IDT Corporation will spin-off a portfolio of patents related primarily to communications over computer networks, including VoIP, and the licensing business related to those patents to its shareholders.

IDT shareholders will receive one share in Innovative Communications Technologies which will consist of the patents and the related licensing business, for every five shares of IDT. The record date and share distribution dates have not yet been determined. Upon completion of the spin-off, ICTI is expected to trade on the over-the-counter market.

Completion of the spinoff is subject to final approval by IDT’s board of directors, confirmation of the tax-free nature of the transaction, as well as effectiveness of a Form 10 registration statement filed with the SEC.

ICTI’s Form 10 was filed yesterday with the SEC and includes detailed information about ICTI, the spinoff and related matters. ICTI’s Form 10 is available through the SEC website www.sec.gov. ICTI has been assigned Central Index Key 1515646.

ICTI will distribute an information statement to stockholders following completion of the SEC’s review of the Form 10. IDT’s board of directors reserves the right to amend, modify or abandon the spin-off and the related transactions at any time prior to the distribution date.