CVT Prepaid Solutions Settles Lawsuit With IDT Telecom and Union Telecard Alliance
November 29 2007 - 8:00AM
PR Newswire (US)
GREAT NECK, N.Y., and NEWARK, N.J., Nov. 29 /PRNewswire/ -- CVT
Prepaid Solutions Inc., IDT Telecom, Inc. (NYSE:IDTNYSE:IDT.C) and
Union Telecard Alliance, LLC have reached a private settlement of
the lawsuit brought by IDT and UTA against CVT. The lawsuit was
commenced on March 8, 2007 against several prepaid calling card
companies, including CVT. CVT denied all the allegations in the
lawsuit. Pursuant to the settlement, IDT and UTA have dismissed the
lawsuit with prejudice. Pursuant to the settlement agreement, CVT
has agreed to continue its current practice of delivering 100% of
minutes of telecommunications time stated to consumers in its voice
prompts and advertising. Plaintiffs IDT and UTA will similarly
continue such practices. Pursuant to the terms of settlement
agreements reached earlier this year, defendants that have settled
to date have similarly committed to adhere to such practices.
IDT/UTA's lawsuit against the remaining defendants is still
continuing in federal court in Newark, New Jersey. About IDT
Telecom, Inc. and Union Telecard Alliance, LLC: IDT Corporation
(NYSE:IDTNYSE:IDT.C) is a multinational company with operations
that span various industries. Through its Telecom subsidiary, IDT
provides retail and wholesale telecommunications services and
products, including pre-paid and rechargeable calling cards,
consumer local, long distance, and wireless phone services, and
wholesale carrier services. UTA is one of the largest distributors
of prepaid phone cards in the United States and distributes over
200 different phone cards throughout the country. About CVT Prepaid
Solutions Inc: CVT Prepaid Solutions is a provider of enhanced
prepaid solutions with our primary focus on servicing the needs of
our customers and their distributors. We exclusively offer
professional and manufacturing services for both domestic and
international prepaid calling cards. CVT Prepaid Solutions is
advancing the prepaid telecom industry with its visionary
value-driven approach, built on consistently delivering operational
excellence, unmatched purchasing strength and pioneering marketing
differentiation. Through our extensive distributor network, CVT
Prepaid Solutions markets more than 350 brands of prepaid cards,
available at more than 40,000 points of sale around the US.
CONTACT: LEWIS GOLDBERG/JEFFREY CORBIN KCSA WORLDWIDE (212)
896-1216/(212) 896-1214 / DATASOURCE: CVT Prepaid Solutions Inc.
CONTACT: Lewis Goldberg, +1-212-896-1216, , or Jeffrey Corbin,
+1-212-896-1214, , KCSA Worldwide
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