IDT Media Acquires Rights to Gene Roddenberry's 'Starpoint Academy' and 'Char'.

Entertainment Editors/Business Editors

NEWARK, N.J.--(BUSINESS WIRE)--March 12, 2003

Deal marks IDT Media's Digital Production Solutions entry into

3-D feature film development and distribution

IDT Media's Digital Production Solutions (DPS) today announced that it has acquired rights to never-before-seen projects created by Gene Roddenberry.

"Gene Roddenberry's Starpoint Academy" and "Gene Roddenberry's Char," are the first original properties acquired by DPS. IDT Media is a division of IDT Corporation (NYSE: IDT.B, IDT.C), a multinational carrier, technology and telephone company.

"This is exciting. Acquiring two stories by Gene Roddenberry is like finding long lost unpublished manuscripts of Shakespeare or Hemingway in an old trunk in the attic," said Howard Jonas, IDT's Chairman. "Now a new generation of fans will be able to experience what no generation has before; Gene Roddenberry's visions on the big screen in 3-D."

"Starpoint Academy" and "Char" are the first and only Gene Roddenberry projects that are specifically aimed at children. Both projects were optioned and immediately purchased by IDT Media's Executive Vice President of Business Development, Morris Berger from the as yet-unnamed production company recently launched by Panacea Entertainment Chairman Eric Gardner and former Tribune Entertainment Senior VP of Programming and Development Karen Corbin, which will produce the projects in association with IDT Media. Gardner and Corbin will executive produce along with Majel Roddenberry, Gene Roddenberry's widow, with whom they developed the properties.

This deal marks IDT Media's Digital Production Solutions entry into 3-D feature film development and distribution. Digital Production Solutions will be utilizing its Global Animation Studio's proprietary 3-D animation software in the development of both properties. In addition, IDT Media acquired the rights to all audio and video content relating to the projects, including but not limited to licensing, game development and merchandising.

"We're planning on taking Gene Roddenberry fans on a new trek through space with 'Starpoint Academy' and 'Char'," said Jim Courter, IDT's CEO. "Using superior texturing, lighting and visual effects, IDT Media's Global Animation Studio will create high-quality 3-D animated productions that would even amaze Gene Roddenberry. The realistic scenery, landscape and special effects that can be created through 3-D animation will make viewers feel like they are truly part of the story."

"Gene and I had often discussed the wonderful possibilities available in storytelling for these younger audiences," said Majel Roddenberry. "These projects will bring alive his positive vision of science, exploration and adventure to a new generation."

"These days everything is about branding, and the Roddenberry name is about as iconic as it gets," said Panacea chief Eric Gardner. "Majel, Karen and I were immediately impressed by IDT's reverence for Gene's legacy, which led to our closing our deal with them quickly and enthusiastically."

"Starpoint Academy" takes place on Starpoint Pharos, an artificial planet that houses emissaries of peace from every galaxy. In this cosmic United Nations, the problems of the universe are peacefully debated and resolved. Against this backdrop, the best and brightest galactic teens are recruited and trained in body, mind and spirit as elite Astari Rangers, the renaissance teens of the future and guardians of the peace. "Char" is the saga of an Intergalactic princess, robbed of her birthright and without knowledge of her true identity, is being raised as a normal all-American girl on 24th Century Earth.

"We're very excited to be working on projects from the mind of such a legendary sci-fi master," said Morris Berger. "We want all of Gene's fans to know that the result will be well worth waiting for."

IDT Media will keep Gene Roddenberry fans in the loop on production concepts and schedules through their website www.starpointacademy.net which will be launched in the next few weeks.

DPS is currently working on a co-production with Jim Jinkins and David Campbell of Cartoon Pizza, the creators of Doug, Stanley and PB&J Otter. In addition, the DPS studio has produced episodes of "Monster by Mistake" under an agreement with CCI Entertainment, Ltd to be broadcast in the United States, Canada, Australia and Germany. The DPS studio offers producers access to high quality animation using international talent on demand for a fraction of domestic costs, and with levels of control similar to an in-house studio.

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 Media is the IDT subsidiary principally responsible for the Company's initiatives in media, new video technologies and print media.

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.

Through its various subsidiaries, IDT has interests in several telecom, Internet-related and media companies. 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. 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.

Panacea Entertainment was founded 33 years ago by Eric Gardner. Its talent management division, whose current client roster includes Paul Shaffer, Richard Belzer, Max Weinberg, Todd Rundgren, and animation legends John Kricfalusi and Ralph Bakshi, has over the years represented a wide variety of talent, from Elvira to Timothy Leary, including members of the Rolling Stones, Pink Floyd, and The Who. Its production division has produced over 200 hours of national television and several feature films.

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.