IDT Corporation is a facilities-based emerging multinational carrier that provides a broad range of telecommunications services to retail and wholesale customers worldwide. During Fiscal 2001, the Company concluded a restructuring elevating IDT Corporation to a holding company with operations conducted through two main subsidiaries, IDT Telecom, Inc. and IDT Ventures, Inc. IDT's telecommunications services, conducted by the Company's IDT Telecom, Inc. subsidiary, consists of retail services, including prepaid and rechargeable calling cards and domestic long distance services, as well as wholesale carrier services. IDT delivers its telecommunications services over a high-quality network consisting of over 150 switches in the United States and Europe and owned and leased capacity on 14 undersea fiber-optic cables, connecting the Company's United States facilities with its international facilities and with the facilities of the Company's foreign partners in Europe, Latin America and Asia.