IDT Corporation Announces Appointment To Its Winstar Board
Former Governor of Virginia, James S. Gilmore appointed to the Company’s Board for Winstar
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NEWARK, N.J., March 11, 2003 -- IDT Corporation (NYSE:IDT.B, IDT.C), a multinational carrier, telephone and technology company, is pleased to announce that James S. Gilmore, former Governor of the Commonwealth of Virginia, has joined the Winstar Board.
"As the nation looks for different ways to increase homeland security, telecommunications is an area of serious concern. We believe that IDT and Winstar are well positioned to help maintain the integrity of our country’s telecommunications infrastructure," said Jim Courter, IDT’s CEO. "IDT Solutions, through the Winstar network, provides primary, redundancy and back-up communications services to many companies and federal agencies. Jim Gilmore will be a welcomed addition to the Winstar board because of his expertise in technology and in dealing with homeland security and the needs of government."
James Gilmore is currently a partner in the law firm Kelley Drye and Warren LLP. He practices homeland security, corporate and technology law. Governor Gilmore has been overseeing “The Gilmore Commission,” an advisory panel that accesses the capabilities for responding to terrorist incidents in the U.S. homeland involving weapons of mass destruction. In addition to serving as the 68th Governor of the Commonwealth of Virginia from 1997 to 2002, Governor Gilmore served as Virginia's Attorney General from 1993 to 1997, and as Commonwealth Attorney for Henrico County from 1987 to 1997.
IDT Corporation, through its IDT Telecom subsidiary, is a facilities-based, multinational carrier that provides a broad range of telecommunications services to its retail and wholesale customers worldwide. IDT Telecom, by means of its own national telecommunications backbone and fiber optic network infrastructure, provides its customers with integrated and competitively priced international and domestic long distance telephony and prepaid calling cards. IDT and Liberty Media Corporation own 95% and 5 % of IDT Telecom, respectively. IDT acquired the assets of Winstar Communications in December 2001.
IDT Corporation common shares trade on the New York Stock Exchange under the ticker symbols IDT.B and IDT.C. As of December 12, 2002, there were about 54.1 million shares of Class B common stock (IDT.B) outstanding, and about 25.0 million shares of common stock (IDT.C) Of these, approximately 4.0 million shares of Class B common stock and approximately 5.4 million shares of common stock were held by IDT Corporation.
On January 9, 2003, IDT announced that it is changing its New York Stock Exchange ticker symbols. Effective February 26, IDT's common stock began trading under the symbol IDT.C. Effective March 19, IDT's Class B common stock will trade under the symbol IDT.
In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate, “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described in our most recent report on SEC Form 10-K (under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations”), which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. These factors include, but are not limited to, the following: potential declines in prices for our products and services; our ability to maintain and grow our retail telecommunications services, particularly our prepaid calling card business; availability of termination capacity; financial stability of our customers; our ability to maintain carrier agreements with foreign carriers; effectiveness of our marketing and distribution efforts; increased competition, particularly from regional bell operating companies; our ability to manage our growth; competitiveness of our Winstar subsidiary; impact of government regulation; our ability to obtain telecommunications products or services required for our products and services; and general economic conditions, particularly in the telecommunications markets. We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.
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Mar 11, 2003 |
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