IDT Agrees to Sell European Prepaid Payment Services Business to NEOVIA
December 01 2008 - 7:30PM
Business Wire
IDT Corporation (NYSE: IDT; IDT.C) today announced an agreement to
sell its European prepaid payment services business to NEOVIA
Financial Plc (�NEOVIA�) (LSE: NEO) for $15.05 million. NEOVIA is
an independent, global provider of online payments. Under the terms
of the agreement, NEOVIA will acquire IDT Financial Services
Holdings Limited and other assets which together provide prepaid
MasterCard� products in the UK market under the �Prime Card� brand.
The purchased assets include approximately $10 million in
securities held pursuant to regulatory requirements. The proposed
transaction is subject to regulatory approval of the Gibraltar
Financial Services Commission and consent of MasterCard�. Howard
Jonas, Chairman of IDT Corporation, said that the acquisition will
benefit consumers. �NEOVIA�s considerable resources and expertise
will expand the range of financial services available to IDTFS
customers while nicely complementing NEOVIA�s existing
capabilities.� �This sale is part of our broader initiative to
focus the company�s operations on our core businesses,� said Jim
Courter, CEO of IDT Corporation. �We continue to sell and close
down businesses that, however promising, do not meet our strategic
objectives.� IDT Corporation IDT Corporation (www.idt.net) is a
consumer-focused multinational holding company. In this press
release, all statements 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, including, but
not limited to, those described in our most recent report on SEC
Form 10-K (under the heading �Management�s Discussion and Analysis
of Financial Condition and Results of Operations�), which may be
revised or supplemented in subsequent reports on SEC Forms 10-Q and
8-K. These factors include, but are not limited to, the following:
potential declines in prices for our products and services; our
ability to maintain and grow our retail telecommunications
services, particularly our prepaid calling card business;
availability of termination capacity; financial stability of our
customers; our ability to maintain carrier agreements with foreign
carriers; effectiveness of our marketing and distribution efforts;
increased competition, particularly from regional bell operating
companies; our ability to manage our growth; impact of government
regulation; our ability to obtain telecommunications products or
services required for our products and services; and general
economic conditions, particularly in the telecommunications
markets. We are under no obligation, and expressly disclaim any
obligation, to update the forward-looking statements in this press
release, whether as a result of new information, future events or
otherwise.
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