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Technology Stocks : IDT *(idtc) following this new issue?* -- Ignore unavailable to you. Want to Upgrade?

To: Steve Fancy who wrote (12976)	8/12/1999 8:30:00 AM
From: wl9839	Read Replies (1) \| Respond to of 30916

Spain's Telefonica Confirms JV With IDT Corp (DOW JONES NEWSWIRE) MADRID -- Telecommunications giant Telefonica SA (TEF) confirmed Thursday that it has signed a wide-ranging joint venture with IDT Corp (IDTC) of the US. Telefonica said the joint venture will specialize in offering telecom products and services to the 30 million Spanish speakers in the U.S. IDT will also pay more than $100 million for a 10% stake in Sam-1 - an underwater cable project which will link south America, central America, the Caribbean and the U.S. from 2000. The two companies signed an agreement in New York earlier in the day, Telefonica said in a press release. Further details weren't immediately available. Telefonica is a former Spanish monopoly, with extensive interests in markets like Argentina, Peru, Venezuela, Colombia, El Salvador, Guatemala and Puerto Rico. It also has a huge presence in the Portuguese-speaking world through its holdings in Brazil. IDT specializes in the Spanish-speaking market in the U.S., as well as in Latin America.