President Emeritus of the New Jersey Institute of Technology, Saul Fenster, Chairman of Stone Tower Capital LLC, Michael Levitt, President and CEO of Crystallex Inc, Marc J. Oppenheimer, former Vice Chairman of the Joint Chiefs of Staff, Admiral William Owens, Chairman of Canary Wharf Group plc, Paul Reichmann, and former Governor of Massachusetts, William Weld.
IDT Corporation, through its IDT Telecom 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 own 95% and 5% of IDT Telecom, respectively. IDT Media is the IDT subsidiary principally responsible for the Company's initiatives in media, new video technologies and print media.
IDT Corporation common shares trade on the New York Stock Exchange under the ticker symbols IDT and IDT.C. As of March 13, 2003, there were about 54.4 million shares of Class B common stock (IDT) outstanding, and about 25.1 million shares of common stock (IDT.C) Of these, approximately 4.0 million shares of Class B common stock and approximately 5.4 million shares of common stock were held by IDT Corporation.
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