IDT and Net2Phone Agree to Merger; Net2Phone Stockholders to Receive $2.05 Per Share in Cash.
E[acute accent]About Net2Phone
E[acute accent]Net2Phone provides VoIP PacketCable, SIP and wireless solutions around the world. As a leader in turn-key hosted VoIP telephony services, Net2Phone has routed billions of VoIP minutes globally, servicing more than 100,000 users in the US as well as hundreds of thousands of more overseas. Net2Phone provides partners with a SIP-based broadband telephony solution, calling cards, prefix dialing and enterprise services in over 100 countries. Net2Phone's PacketCable platform provides cable operators with the ability to deliver a high quality primary line-type service with features such as emergency calling. For more information about Net2Phone's products and services, please visit www.net2phone.com.
E[acute accent]About IDT
E[acute accent]IDT Corporation, through its IDT Telecom subsidiary, is a facilities-based, multinational carrier that provides a broad range of telecommunications services to retail and wholesale customers worldwide. IDT Telecom, by means of its own international telecommunications backbone and fiber optic network infrastructure, provides its customers with integrated and competitively priced international and domestic long distance and domestic all-distance telephony and prepaid calling cards. IDT Corporation directly and through its wholly-owned subsidiaries beneficially owned approximately 64.8 million shares of Net2Phone capital stock representing approximately 82.5% of Net2Phone's outstanding equity interest and approximately 87.2% of Net2Phone's voting interest as of February 1, 2006.
E[acute accent]Important Additional Information and Where to Find It
E[acute accent]Net2Phone will file with the SEC a consent solicitation statement, and Net2Phone and IDT will file with the SEC other documents, regarding the proposed merger referred to in this press release. Investors are urged to read the solicitation statement and other relevant materials when they become available because they will contain important information. A definitive solicitation statement will be sent to Net2Phone stockholders seeking their consent for the transaction. Investors may obtain a free copy of the solicitation statement and other documents filed by Net2Phone with the Commission at the Commission's website at www.sec.gov, or by directing a request to: Net2Phone, Inc., 520 Broad Street, Newark, NJ 07012, Attention: Investor Relations. Investors may also obtain a free copy of any documents filed by IDT with the Commission at the Commission's website at www.sec.gov, or by directing a request to: IDT Corporation, 520 Broad Street, Newark, NJ 07012, Attention: Investor Relations, Telephone: (973) 438-1000. A copy of this press release will be available on IDT's website at www.idt.net in the "About IDT" Press Releases section. E[acute accent]Howard S. Jonas, a director of the Company, and James A. Courter, Vice-Chairman of the Company's board of directors, are also directors of IDT and will be subject to Rule 13e-3 promulgated under the Securities Exchange Act of 1934. In addition, Net2Phone and its other officers and directors may, under the rules of the Commission, may be deemed to be participants in the solicitation of consents in connection with the proposed merger. Investors may obtain additional information regarding the interests of such participants by reading the solicitation statement when it becomes available.
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|Date:||Feb 17, 2006|
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