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Technology Stocks : Net2Phone Inc-(NTOP) -- Ignore unavailable to you. Want to Upgrade?

To: herndoncardz who wrote (898)	8/11/2000 6:20:16 PM
From: KLP	Read Replies (1) \| Respond to of 1556

IDT Completes Sale of Net2Phone Shares to AT&T for $1.1 Billion NEWARK, N.J., Aug 11, 2000 (BUSINESS WIRE) -- IDT Corporation (NASDAQ: IDTC chart, msgs) announced today that it has completed the sale of 14.9 million shares of its Net2Phone (NASDAQ: NTOP chart, msgs) subsidiary to AT&T (NYSE: T chart, msgs) for $75.00 per share, resulting in total cash consideration to IDT of approximately $1.1 billion. In addition, as part of the transaction originally announced on March 31, 2000, AT&T has purchased four million newly-issued NTOP shares at a price of $75.00 per share, with total cash consideration to Net2Phone of $300 million. "The proceeds from the sale of the Net2Phone shares to AT&T will be the platform upon which we will build our company's future," said Howard Jonas, IDT's Chairman and CEO. "Armed with over one billion dollars in cash, we plan to expand our core telecommunications business through investments in our worldwide network infrastructure. We will also continue to spend aggressively to fund the growth initiatives in our domestic consumer long-distance business, our European telecom division, and in our promising new businesses, including GENIE, IDT Wireless and Free-At-Last.com." IDT CORPORATION IDT is a leading facilities-based, 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 fiber optic network infrastructure IDT provides its customers with integrated and competitively priced international and domestic long distance telephony, prepaid calling cards, Internet access and digital subscriber line (DSL) service. The Company's Ventures division is developing several innovative telecom and Internet related businesses. Through its IDT Investments subsidiary, IDT has equity interests in several telecom and Internet-related companies 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. Contact