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To: Jenna who wrote (40819)	5/18/1999 7:07:00 PM
From: manny t	Read Replies (1) \| Respond to of 120523

IDTC, Company Press Release IDT's Net2Phone Subsidiary Files for an Initial Public Offering of Common Stock HACKENSACK, N.J.--(BUSINESS WIRE)--May 18, 1999--IDT (NASDAQ: IDTC - news) today announced that its subsidiary, Net2Phone, Inc., has filed a registration statement with the Securities and Exchange Commission for an initial public offering of common stock. Net2Phone is a leading provider of voice-enhanced Internet communications services to individuals and businesses worldwide. Net2Phone enables people to place low-cost high quality calls from their computer, telephone, or fax machine to any telephone or fax machine in the world. By routing calls via the Internet, Net2Phone enables users to save up to 95% off international phone rates. Net2Phone develops and markets technology and services for IP voice and e-commerce solutions for the web and other IP networks. A registration statement relating to Net2Phone's common stock has been filed with the Securities and Exchange Commission but has not yet become effective. Shares of common stock of Net2Phone may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. The offering will be made only by means of a prospectus. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the common stock in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. 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, and Internet access