NEWARK, N.J. -- IDT Corporation (NYSE: IDT - News, IDT.C - News) today announced that its subsidiary has agreed to sell its Corbina Telecom business to a Moscow based consortium of private equity investors for approximately $146 million (U.S. Dollars). Corbina operates a licensed full-service telecommunications business in Russia, offering a broad range of services throughout the 24 largest industrial areas in the Russian market. Corbina generated $64.3 million of revenue during IDT's fiscal year ended July 31, 2005. The transaction is subject to certain customary contingencies and is expected to close by calendar year-end. Deutsche Bank is advising IDT on the sale.

"Corbina, which we acquired in 2000, has been a strong performer for our Telecom division," said Jim Courter, IDT's CEO. "We view this opportunity to capitalize on its historically strong performance to be an attractive manner of creating value for our stockholders."

IDT Corp.