CFO Edward B. Jordan will stay with carrier ITXC until year's end, then take the top financial post at Flarion

December 8, 2003

3 Min Read

PRINCETON, N.J. -- ITXC Corp.(R) (NASDAQ:ITXC), which recently signed a definitive agreement to be acquired by Teleglobe International Holdings, Ltd., announced today that its Chief Financial Officer, Edward B. Jordan, will resign effective December 31, 2003. Anthony Servidio, who is currently ITXC's Vice President, Finance, will replace Jordan as CFO, beginning January 1, 2004. Jordan leaves ITXC to join Flarion Technologies, Inc. as its Chief Financial Officer. Jordan was a founder of ITXC and has served as an executive officer and director of ITXC virtually since its inception. He will remain a member of ITXC's Board of Directors. Servidio will serve as ITXC CFO through the closing of the Teleglobe transaction. As the Company previously announced during its third quarter conference call, upon closing, Rick Willett, who is currently the principle financial officer of the Teleglobe group of companies, will continue in that capacity with the combined company. The transaction is expected to close in March 2004, assuming receipt of all necessary approvals including the approval of ITXC's shareholders and the satisfaction or waiver of all closing conditions. Tom Evslin, Chairman and Chief Executive Officer of ITXC, said, "Ed has made extraordinary contributions to ITXC. He assisted us in two rounds of venture financing, as well as our successful public offerings in 1999 and 2000. As a founder and operational CFO, he brought us from a startup to our position as one of the leading carriers in the world with relationships in more than 175 countries without incurring the excessive debt, which destroyed so many other new and established carriers. Our strong cash position today is a tribute to his talents. "Ed worked tirelessly through the process of considering strategic alternatives and was essential in completing the definitive agreement with Teleglobe even though he knew that the transaction would result in the elimination of the position of ITXC CFO. He is a very good example of a corporate officer who fulfills his responsibility to shareholders before considering his own interests. Although I am happy that Ed has found another company that can benefit from his extraordinary talents and experience, we will miss him at ITXC." Anthony Servidio joined ITXC in June 2000 from Call Sciences, Inc. where he was the Vice President of Finance and Administration. He has been ITXC's VP, Finance since March 2003. According to Evslin, "Tony has been instrumental in implementing and maintaining our financial controls and public reporting procedures. Additionally, he has helped to redevelop our credit policies and procedures as we have transitioned our customer base throughout 2003. Tony knows ITXC's finances, customers, and industry inside and out." Jordan said, "It is extremely difficult for me to step away from a company that I helped found and that has progressed so far since the days when I first joined Tom and Mary Evslin. Even though I'll be remaining on the Board of ITXC until the completion of the Teleglobe transaction, I will miss the opportunity of continuing to serve as an officer of ITXC and I will miss my day-to-day interaction with my many friends at ITXC. Nevertheless, with the Teleglobe transaction on the horizon and since Teleglobe already has strong financial management, it's time to move on. When the Flarion opportunity presented itself, I knew that it was the right position for me." ITXC Corp. Flarion Technologies

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