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Technology Stocks : IDTI - an IC Play on Growth Markets -- Ignore unavailable to you. Want to Upgrade?

To: BigBull who wrote (9620)	9/21/1998 8:25:00 PM
From: neverenough	Read Replies (3) \| Respond to of 11555

Finally some good news from IDT,, -------------------------------------------------------------------------------- IDT Authorizes Repurchase of Common Stock Business Wire - September 21, 1998 20:17 SANTA CLARA, Calif.--(BUSINESS WIRE)--Sept. 21, 1998--IDT (Nasdaq:IDTI) today announced that its Board of Directors has authorized the repurchase of up to 10 million shares of its common stock. The Company may repurchase the shares from time to time in the open market at the discretion of the Company's management. As of Sept. 1, 1998, the Company had approximately 82.7 million shares outstanding. This is the first time since the founding of the Company that the Board has authorized a share repurchase program. "I believe our stock is trading significantly below its fundamental value, and that stock repurchase represents an attractive opportunity to increase shareholder value," stated Len Perham, IDT's president and chief executive officer. About IDT IDT enables a digitally connected world by providing innovative semiconductor solutions to leading-edge designers in communications and computing. IDT's broad product mix consists of communications memories, networking devices, both RISC and x86 microprocessors, high-speed SRAMs and high-performance logic. The company's innovative technologies and products take aim at markets expected to exceed a total of $20 billion in 1998. Headquartered in Santa Clara, Calif., the company employs approximately 5,000 people worldwide and has manufacturing facilities in California, Oregon, the Philippines and Malaysia. IDT stock is traded on the Nasdaq stock market under the symbol "IDTI." Additional information about IDT is easily accessible through the World Wide Web (www.idt.com), CD-ROM by calling 800/345-7015, or via fax-on-demand at 800/9-IDT-FAX. The investor hotline is 408/654-6420. CONTACT: IDT Investor Relations Michael Tierney, 408/654-6766 michael.tierney@idt.com Investor Relations Hotline, 408/654-6420 or Tsantes & Associates (press contact) Dean Fisk, 408/369-1500 ext. 35 dfisk@tsantes.com -------------------------------------------------------------------------------- %IDT IDTI %CALIFORNIA %OREGON %COMED %COMPUTERS %ELECTRONICS V%BW P%BW