Market Overview

IDT Files Initial Documents for Spin-off of Genie Energy

IDT Corporation (NYSE: IDT) through its Genie Energy Ltd. subsidiary has filed an initial registration statement, including an information statement, related to the anticipated spin-off of Genie to IDT stockholders.

Genie is a wholly-owned subsidiary of IDT that holds IDT's energy assets consisting of:

IDT Energy, an energy services company that resells electricity and natural gas to residential and small business customers in New York, New Jersey and Pennsylvania; and

A 99.3% interest in Genie Oil and Gas, which consists of (1) American Shale Oil Corporation, which holds and manages a 50% interest in American Shale Oil, LLC, an oil shale initiative in Colorado, and (2) an 89% interest in Israel Energy Initiatives, Ltd., an oil shale initiative in Israel.

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