IDT Corp. Launches Genie Energy Division

NEWARK, N.J.--(BUSINESS WIRE)--IDT Corporation (IDT) (NYSE: IDT; IDT.C) said today that it has organized its energy supply and oil shale interests into a new division, to be called Genie Energy. Oil and gas entrepreneur Wes Perry will serve as Genie’s Chairman of the Board.

Genie Energy will initially be comprised of IDT’s interests in IDT Energy, American Shale Oil, LLC (AMSO), and Israel Energy Initiatives (IEI). IDT Energy is the largest independent residential energy supply company operating in New York State, and reported $227.7 million in revenues during the first three quarters of IDT’s 2009 fiscal year while generating $40.4 million in Income from Operations. American Shale Oil, LLC is a 50/50 joint venture with multi-national energy company Total (NYSE: TOT) to research, develop and demonstrate in-situ technologies for potential commercial shale oil production in western Colorado on a leasehold granted by the U.S. Bureau of Land Management. IEI has been licensed by Israel’s Ministry of National Infrastructures to explore certain public lands in Israel for the potential production of shale oil. Genie will own approximately 89% of IEI.

Mr. Perry, who has over thirty years of oil and gas industry experience, founded E.G.L. Oil Shale, LLC which IDT acquired in 2008 and renamed American Shale Oil, LLC. He is also the owner of S.E.S. Investments, which he founded in 1977 and which invests in oil and gas opportunities, and is CEO of E.G.L. Resources, an energy exploration and development company. In addition, Mr. Perry serves as the elected mayor of Midland, Texas.

“Both America and Israel have significant shale oil reserves. It’s difficult to overstate their potential to improve our respective economies and national security,” said Mr. Perry. “Genie Energy is developing the technologies America and Israel want to make rapid progress toward energy independence, while IDT Energy is poised for continued growth in the consumer market. I’m very excited to work with their management team to help meet the energy needs of the U.S. and Israel for decades to come.”

“Organizing our energy holdings under one managerial umbrella provides us with added flexibility to respond to opportunities in those areas,” said Howard Jonas, IDT Corporation’s Chairman. “As a visionary business leader, public servant and humanitarian, I can think of no finer person to lead this effort than Wes Perry, who has worked well with our team since our acquisition of EGL Oil Shale.”

Geoffrey Rochwarger, currently Chairman and CEO of IDT Energy, will also serve as Genie Energy’s President and Chief Executive Officer. Mr. Rochwarger, who launched IDT Energy for IDT in 2004, has directed the phenomenal growth of this business which today serves over 400,000 meters in New York State. Previously, he served as an Executive Vice President of IDT Telecom, where he launched the Company’s wholesale carrier arbitrage business while directing IDT Telecom’s global expansion. Mr. Rochwarger earned his BA from Yeshiva University in New York.

Claude Pupkin, AMSO’s President, will also serve as Genie Energy’s Chief Financial Officer. Mr. Pupkin previously held several senior management positions at IDT, including Executive Vice President of Corporate Development. Prior to joining IDT in 2003, Mr. Pupkin’s career included more than 17 years of finance and investment banking experience at several firms including JP Morgan Chase, Morgan Stanley & Co. and Citibank. Mr. Pupkin holds an MBA from The Wharton School of the University of Pennsylvania, and an MA in International Studies from the University of Pennsylvania.

About IDT Corporation:

IDT Corporation (www.idt.net) is a multinational holding company focused on the telecommunications and energy industries. IDT Corporation's Class B Common Stock and Common Stock trade on the New York Stock Exchange under the ticker symbols IDT and IDT.C, respectively.

In this press release, all statements that are not purely about historical facts, including, but not limited to, those with 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. All forward-looking statements and risk factors included in this document are made as of the date hereof, based on information available to IDT as of the date thereof, and IDT assumes no obligation to update any forward-looking statements or risk factors.