IDT Corporation to Relocate Headquarters

IDT Corporation (NYSE: IDT; IDT.C), a diversified consumer services company with operations focused on the telecommunications and energy sectors, today said that it will move its headquarters in Newark, NJ. Within ninety days, the Company will consolidate operations in newly leased headquarters, leaving its current building at 520 Broad Street in Newark and moving a block away to 550 Broad Street. The company will remain at 550 Broad on an interim basis while evaluating other long term relocation options.

"As part of our program to return to profitability, we have been working hard to reduce our corporate overhead,” said IDT’s Chairman, Howard Jonas. "We have fewer employees than we did several years ago, and, as a result, we now use considerably less corporate office space. Consequently, we have decided to consolidate our operations into a more cost effective facility.”

About IDT Corporation:

IDT Corporation (www.idt.net) is a consumer-focused multinational holding company.

In this press release, all statements that are not purely about historical facts, including, but not limited to, those with 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. All forward-looking statements and risk factors included in this document are made as of the date hereof, based on information available to IDT as of the date thereof, and IDT assumes no obligation to update any forward-looking statements or risk factors.