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IDT AND DIGITEC 2000 SIGN AGREEMENT; COMPANIES RESOLVE OUTSTANDING ISSUES AND ANNOUNCE SERVICE AGREEMENT BUSINESS EDITORS
HACKENSACK, N.J.--(BUSINESS WIRE)--Feb. 1, 1999--IDT Corporation
(NASDAQ: IDTC.O) and Digitec 2000 (OTC BB: DGTT.O) today announced that
they have amicably resolved all outstanding claims against each other
and have entered into an agreement to conduct business on an ongoing
basis.
Under the terms of their agreement, all claims have been
dismissed. IDT will initiate business with Digitec, which will be
purchasing debit card services from IDT at preferential rates. Both
companies expect this to increase revenues and profits.
"We are pleased that we have seized an opportunity for us to both
increase our revenues while providing Digitec with favorable rates and
terms for our products and services," said Joshua Winkler, IDT's
Executive Vice President of Sales. "We look forward to a prosperous
and long-term relationship with Digitec."
"We are pleased to be doing business with IDT, and look forward
to building a strong relationship with them," said Diego Roca, Chief
Operating Officer of Digitec 2000. "We believe this to be a win-win
situation for both companies and envision strong synergies between
us."
IDT is a leading emerging multinational carrier that combines its
position as an international telecommunications operator, its
experience as an Internet service provider and its leading position in
Internet telephony to provide a broad range of telecommunications
services to its wholesale and retail customers worldwide. The company
provides its customers with integrated and competitively priced
international and domestic long distance, pre-paid calling cards,
Internet access and, through its Net2Phone product offerings, Internet
telephony services including Net2Phone Direct, Net2Fax, and
Click2Talk. For more information about IDT's products and services,
please visit www.idt.net.
Digitec 2000, Inc. is a leading provider of prepaid
telecommunications products and services. The company develops
corporate and affinity prepaid phone card programs as well as utility
cards for retail distribution. The company's DigiTEC Direct, Brasil
Direct, Mexico Direct and F/X South America are among the most
prominent brands in the retail market.
Except for historical information, all of the expectations and
assumptions contained in the foregoing are forward-looking statements
involving risks and uncertainties. Important factors that could cause
actual results to differ materially from such forward-looking
statements, include, but are not limited to, the competitive
environment for Internet telephony, changes of rates of all related
telco rates and services, legislation that may affect the Internet
telephony industry, IDT's ability to operate the services described on
a large scale commercial level. For additional information regarding
these and other risks associated with the company's business refer to
the company's reports filed with the SEC.
--30--lp/ny* rc
CONTACT: IDT Public Relations, Hackensack
Sarah Hofstetter, 201/928-2882
sarah@net2phone.com
or
IDT Investor Relations, Hackensack
Janine Kutliroff, 201/928-4391
janinek@hq.idt.net
KEYWORD: NEW JERSEY
INDUSTRY KEYWORD: INTERACTIVE/MULTIMEDIA/INTERNET COMED
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