IDT to Review Strategic Alternatives for Zedge Subsidiary

IDT Corporation

announced today that its Board of Directors had instructed management to determine and pursue strategic alternatives to unlock the value in its Zedge subsidiary, including a spinoff or IPO of the Company. IDT intends to retain financial advisors to assist it in analyzing and executing on the best path. Zedge is the world's premier discovery platform offering free, high quality games, ringtones and wallpapers. Zedge's app, available on Google Play and iTunes, has been installed more than 70 million times and has ranked in the “Top 15” in Google Play for three years running. Zedge offers a fully non-incentivized, scalable, distribution platform to advertisers, artists and developers seeking high quality customers.