IDT Corporation Announces Appointments To IDT Media's Board
Former Governor of California, Pete Wilson, and co-founder of Lorimar Telepictures, Merv Adelson, named to IDT Media’s Board |
NEWARK, N.J., March 11, 2003 -- IDT Corporation (NYSE:IDT.B, IDT.C), a multinational carrier, telephone and technology company, is pleased to announce two new appointments to IDT Media’s Board. Pete Wilson, former Governor of California and Merv Adelson, founder of Lorimar Telepictures, have joined the Company’s Board for IDT Media.
“IDT Media is fortunate to have Pete Wilson and Merv Adelson as members of their Board. Both men have significant insight into and experience with the entertainment industry,” said Howard Jonas, IDT’s Chairman. “Pete Wilson was Governor of California, the state that is home to Hollywood, the entertainment capital of the world. And Merv Adelson founded Lorimar Telepictures, which is now part of Time Warner. Both men’s background will help shape the future of IDT Media.”
“Both Pete Wilson and Merv Adelson are men I’ve long admired for their strong work ethic,” said Jim Courter, IDT’s CEO. “IDT takes pride in appointing highly qualified, independent outside directors for all of its Boards. Both Pete Wilson and Merv Adelson will become part of that tradition."
Pete Wilson has been credited with the economic recovery of the State of California while he was Governor. He was also responsible for leading a successful effort to manage the dynamic growth of the city of San Diego while he was mayor there, and oversaw the revitalization of the city’s downtown area. As a United States Senator, Mr. Wilson was a leading voice for a stronger defense and US foreign policy.
Mr. Adelson has been an influential executive in the entertainment and communications industries for more than 30 years. Having co-founded Lorimar Telepictures, where he served as Chairman and CEO, Mr. Adelson grew the company into the world’s largest producer of television programming as well as a prominent motion picture production company. Mr. Adelson also played a key role in developing Lorimar’s subsidiary, then known as Bozell, into one of the world’s top full-service advertising agencies.
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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