NEWARK, N.J., June 22, 2017 /PRNewswire/ -- IDT
Corporation (NYSE: IDT), a global provider of communications and
payment services, today said that it has agreed to sell its IDT
Financial Services Holdings Limited subsidiary (IDT Finance) to JAR
Fintech Limited (JAR), a Gibraltar
entity controlled by JAR Capital Limited, a UK based wealth and
asset manager authorized and regulated by the UK's Financial
Conduct Authority.
IDT Finance is the sole shareholder of IDT Financial Services
Limited, a Gibraltar-based bank
and e-money issuer, providing prepaid card solutions across the
European Economic Area. IDT Finance Services Limited is licensed
and regulated by the Gibraltar Financial Services Commission
(GFSC), and its sale to JAR is subject to GFSC approval, as well as
the approval of the Gibraltar
Minister with responsibility for financial services.
The agreed-upon purchase price consists of the value
of IDT Finance's net assets at closing plus an additional amount of
approximately £3 million.
About IDT:
IDT Corporation (NYSE: IDT), through its IDT Telecom division,
provides telecommunications and payment services to individuals and
businesses primarily through its flagship BOSS
Revolution® and Net2Phone® brands. IDT
Telecom's wholesale business is a leading global carrier of
international long distance calls. For more information on
IDT, visit www.idt.net.
All statements above that are not purely about historical
facts, including, but not limited to, those in which we use 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. While these forward-looking statements
represent our current judgment of what may happen in the future,
actual results may differ materially from the results expressed or
implied by these statements due to numerous important
factors. Our filings with the SEC provide detailed
information on such statements and risks, and should be consulted
along with this release. To the extent permitted under applicable
law, IDT assumes no obligation to update any forward-looking
statements.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/idt-corporation-to-sell-gibraltar-based-banking-unit-300478270.html
SOURCE IDT Corporation