IDT Corporation Postpones Spinoff of net2phone

NEWARK, NJ, May 05, 2022 (GLOBE NEWSWIRE) — IDT Corporation (NYSE: IDT), a global provider of fintech, cloud communications, and traditional communications sets, announced today that, in light of current market conditions, its Board of Directors has postponed the spinoff of its net2phone cloud communications part, which it had been preparing to spin off on or before July 31st, 2022.

“The net2phone team has achieved exceptional results bringing progressive cloud communication solutions to markets in North and South America,” said Jonah Fink, President of net2phone. “We keep very excited by net2phone’s rapid growth, the transformational opportunities produced by the recent acquisition of Integra, and the strength of net2phone’s global channel partnerships.”

Shmuel Jonas, IDT’s CEO, additional, “While net2phone remains within IDT, we will rapidly execute on a plan to transform net2phone’s business so that it will become bottom line accretive, and we keep resolute in our commitment to grow and monetize the business at an opportune time.”

About IDT Corporation:

IDT Corporation (NYSE: IDT) is a global provider of fintech, cloud and traditional communications sets. We make it easy for families to communicate and sustain each other across international borders. We also permit businesses to transact and communicate with their customers with enhanced intelligence and insight.

Our BOSS Money international remittance and BOSS dramatical change international calling sets make sending money and speaking with friends and family around the world functional and reliable. National Retail Solutions’ (NRS) point-of-sale retail network enables independent retailers to function and course of action transactions more effectively while providing advertisers and consumer marketers with unheard of reach into underserved consumer markets. net2phone’s communications-as-a-service solutions provide businesses with intelligently integrated cloud communications and collaboration tools across channels and devices. Our IDT Global and IDT Express wholesale offerings permit communications service enterprises to provision and manage international voice and SMS sets.

Contact:
Bill Ulrey
IDT Investor Relations
Phone: (973) 438-3838
E-mail: [email protected]

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