<SUBMISSION>
<ACCESSION-NUMBER>0001193125-06-044763
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20060303
<ITEMS>8.01
<ITEMS>9.01
<FILING-DATE>20060303
<DATE-OF-FILING-DATE-CHANGE>20060303
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>IDT CORP
<CIK>0001005731
<ASSIGNED-SIC>4813
<IRS-NUMBER>223415036
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>0731
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-16371
<FILM-NUMBER>06662561
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>520 BROAD ST
<CITY>NEWARK
<STATE>NJ
<ZIP>07102
<PHONE>973 438 1000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>520 BROAD STREET
<CITY>NEWARK
<STATE>NJ
<ZIP>07102
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
<HTML><HEAD>
<TITLE>Current Report</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

<HR SIZE="3" NOSHADE COLOR="#000000" ALIGN="left"> <P STYLE="margin-top:3px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>UNITED STATES </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="3"><B>Washington, D.C. 20549 </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="5"><B>FORM 8-K </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="3"><B>CURRENT REPORT </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B>Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Date of Report (Date of earliest event reported): March&nbsp;3, 2006 </B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="6"><B>IDT CORPORATION </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Exact name of registrant as specified in its charter) </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><HR
WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Delaware</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>1-16371</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>22-3415036</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(State or other jurisdiction</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="1"><B>of incorporation)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Commission File Number)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(IRS Employer</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="1"><B>Identification No.)</B></FONT></P></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>520 Broad Street</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>Newark, New Jersey</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>07102</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Address of principal executive offices)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Zip Code)</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Registrant&#146;s telephone number, including area code: (973)&nbsp;438-1000 </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Not Applicable </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Former name or
former address, if changed since last report.) </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="WINGDINGS" SIZE="2" COLOR="#000000">&#168;</FONT><FONT FACE="Times New Roman" SIZE="2"></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="WINGDINGS" SIZE="2" COLOR="#000000">&#168;</FONT><FONT FACE="Times New Roman" SIZE="2"></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></TD></TR></TABLE> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="WINGDINGS" SIZE="2" COLOR="#000000">&#168;</FONT><FONT FACE="Times New Roman" SIZE="2"></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></TD></TR></TABLE> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="WINGDINGS" SIZE="2" COLOR="#000000">&#168;</FONT><FONT FACE="Times New Roman" SIZE="2"></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><HR SIZE="3" NOSHADE COLOR="#000000" ALIGN="left">

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Item&nbsp;8.01 Other Events. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">On March&nbsp;3, 2006, the Registrant issued a press release, a copy of which is furnished herewith as Exhibit 99.1 and is incorporated herein by reference. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>Item&nbsp;9.01 Financial Statements and Exhibits. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">(d) Exhibits </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="89%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Exhibit No.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Document</B></FONT></P></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Exhibit&nbsp;99.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Press Release of the Registrant dated March&nbsp;3, 2006.</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">2 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>SIGNATURE </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2"><B>IDT CORPORATION</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ James A. Courter</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Name:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">James A. Courter</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Title:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Chief Executive Officer</FONT></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">Dated: March&nbsp;3, 2006</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">3 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">EXHIBIT INDEX </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="1"><B>Exhibit</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman"
SIZE="1"><B>Number</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Description</B></FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">99.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Press Release of the Registrant dated March 3, 2006.</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">4 </FONT></P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>dex991.htm
<DESCRIPTION>PRESS RELEASE OF THE REGISTRANT DATED MARCH 3, 2006.
<TEXT>
<HTML><HEAD>
<TITLE>Press Release of the Registrant dated March 3, 2006.</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 99.1 </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%">

<IMG SRC="g62695image001.jpg" ALT="LOGO"> </P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>IDT Corporation Announces Completion of Sale of Corbina Telecom </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><I>IDT consummates divestiture of its Russian Telecom Business </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B>Newark, N.J., March&nbsp;3, 2006 </B>&#150; IDT Corporation (NYSE: IDT, IDT.C) today announced that it has sold its Corbina Telecom business to a consortium of institutional and private investors headed by Renova Capital, 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. Deutsche Bank advised IDT
on the sale. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">IDT Corporation, through its IDT Telecom subsidiary, is a facilities-based, multinational carrier that provides a broad range of
telecommunications services to retail and wholesale customers worldwide. IDT Telecom, by means of its own international telecommunications backbone and fiber optic network infrastructure, provides its customers with integrated and competitively
priced international and domestic long distance and domestic all-distance telephony and prepaid calling cards. IDT Entertainment is the IDT subsidiary that is focused on developing, acquiring, producing and distributing computer-generated and
traditionally animated productions and other productions for the film, broadcast and direct-to-consumer markets. IDT Capital is the IDT division principally responsible for IDT&#146;s initiatives in radio broadcasting, brochure distribution and new
technologies. Net2Phone, Inc., a subsidiary of IDT Corporation, is a provider of high-quality global retail Voice over IP services and offers a fully outsourced cable telephony service to cable operators allowing cable operators to provide
residential phone service to their subscribers. IDT Corporation&#146;s Class B Common Stock and Common Stock trade on the New York Stock Exchange under the ticker symbols &#147;IDT&#148; and &#147;IDT.C,&#148; respectively. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Important Note: In this press release, all statements that are not purely about historical facts, including, but not limited to, those include the words
&#147;believe,&#148; &#147;anticipate,&#148; &#147;expect,&#148; &#147;plan,&#148; &#147;intend,&#148; &#147;estimate,&#148; &#147;target&#148; 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 IDT&#146;s 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 IDT&#146;s most recent report on SEC Form 10-K (under the heading &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#148;),
which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K and other filings IDT may make with the SEC. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT
FACE="Times New Roman" SIZE="2">Contact: </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">Gil Nielsen, IDT Corporation </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">973-438-3553 </FONT></P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g62695image001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g62695image001.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`1@`S`P$1``(1`0,1`?_$`+@```(#``,!````````
M``````@)!PH+``$&!0$``@("`@,```````````````8'"`4)`0(#!`H0```&
M`0($`@4&!Q`#``````$"`P0%!@<1"``2$PDA%#&$%<4*02(C1!8783)"UI<8
M6%&1H6(S0S2U-G:F)W>W*'@9.3H1``$"!0,!!00'!0D```````$"`P`1!`4&
M(3$2!T%181,(<:$B(X$R8A05%@GPD<%"%[%2@C-3LR1T-O_:``P#`0`"$0,1
M`#\`1W^MQNP_:@W$?IIR-^<?!!'/UN-V'[4&XC]-.1OSCXY`)@.F\'!MIH>_
MK=HT/]S>_)R^LC9'KR6/K'NGRW6\A1B7,8#+J5EZU,O),2\NHNF!WC<OY1RC
MX<5UZO>I#%.C#X3G-HR1%L.J:MBF+],KN!<2N2`>XR('9#C9,'K,C2DV9V@"
MR!R2XKYDSJ9""Q'MS=Y`HZ#NOD]0\!TW79='^$(_0>(0;_4@].KR`Z6<@05"
M<A3&0]GS-H<4]$,PD)-TA'C.?TZ1V';D[QXCX[L)(/`3#_RNRYKIH.GAY`!^
M333T\=3^HOZ>1\SA>_(FKZU/K,@$3^9]F.RNB>7\4)(ITS7(RV`WCWO9RMVZ
MNO\`>$@MM6:L_91MKVHUO<'5;1&/\JW.[U#[016,951K),&\W(E:R7LQTH19
MNHJ@0Y%"ZEY!UXNGA>76C/L6H<TL*7TVFYL)J&P\G@X$N?%JF9D-=-=I&(HN
M5MK;17O6RX<?O3+A2>.TIZ>Z4XN0_JU67E\M]X:_3_HVG/.<_5ZGM?J\WM3I
MZ>:\=.3\3YNO/]+PSQZ493T%`2MKL-<JL$CYF<M%@AZW"-N<2`XF)Z00BXM$
MQP$!3(H[=%`3?DAX\8R\W"FM%@J\BN:Y6^BI'7U)3HKBR)G;7LCLU2+K:Q%N
M03YCCP;TWF8M66/:5VO>W%ANIO\`=35HK+%^L"0LE9*QQ4I<K;>+,S;-QGT*
M%2FTBTAX6LPZJP`"JO3`B9DQ6<'6.`<:<K1UI]77JJSJNM_1FJ_"<8I5*FEE
M32*6F;"CQ<>J'4J67%I`44B<B2`)19Q>)]/^G&/M+R9KSZMR7Q3*E+)$^,CM
M[O;`9'/V7]P5BCU,07S)6P[,C"016I=]30FZE7&4X42^1=G`]@L5=9@"H%YC
M$D8<XCKJIIKQ-#R/7)TRM+J<RH[5U#Z>EO\`Y%+\IQ_@1\90@AM:R!,A2&W)
MG8F%(HZ37BM1^%./66]3"D*UXJ4?&<M_$"&BXQW6YTVL2-6QQO[7@[=C&T+L
M8S%._#'@>>Q=:A?`5&&B\R)LB&3I<[(Z!TI;E*P<"8!.90O,ZXJ;F/1/IYU?
M9J\K]/#=1;,QHT+=N&*UX4Q5L%,R7:/S0DNMSG)$IR[(DNS9=?<:X6[,^-10
MK(#-8R.2"G^4N'^4GQAL[95)PFBX0417;N42.&[A!5-PW<MET2K-W#=PD8Z2
M[==$Y3D.01*<I@$!$!XHQ44?W5YRE>:<;>0ASFAU!2M+@2OD%)4)@I7,"?8!
M+243"RZP^REZG4%L*"2E0V,R=1%>7MT?_2CD+^].YX?W\9/=>/I8]+Q*O3UB
M!423^!TW^V(H?G?_`+"X?]A7]L7KOK'KWNWB>84HR3,`0$RTF3Y[CVYWM?VS
MWG"N1[XU13YG"%2>Y,CHEQ,$$=2>6C)%!`BVH:`5R!O``'B*^I]SM7X>C`*A
M8:N.36ZXTU,M1`!?13**&P3_`*BMQV^,,5BHGJAP7VGGRHWJ9:Y=B2H<G#XR
MW,/([IN(5]QO<AV1XX?S+MKCG,M*KL)%2[)3G*C$J72P3=U=0Z@\[<).1A1:
M=,_*8`.J@<P"4`XUY^CW*4]*?2SGV14E.RK*[%6O*?FD`\D<4H#@E-2$*;7P
MGH.R)DZFV@7_`#FT4KBYVRK0)%.T@.[V>Z'00O;XV40]9;4]CM;PTO!-FGD3
M#-4^.GYMVB).F=:0LDJ5U8'CU8!YCKF<E4%01$-`T`*'5?J7]05WR)64*RV_
MIN9<4KBU4.H8;Y$DMA`4$E"=@)2D(F1C!,,IJ!-!445,Z4``%;:%'328)!()
MB*Y'8XKA2%G66UM1F^Q5/MWC:^;,<QR;NV8&O\3($-[3CZ-*3Q9F<P]8W8&'
MHJD,\A%E>4'+8A0!4CQ0==F\ZJ6'.JK:Z7+*1:32Y+;$"GN-*L?5%4EL)-4P
M3]92R203&$J<2J*`*&.+;7;%CYM&\)L$$ZE$Y\%]R1I.6D05B+);G:&U?/H1
M6[36RB%GOLQ?\<7@CA]FSM[7%WTS$B;0V%9_)6?;FX,L!D7A%798IL8KMHX7
MCQ,8''J%A;'6%:55XI6NN+M.XY35E.H)MN54B&U3+.R6;LA*0%H,E+*")=D8
M^QW1W&5284MW&U.A+C2YEVB43L-R6B3R&\DD;B!9[;#]E*_$@W.3C7K.2CI&
M=W*OV$C'NT'["09/,6.G+1ZR>MC&;NVCINJ4Z:A!$IR"`AZ>-N_IIHJFW=!<
M5M]8TXQ5,V=A"VW)\T*2D`I7/90(U'8=HK1FKK+^65[U.KFPJH44J[Q/0Q>Z
M^L>O>[>)QA7C.2[&=%JV4+UNYQO=XQ.8I]\V^QU3LT<H!1*YA9RX*L'H)"8I
M^DZ135ZB*@`(IK$*8/$`XUV?J)Y)?\.QG!LIQ]TMWJV7]VH:2D@24A#96@'[
M0)GOO$U=%;53WFINEOJ@"P_0H3Q.TI$>[^,&A>:Q?X'#](2FDGMDW+]H'+M7
MM9C)(`K*Y<VD.5$?9%UAFP%%9\67Q@P*"W*)@3E(%TF;YQBE&ON/WO&*_.+B
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M"&$9#6)ID!IH/J^`;),_B2/`&<:`?UCU[W;Q(T8&,\#X?01#.6XO\.'ZL`^'
MR#?1UXUE?J<-(_(&,G68O56K<[^4UX^[:)\Z")'YAK/LT:)0^O<UC6W-Y6L;
MF,.0H3V8,.QDE%S]%(*::&=,%RYR/+_AQ\"A>BYF"IH>U:T=74J,PWZ(ATG:
MO&N3H[EMHJJ2JZ59NXXQB5UJ6U4[X$C;[DW,TU8VX/C"%+(2[\7$B14#Q3*;
M\FM+K09O]`"NNIPH*&_FM*,UI(,Q,=AE,2T.\1=M%R-4L=FJ>*ZI-'FMN.8T
MIF\[.K>N90@0S=PHZE;SMAL*3D>O#V[&\F#MQ!L5P(L>**Y9:=:-.07+K1B]
M\R`5&57!D?U,L:129#2HWJ`A*54M[IY2YTM2V4%:D"04M(.KR5(PV+7!BE?5
M;D$(M%2`NE<4?AY$GE3G4R+4N(F9F6I)!@9^^QF4]/VGU7&#5SR2>9LE1K1R
MDF<04/5:,S/9);4`$=4U9<T<3YP:#S:<3%^G!APR'K'6YF^L+IK);.:%2^$.
MU/RP`-B0)F1G+WPM]<*S[ACC=`@R565(3XR&OT2EO!>]L[-1L\[),(VAZ[%Y
M8*Q75L96HPGU6)/8[6-7DU'`"8R@JO81NR=\PCJ/7U^7BOWJ^P96`]?KS:RT
M4VNJ=%?32F$A%2TIQ2A]H.*4GD=0!Q!``$.O3B]B^8Q2O)5-YM7EKT_N$I`^
MD`'Q_?"T.W0&GQ*.00\?"T;G0#41'P#&#P`#41$=``-`_!QO!]+1*O3MARU2
MYJL5,3(`3);!)D--3%2,ZE^<+@1VU*S]))G%Z_ZQZ][MXGR%.,L'M\;ZFVP^
M]9%NCS&YLDER#4(NI)QY;6C4PC3QDY[;!X+I>)EP=`N?1+D`I1+KKJ/HXK#Z
MG/3TOU(6.UV2FNB;6BW53KRRIL+,W$A,]2-))$A#_@F;HP:M?K7&2ZMYL(T[
MAMIW^,-96^(?8-S%ZVU99`WB).IF)FD<?DYBB:E%,(E^00]`\4X;_3"?:Y`9
M>DA0D9L`Z>&NFNHB4!U]._X>9$=J^SV=D^T0'3SNPT1_<LG)QVWI]&8@S$"%
MTM.+(_+"*#NG;@HIXD\BL_8<M3*I$5Q[;U3MTG$DB1NJ@[?HD=%$ASN"K3G2
M^C6\,V*SHKLE8<S&RI52-W);"5??+4XHE5NKFN4JE#:26F5K,VT2`V$E#^IU
MO-;4ERF6FSU`YAL'1I_<J:,O@Y*,U2W.I@3-[&^RX;T7F&G=\CF,`^Q/19.L
M.ED9!+DM\U,3'G']U<1J;5FWAY"5CF3%-PW1`R`+I*'2Y$SD3)-?03T]XUT"
M9O3..N>>S=JT/I;(,V$!,DM<SJM"-2._2%',<UK\P%,'VE!=,D`J.Q(TY2[Y
M1.7;Y[I:NQFDY#H#K':64H"XVN.N$2B6[H58U=DR1)8B<(EU(::3>)3+=LU/
MZ$A340'43`8-(W]3_I1MWJ(R*W9&U=DVFNI:!=*LECGYJ2I:FAN)%*UJ`5OQ
MDG83ACP7J3484R^Q]T4_1O+Y)(5*1D`3+LU$&MV7<OI[@.^S#YO1A/LTCE-E
MN)N25?\`:1)CV.23QE)<K'VH1LR(_P"D"7\H"28&U]'%D>EF#*Z:=.K/@*GQ
M4JM-`U3EV4N?EI`G+LA!OUS3>;N_=$H\OSE\N,YR)WU]L:"OUCU[W;P_1B(S
M_?ASJ#1KWD;?:WO%,J5T;PNTH)2'0MU:A;*C$RA)^93"2C4YEB](Q?"0A0%5
M("G$"AX^`<`"4DE(`)"0?'CM/^,<I)2E*=PG]M8D[LQ62JXB[5O<MW+/<-X=
MRY?<'V.+M-.:9=HL1;XDSAGCJ!5+&NE'*!99",75<&,=-LX1U/\`.UU$1'E1
MY&9`_=`3,S[S'Q=N?=MVZ;M\K4G;5OE[=6SI+%F:+1#8Z1R#AR@A3;-0K!<)
M!O!U^84.Y\Y*EC49=VB59U'R#-VT`_6*"G3$@^%3+:BDK`)3.7^(S.FWN]Y,
M$]./\L>*R[N)F>QCF_<#LCK>US;!N4I;:]CF7'&1-P=.<6:^_83)%4A%:W6G
M<FR*W24;5DL$HT6.!"@L[366T+U>/+-4SJ93TV^$=P\!XS/C'=3KJM.1EW0T
MGNE=P&O;$*_LSE\<;%=E5S<[D\)*9/M25TQ1')I5V7394ER$?`>PFK$YXWGL
MZH:N1.IHF7YWXW`KDK<G]NW6.DS*0,A"D^R/E1?.7?(KF9'50JF/W.38_<7<
M%Z/169X^F5564QM+">%K#)3Y[6':"G]$0?$`'CDDF4]Y?O\`'VF`D'8`:1H3
M?6/7O=O'$<10J^&D'_,SN`?]/!'_`!'.<$$==K"&F+!V.>\'!P$1*SLW)*,F
MD=#0D<\EI>0=*8XK0)M6$:P17>.W!]!T(F0QA_<X((6EV^NWINLW&[K<&5^(
MP;E6O5&OY4H5NR#?K91;/4:I3J?4;1%V"<D7LY88Z-:+OU6L:=!FT0%5RY=*
M)E*33F,4@B6/B!LXTW._<IS?*4.39SE>QG4JEAE2:CUD5V+^QT:)DEK>5JX0
M,=)TE$V2><1YE"F$O5:'`/1P00;OQ%7]CNU5_P!1W7]48HX((%7X=?\`]LF#
MO]/<Z_[9S/!!&CQ]8]>]V\$$9A?;-3[@[6S;@1[=SB'D+&IATQ,Y@NEC[5#%
M`R3\053^]48MMSE?]<`]FBH^_BZ<O!!!%]I;_P`PK3&66"]KP8>3QT>^Q!LG
M*+(X8`4[L%8:%BR$^^1S$RG*-=!(1\D0S;4?G"!_#@@@X-S9?B>WN)[2&6E<
MDQ6/DXJ0/:C831PH-H6@P:+>U$E/N.5F,A>0%B!^MY($S<FNHZ<$$58';)F*
M+OS4NT*3E<^<ZB<V+@#")_-@OS1?FO,`?FZG-]+SZ\WCKP00SCN,$[A3F)VI
M_K\KQ#")2Q&L3;+T4L?#YC%GE*CU5%1QB,BOU`:%B]?;((O=3>!=>H`$$$'\
M.XV13[L&#SDD&;@P8^SH`)(D?E4'7&DR`B`KL4$M"_+J8/P<$$:-O\_Z][MX
$((__V3\_
`
end
</TEXT>
</DOCUMENT>
</SUBMISSION>
